SEC FAQs: Form PF (with Lofchie Comment)

SEC updated its FAQ page for Form PF. The revised FAQ has information on: (A) general filing information; (B) hedge funds; (C) liquidity funds; (D) private equity funds; (E) aggregation of funds and accounts; (F) funds of funds; (G) definitions of net asset value and various calculations; (H) master-feeder arrangements; and (I) questions as to specific items on Form PF.

Lofchie Comment: I hope that the GAO will do a study on the manner in which Form PF was produced. Even if one believes that there will eventually be benefit derived from the Form, and I think that there will be, I have no doubt that at least tens of millions of dollars, and probably much more, has been wasted because of unclear questions and because advisers responded to these questions in different ways, given that the form's questions are so unclear. I have to believe that the regulators could have field-tested the form more aggressively in a way that would have both saved costs to the market and resulted in the regulators receiving consistent (and thus meaningful) responses much sooner.

View FAQ in full here (links externally to SEC website).