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SEC Form PF: A Look Inside the Proposed Amendment

In the wake of the SEC's proposed amendments to Form PF, the private equity community reacts and considers how to prepare.

The SEC voted 3-1 last month to put forth a proposed amendment to Form PF. The proposed changes are the first since the filing requirement was adopted in 2011, and the private equity community is now considering how to prepare in case these changes go into effect. Two New York attorneys and compliance professionals weigh in on the topic in this episode of GrowthTV.

Patrick Campbell is Partner at BakerHostetler and Chair of the NYC Bar Association Compliance Committee, and Adam Felsenthal, General Counsel & Deputy CCO at Great Point Partners, and Secretary of the NYC Bar Association Compliance Committee.

Watch the episode to hear about reactions to the proposals, the practical implications for PE firms, and how firms may want to prepare for any changes ahead.

Background on Form PF and Proposed Amendments

First enacted following the Dodd Frank Act of 2010, Form PF requires registered investment advisors to certain funds, including larger private equity funds, to share information with the SEC in an effort to bolster the Financial Stability Oversight Council’s access to financial data and ability to monitor systemic risk. The proposed amendments include notable implications for private equity firms, including:

    • A one-business-day filing requirement. Currently, PE firm advisors. file Form PF annually. The change would give advisors a single business day to file the form in the case of certain triggering events, which might include certain clawbacks, or the termination of a fund, for instance.
    • A lower reporting threshold. At present, Form PF filing requirements apply to private equity firms with at least $2 million in assets under management. The SEC is proposing to lower that threshold to $1.5 million.
    • Broader data collection. The SEC’s amendments would expand the scope of information that must be included in Form PF filings.