The SEC adopted changes to Form PF impacting large hedge fund advisers and all PE advisers.

Date: May 9, 2023
Current Reporting for Large Hedge Fund Advisers and Quarterly Event Reporting for All Private Equity Fund Advisers

The most significant change is the addition of “event reporting” upon the occurrence of certain specified events.

For large hedge fund advisers, reporting will be required within 72 hours of the triggering event. Such trigger events will include certain extraordinary investment losses, significant margin and default events, terminations or material restrictions of prime broker relationships, operations events, and events associated with withdrawals and redemptions.

Form-PF-Blog-Quote-Image-V2All private equity fund advisers will be required to file an event report within 60 days of the fiscal quarter end if a triggering event occurred during that fiscal quarter. Trigger events for PE firms include the removal of a general partner, certain fund termination events, and the occurrence of an adviser-led secondary transaction.


Revised Reporting Requirements for Large Private Equity Fund Advisers

Large private equity fund advisers will be required to provide additional data in their annual filings in order to improve FSOC’s ability to monitor systemic risk and to allow the SEC and FSOC to better evaluate market trends in the industry. For example, large private equity fund advisers will be required to report annually information pertaining to any general partner or limited partner clawback that occurred during the prior year. Large PE fund advisers will also be required to provide more information on fund strategies and the use of leverage.


Implementation Deadline: The final amendments will become effective six months after publication of the adopting release in the Federal Register for current and quarterly event reporting and one year after publication in the Federal Register for the remainder of the amendments. This means the revised reporting requirements for most large private equity fund advisers won’t take effect until after the next annual filing due April 2024.

To learn more about 13f-2 watch our webinar replay Part 1: Unpacking the SEC's New Disclosure Rules for Shareholders
Join us for Part 2: Operationalizing the SEC's New Disclosure Rules, for Shareholders on December 12.