SEC/CFTC Postponement of Form PF Amendments: What Private Fund Advisers Need to Know

Background

In February 2024, the SEC and CFTC adopted amendments to Form PF designed to strengthen systemic risk monitoring and enhance investor protection. Originally, compliance was expected by March 12, 2025. However, the deadline was extended twice and has now been postponed until October 1, 2026. This most recent extension stems from a Presidential Memorandum directing federal agencies to re-evaluate rules in light of policy, legal, and factual considerations.

The Current Regulatory Landscape

The SEC and CFTC are using this delay to reassess whether the amendments should be modified, narrowed, or even rescinded. However, with repeated extensions, private fund advisers are questioning what information they will ultimately be required to file. SEC Chairman Atkins has suggested the SEC may be open to scaling back the amendments, potentially reducing the number of advisers required to file.

Recommended Actions for Advisers

Despite the latest postponement, we do not believe advisers should treat the delay as a pause button. This time should be used to strengthen data collection and reporting frameworks, and to review fund data architecture to ensure it can capture key metrics like leverage, counterparty exposures, and liquidity.  It’s also a good idea to keep boards and investors up to date regarding the delay.

The latest postponement provides breathing room but introduces new uncertainty. We advise private fund advisers to view this delay as a strategic planning opportunity. By maintaining flexibility, enhancing risk reporting, and keeping stakeholders informed, firms will be better prepared once the amendments take effect, no matter what form they take.