ComplianceWeek: The Securities and Exchange Commission has issued a collection of “frequently asked questions” regarding the new Form PF required of registered investment advisers that manage $150 million or more in assets attributable to private funds.
The document seeks to clarify the categorization of hedge funds, liquidity funds and private equity funds as it pertains to the filing. It also provides general guidance pertaining to the aggregation of assets/parallel funds and reporting requirements for a fund of funds.
As mandated by the Dodd-Frank Act, the SEC and Commodity Futures Trading Commission adopted rules that require qualifying private fund advisers to file Form PF on at least an annual basis. The intent of the filings, which will remain confidential, is to aid regulators as they monitor systemic risk and facilitate examinations and enforcement.
“Large private fund advisers” will need to provide additional information that goes beyond what is required of their smaller peers. These are defined as: having at least $1.5 billion in assets under management attributable to hedge funds; holdingat least $1 billion in combined assets attributable to liquidity funds and registered money market funds; or, at least $2 billion in assets attributable to private equity funds.
