Late last month, the U.S. SEC adopted a new rule to require
registered investment advisers with at least $150 million in
private fund assets under management to periodically file the new
Form PF. The amount of
information to be reported will depend on whether an adviser
belongs to the "large adviser" or "small
adviser" cateogry. The latter group, under which the
SEC anticipates most advisers will fall, will have to file
Form PF once per year. Only basic information regarding
such things as size, leverage, investor types and
concentration will be required. Large advisers will potentially
report on a more frequent basis depending on whether they are a
hedge fund, private equity fund or liquidity fund adviser, and will
have to include more detailed information.
Meanwhile, commodity pool operators and commodity trading
advisers that are dually registered with the CFTC will be able to
satisfy certain CFTC filing requirements with respect to
private funds, should the CFTC adopt such requirements, by
filing the new reporting form with the SEC.
The new requirements represent another step in the
implementation of Dodd-Frank. Most private
fund advisers will be required to begin reporting following the end
of their first fiscal year or quarter to end on or after December
15, 2012. However, certain advisers with at least $5 billion
of assets under management will have to begin reporting
following the end of their first fiscal year or quarter ending on
or after June 15, 2012. Rules requiring the registration of private
fund advisers were adopted by the SEC this past
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