On September 17, 2025, the Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC" and with the SEC, the "Commissions") jointly granted a further one-year extension to the compliance date for amendments to Form PF that were originally adopted by both Commissions on February 8, 2024 (the "Form PF Amendments").
The compliance date for the Form PF Amendments was extended from October 1, 2025 to October 1, 2026. Form PF is the form that certain SEC-registered investment advisers use to report confidential information about the private funds that they advise. According to their joint release, the SEC and CFTC granted the extension after noting the additional one-year extension would provide further time for the SEC and CFTC to complete a substantive review of the Form PF Amendments in accordance with a January 20, 2025 Presidential Memorandum from President Donald Trump, which directed agencies to consider delaying or postponing the effective date of rules not yet in effect for the purpose of reviewing any questions of fact, law, and policy that such rules may raise.1 As part of that review, the Joint Release indicated that the SEC and CFTC might consider taking further appropriate actions, which may include proposing new amendments to Form PF, and that the review would also continue to consider the costs and benefits of the Form PF Amendments.
If no further amendments to Form PF were determined to be needed after the review is complete, the Joint Release stated that the extension would give sufficient time for the private fund adviser industry to comply with the Form PF Amendments after being notified that the Commissions' review is complete.2 This represents the third time that the Commissions extended the compliance deadline of the Form PF Amendments; the first extension, granted in January, initially pushed out the compliance deadline from March 12, 2025 to June 12, 2025, and a second extension granted in June further pushed out the deadline to October 1, 2025. Private fund advisers can continue to use the current Form PF until the new compliance date becomes effective.
At the SEC's open meeting to vote on the compliance deadline extension, which was approved by a 3-1 vote, Chairman Paul Atkins also indicated in a statement supporting the extension that he has directed the SEC's Division of Investment Management to consider whether the SEC can reduce the number of advisers required to file the form without meaningfully reducing the key risk and exposure information needed by the Commissions and by the other Financial Stability Oversight Council ("FSOC") member agencies. In indicating his support, Commissioner Mark Uyeda noted in a statement that the SEC had received additional feedback from the industry on the Form PF Amendments that "raise significant questions on whether the amendments are workable, necessary, and, in certain areas, authorized by law." Similarly, Commissioner Hester Peirce noted in her statement that she also supported the extension and welcomed the completion of the Commissions' substantive review of the Form PF Amendments, adding that she would have preferred a longer extension "to better accommodate a fundamental rethinking of [Form PF] to ensure its consistency with law and rationality." In contrast and in voting against the further extension, Commissioner Caroline Crenshaw indicated in a statement that the SEC's continuing extension of the compliance date suggested that the SEC was "delaying the Form PF Amendments indefinitely – and as long as it takes – to undo them," and that such actions appeared to be inconsistent with the notice and rulemaking requirements under the Administrative Procedure Act in order to rescind previously adopted rules.
The Form PF Amendments were originally adopted in 2024 in an effort to enhance the ability of the FSOC to monitor systemic risk as well as bolster the regulatory oversight of private fund advisers and investor protection efforts. Accordingly, the Form PF Amendments generally impose additional information and reporting requirements for those SEC-registered private fund advisers that file Form PF, including but not limited to: enhanced reporting on master-feeder and parallel fund structures, funds of funds, and other trading vehicles; certain enhanced exposure, risk metric and other reporting information requirements for large hedge fund advisers; and requiring additional basic information about the private fund adviser and the private funds they advise.
Footnote
1. Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers; Further Extension of Compliance Date, Investment Advisers Act Release No. 6919 (September 17, 2025) (the "Joint Release").
2. Id. at 5.
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