SEC, CFTC push Form PF deadline to July 1, 2027

The Securities and Exchange Commission and the Commodity Futures Trading Commission moved the compliance date for expanded Form PF reporting to July 1, 2027. The change is the fourth postponement of a rule that would require more detailed disclosures from private fund advisers.

Form PF is filed by private fund advisers to give regulators visibility into hedge funds’ exposures and potential sources of systemic risk, including concentrated positions, leverage and counterparty links. The expanded regime would collect more detailed data and apply to a broader set of funds than current requirements.

Regulators have been reviewing the scope and content of the expanded reporting and are considering ways to reduce the amount of information required and the number of funds covered. One proposal under consideration would raise the asset threshold for reporting from $150 million to $1 billion, which could exempt many smaller private funds. That proposal has not been finalised.

Private fund managers and industry groups have objected to the expanded disclosures, arguing the rules could force the release of commercially sensitive information such as detailed investment strategies and counterparty lists. Firms have raised concerns about the security and potential misuse of confidential data.

The delay follows a sharp downturn at an artificial intelligence-focused hedge fund, Situational Awareness, which reportedly saw assets under management fall from about $45 billion to roughly $10 billion after highly leveraged equity positions reversed. The SEC has issued subpoenas to several large banks as part of an inquiry into the events surrounding the fund’s losses.

Regulators signalled in April that they were considering a significant overhaul of the expanded reporting framework. Until any revisions are finalised, the July 1, 2027 date will be the target for compliance and will give managers additional time to prepare for the requirements that may be adopted.