• SEC and CFTC Propose Systemic Risk Reporting Rules for Certain Advisers to Private Funds on Form PF
  • March 8, 2011 | Authors: Heather S. Cruz; Leslie Lowenbraun; Anastasia T. Rockas; James M. Schell; Deborah S. Tuchman
  • Law Firm: Skadden, Arps, Slate, Meagher & Flom LLP - New York Office
  • On January 26, 2011 the Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC,” and together with the SEC, the “Commissions”) issued a release (the “Release”) proposing rules to require advisers to private funds to report certain information to the SEC on proposed Form PF. The proposed rules give effect to the provisions of the Dodd-Frank Act which permit the SEC to collect information from registered investment advisers in order to protect the public interest and to aid the Financial Stability Oversight Council (the “FSOC”) in assessing systemic risk. The proposed rules would require registered investment advisers to report a substantial amount of detailed quantitative data, both on an aggregated and on a per fund basis for certain private funds. The period for public comment on the proposed rules and proposed Form PF ends on April 12, 2011.