Regulation
SEC, CFTC Delay Hedge Fund Reporting Updates to 2027
The deadline to comply with proposed amendments to Form PF comes as the commission considers changing or ending the required reporting.
Reported by Matt Toledo
The Securities and Exchange Commission and the Commodity Futures Trading Commission published Monday a joint final rule extending the date for hedge funds to comply with proposed amendments to Form PF to July 1, 2027 from October 1.
The extension marks the fourth time the compliance adoption deadline for the required disclosure was delayed from the initial date of March 2025. The latest extensions are intended to allow for a substantive review of Form PF’s requirements in order “to reduce private fund reporting burdens while ensuring the continued collection of necessary and appropriate information,” the SEC noted in its announcement.
The SEC and CFTC proposed revisions to Form PF in April that include eliminating or revising certain reporting requirements, for example raising the threshold for a firm to qualify as a large hedge fund adviser to $10 billion from $1.5 billion in assets.
In a report, law firm Morgan Lewis & Bockius LLP noted that raising the threshold would eliminate current reporting requirements for a significant percentage of filers.
A statement from the Alternative Investment Management Association called the extension “welcome” and “widely anticipated,” as the CFTC’s April 2026 proposal indicated that the commissions were still reworking Form PF.
AIMA also noted in its reaction that the July 1, 2027 deadline signals that the work on the new requirements is expected to be finalized before the end of June next year.
The SEC and CFTC proposed amendments to Form PF on April 20, which followed modifications to certain requirements adopted in a February 2024 final rule.
“Extending the compliance date for the 2024 Form PF Amendments by an additional nine months is needed to allow Form PF filers to avoid certain potentially significant costs associated with aspects of the 2024 Form PF Amendments that the Commissions have proposed to amend and/or eliminate, while the Commissions consider comments on the Proposed 2026 Form PF Amendments and whether to take further action,” the SEC stated.