The First Shoe Drops—SEC Adopts the Initial Amendments to Form PF

On May 3, 2023, the U.S. Securities and Exchange Commission adopted amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds.

The amendments are part of the SEC’s effort to bolster the Financial Stability Oversight Counsel’s ability to monitor systemic risk, but will also allow the SEC’s Divisions of Examinations and Enforcement to more quickly and specifically identify RIAs and issues for examination and investigation.  Coupled with the SEC’s increasing use of artificial intelligence and other data-mining techniques, the amendments will provide a trove of information in areas of focus for SEC staff.

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