What You Need to Know About the New Form PF

Authored by: Merryn Rosewall, Principal, Risk & Quality Control
Updated on: January 30, 2024

Private fund advisers will be aware of the recent surge in regulatory scrutiny and consider the significant impact and challenges that come with the new Form PF amendments.

In 2023, amendments to Form PF were implemented to provide the SEC with a more thorough understanding of the hazards presented by private funds and to better enable them to recognize and respond to potential systemic risks.

The amendments mandate large hedge fund advisers and all private equity fund advisers to file current reports upon the occurrence of specific reporting events that could signify significant stress at a fund or harm to investors. Large hedge fund advisers must report these events within 72 hours, while private equity fund advisers must report every quarter within 60 days of the quarter's end.

Large private equity fund advisers must fulfill additional requirements, such as submitting annual reports on general partner and limited partner clawbacks, as well as provide more data on their strategies and borrowings. These amendments are set to become effective six months and one year after publication in the Federal Register for current and remaining amendments, respectively.

Ensure your Form PF is filed accurately with Gen II
Not only does Form PF involve adhering to strict filing deadlines, but it also requires an understanding of complex calculation methodologies and deep knowledge of the fund's activities. Therefore, many firms choose to outsource this task to specialized fund administrators who have the necessary expertise and systems to complete these filings accurately and on time.

Gen II Fund Services has a robust and scalable regulatory reporting solution that helps our clients with complex reporting needs.

• Gen II Regulatory Reporting Platform is a centralized regulatory reporting tool for multiple filing requirements across various jurisdictions.
• Our Reporting Platform is built on modern architecture for scalability, data integrity, security, and compliance.
• With the industry's most comprehensive unified data model, our Reporting Platform ingests one data set to feed and populate multiple forms, including Form PF.

This year, Gen II introduced Online Self-Service Regulatory Reporting capabilities, allowing our clients to review data using our exception base engine, approve their reporting, and file directly with FINRA. This eliminates the paper-based process and significantly reduces the cycle times and risk.

Gen II Compliance Services for Form PF

Form PF filing for all entities in scope, even those not administered by Gen II

Integrated solution for data identification, aggregation, calculation, verification, and storage

Access to a complete audit trail, storage, and reconciliation of Form PF data

Form PF filing is completed directly on the FINRA site, where clients can review and submit

Published on: September 13, 2023