CFTC and SEC Extend Form PF Compliance Deadline
Commentary by Steven Lofchie
The CFTC and SEC extended the compliance date on rule amendments that require additional disclosures for private funds. The compliance date was extended from October 1, 2025, to October 1, 2026.
The amendments to Form PF require additional data on a fund's assets, financing, investor concentration, and performance. (See previous coverage.)
Industry groups argued that prior extensions failed to resolve key implementation challenges, citing unresolved interpretive gaps, persistent technical deficiencies in the XML schema, and delays in system builds caused by shifting specifications and incomplete guidance. (See previous coverage.) The agencies explained that the compliance date was extended to: (i) conduct a review under President Trump’s January 2025 Memorandum directing agencies to reassess pending rules raising substantial legal, policy, or factual questions; (ii) evaluate whether further amendments to Form PF are warranted; (iii) consider industry concerns; and (iv) avoid unnecessary compliance costs.
Commissioner Statements
SEC Chair Paul S. Atkins supported further extending the Form PF compliance deadline to allow review under the January 2025 Memorandum directing agencies to reassess pending rules raising substantial questions. He recognized Form PF’s role in providing systemic risk data to FSOC but said the SEC will consider whether fewer advisers could file without diminishing the value of the information.
SEC Commissioner Hester M. Peirce endorsed extending the compliance date, but argued a longer delay was needed for a fundamental rethinking of the form. She criticized Form PF as burdensome, costly, and overly broad, as it collects sensitive and often irrelevant data of questionable value to systemic oversight. She maintained that competitive markets, not expansive data collection, best guard against misconduct.
SEC Commissioner Mark T. Uyeda said extending the deadline was necessary to address unresolved legal, policy, and practical concerns. He warned that forcing compliance while the rule remains under review would impose wasteful, duplicative costs and stressed that the amendments failed to balance regulatory benefits with compliance burdens.
SEC Commissioner Caroline A. Crenshaw opposed the extension, arguing repeated delays unlawfully bypass APA notice-and-comment requirements. She warned that indefinite extensions erode the rule of law, create regulatory uncertainty, and signal that final rules are optional. She criticized the release for lacking good cause or legal support, calling the move a "thinly veiled" effort to dismantle the amendments.
Commentary
Form PF, as currently drafted or as revised, produces no information of material value, when one considers how badly the Form is drafted. The financing related questions on the Form are particularly atrocious, which means the Form is ill-suited to provide useful information as to credit funds that use leverage.
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The Managed Funds Association ("MFA") urged the SEC and the CFTC ("Agencies") to extend the compliance deadline for the amended private fund reporting form ("Form PF"), citing unresolved interpretive issues, technical deficiencies, and the risk of inconsistent data.
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The CFTC and SEC extended the compliance date for Form PF amendments that require additional disclosures for private funds. The compliance date was extended from June 12, 2025 to October 1, 2025.
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In a joint final rule, the SEC and CFTC adopted amendments to Form PF that require more information on private funds.
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An SEC and CFTC joint final rule adopting amendments to Form PF will go into effect on March 12, 2025. The final rule was published in the Federal Register.