SEC, CFTC Propose Lighter Form PF Reporting for Smaller Fund Advisers
The SEC and CFTC have proposed joint rule changes to ease Form PF reporting for smaller private fund advisers.
Why it matters: Legal and compliance teams face potential relief from time-consuming Form PF filings if thresholds rise, but must track evolving obligations to avoid compliance risks. Regulatory changes could shift workloads and risk-exposure calculations for legal operations.
- Proposal announced April 20, 2026, by SEC and CFTC.
- Planned amendments would lift AUM reporting thresholds and cut some smaller adviser obligations.
- Form PF is central for U.S. regulators to track systemic risk in private funds.
- Public comments are due 60 days after Federal Register publication.
The SEC and CFTC announced on April 20, 2026, a joint proposal to amend Form PF, the key confidential reporting form for private fund advisers. The agencies aim to reduce burdens on smaller managers by raising the assets under management (AUM) threshold for filing and eliminating some requirements for certain advisers.
- Form PF, introduced after the 2008 financial crisis, lets regulators monitor potential risks that private funds could pose to the U.S. financial system. Smaller advisers have argued current rules create reporting costs disproportionate to the risks they present.
- SEC Chair Gary Gensler stated: “These amendments reflect our continued efforts to make data collection more efficient, without compromising the market oversight needed to protect investors and maintain financial stability.” (SEC press release)
- CFTC Chair Rostin Behnam noted: “By adjusting these thresholds, we intend to relieve smaller fund advisers from unnecessary reporting obligations while preserving transparency about larger funds with potential systemic impact.” (CFTC statement)
The proposal details—including new AUM thresholds—will be available in the published rule text. The joint rulemaking is part of a broader push toward streamlined, risk-based oversight of investment advisers. Legal and compliance teams must watch for the rule text and Federal Register publication to assess how the amendments could reshape procedures and risk management.
Comments will be accepted for 60 days following Federal Register publication.
By the numbers:
- 60 days — public comment period following Federal Register publication
- April 20, 2026 — joint proposal announcement by SEC and CFTC
Yes, but: Final compliance relief will depend on the rulemaking outcome; scope and thresholds are not set until final rule text is published.
What's next: Proposed amendments will be detailed upon Federal Register publication, triggering a 60-day comment window.