"SEC and CFTC Finalize Reporting Rules for Private Fund Adviser Systemic Risk"
In connection with Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Securities and Exchange Commission (the "SEC") and the Commodity Futures Trading Commission (the "CFTC," and together with the SEC, the "Commissions") have adopted final rules (the "Final Rules") under the Commodity Exchange Act and the Advisers Act, requiring Private Fund Advisers to report information to the SEC using a new reporting form, Form PF. The Final Rules make several changes based on comments received by the Commissions in response to the proposed rules released earlier this year.
The Final Rules will also require registered commodity pool operators ("CPOs") and commodity trading advisers ("CTAs") who advise one or more private funds ("Private Funds") and who are registered with the SEC as investment advisers, to file Form PF with the SEC, which would also satisfy certain CFTC filing requirements that the CFTC is currently considering.
This article highlights the major provisions of the Final Rules.