U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission Extend Form PF Compliance Date to October 1, 2026

On September 17, 2025, the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) extended, from October 1, 2025 to October 1, 2026, the compliance date of the Form PF amendments originally adopted in February 2024.

The amendments change how large hedge fund advisers report investment exposures, borrowing and counterparty exposure, market factor effects, currency exposure, turnover, country and industry exposure, central clearing counterparty reporting, risk metrics, investment performance by strategy, portfolio liquidity, and financing and investor liquidity. The amendments also require additional basic information about advisers and the private funds they advise, including identifying information, assets under management, withdrawal and redemption rights, gross asset value and net asset value, inflows and outflows, base currency, borrowings and types of creditors, fair value hierarchy, beneficial ownership, and fund performance. The amendments also require more detailed information about the investment strategies, counterparty exposures, and trading and clearing mechanisms employed by hedge funds.

Unlike Form ADV, which assists the SEC in its regulatory mission, Form PF data is reported to the Financial Stability Oversight Council (FSOC) to enable it to assess systemic risk and better understand market developments and therefore respond more effectively in periods of stress or crisis. Firms are required to file a Form PF if they are registered or required to register with the SEC as an investment adviser, manage one or more private funds, and, together with their related persons, collectively have $150 million in private assets under management.

The amendments were originally approved in February 2024 with an effective and compliance date of March 12, 2025. On January 29, 2025, in response to a directive from President Trump to federal agencies to review regulations that had been finalized but had not yet taken effect, the SEC and the CFTC extended the effective date and compliance date to June 12, 2025. On the eve of that date, the SEC and the CFTC again extended those dates, this time to October 1, 2025.

At the SEC, there was stark disagreement among the commissioners as to the advisability of the further one-year extension. Commissioner Caroline A. Crenshaw expressed concerns that the continued delays are just to “buy ourselves more time to write them out of existence – before they ever go into effect.  In other words, it seems we are delaying them indefinitely – and as long as it takes – to undo them.  This is a thinly veiled sleight of hand to dismantle the work of a prior Commission while weaseling out of the clear requirements of well-established law.” Meanwhile, Commissioner Hester M. Peirce supported the extension, saying, “[m]y only question is why we are not proposing a longer delay.”

Rimon PC’s investment management group continues to monitor developments on this and other reporting issues affecting our investment adviser, CPO, and CTA clients. Please feel free to reach out to your existing Rimon attorney or to Sean Byrne to discuss further.

This summary is provided for informational purposes only and is not intended to constitute legal advice nor does it create an attorney-client relationship with Rimon, P.C. or its affiliates.