Thirteen IAs Fined For Failing To Report On Form PF

CW
Cadwalader, Wickersham & Taft LLP

Contributor

Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
Thirteen investment advisers reached agreements with the SEC to settle charges of failing to meet reporting requirements in connection with private funds they advise.
United States Corporate/Commercial Law

Thirteen investment advisers reached agreements with the SEC to settle charges of failing to meet reporting requirements in connection with private funds they advise.

According to the SEC, the advisers repeatedly failed to file or update Form PF, which is required for advisers with greater than $150 million in private fund assets under management. Through Form PF, advisers are required to provide information such as (i) the funds they advise, (ii) private fund assets under management, (iii) fund performance and (iv) use of leverage. These data are used by the SEC and Financial Stability Oversight Council to monitor and address risks.

Each of the advisers agreed to pay $75,000 to settle the charges. None of them admitted or denied the SEC's findings.

Commentary / Steven Lofchie

Form PF is essentially useless. Having more firms complete the form is just putting private industry effort to waste.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More