The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have extended the compliance deadline for the amended Form PF to October 1, 2025. Originally scheduled to take effect on March 12, 2025, the revised reporting requirements were first delayed to June 12, 2025, before this latest extension, announced in SEC Release No. IA-6883. The amendments, adopted on February 8, 2024, require private fund advisers to provide more detailed disclosures on fund assets, investor concentration, financing, and performance. The extension responds to industry feedback, including requests from the Managed Funds Association, citing technological and administrative challenges in meeting the updated requirements. Filers are expected to continue using the current version of Form PF until the new deadline.
This decision has also drawn attention to differing views within the SEC. Chairman Paul Atkins expressed strong reservations, stating, “I have serious concerns whether the government’s use of this data justifies the massive burdens it imposes.” Commissioners Hester Peirce and Mark Uyeda shared comparable views, highlighting that the burdens imposed by the Form PF amendments may outweigh their potential benefits. In contrast, Commissioner Caroline Crenshaw criticized the delay, saying that the extension amounted to “willfully blindfolding the Commission”, serving the interests of “some of the most well-funded and highly sophisticated entities in the financial system,” further suggesting it was a move to reopen debate on the amendments. The postponement reflects both the complexity of implementation and the growing ideological divide within the Commission.
