SEC Enforcement Actions Alert Private Fund Advisers to Form PF Requirements

June 4, 2018

On June 1, 2018, the Securities and Exchange Commission (SEC) announced settlement of enforcement actions against multiple private fund advisers for failing to file Form PF.

An SEC-registered investment adviser must complete and file a Form PF if such adviser had at least $150 million in private fund assets under management as of the last day of such adviser’s most recently completed fiscal year. The calculation of private fund assets under management is generally defined as the portion of such adviser’s regulatory assets under management that are attributable to private funds it advises.

The purported purpose of Form PF is to allow the SEC to monitor risk. However, the SEC may also use the information provided in Form PF filings in adviser examinations and investigations.

Advisers should review their compliance policies and procedures to address Form PF issues, including collecting necessary investor and other information to make timely and accurate Form PF filings.

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