The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have once again extended the compliance date for amendments to Form PF, the confidential reporting form for certain private fund advisers, to October 1, 2026. This latest delay pushes back the deadline by a year, giving the agencies more time to conduct a comprehensive review of the form and consider potential further modifications. The initial compliance date for these amendments, adopted in February 2024, was March 12, 2025, and had already been extended twice before to June 12 and then October 1, 2025.
SEC Chairman Paul Atkins stated that the postponement is intended to facilitate a broader review of potential changes to the confidential filing, which private funds use to provide regulators with information on their trades, performance, and business structures. The agencies are also exploring ways to reduce the number of private industry firms required to file this confidential information. This move follows a Presidential Memorandum and aims to address any substantial questions of fact, law, or policy that have arisen regarding Form PF.
The extended compliance date is expected to benefit affected advisers by saving them the incremental costs of complying with the current version of Form PF during the one-year extension. The Commissions noted that this period will allow for any related actions to occur in a manner that could reduce costs if further amendments are introduced. Conversely, the delay means that the Commissions and the Financial Stability Oversight Council (FSOC) will not receive the updated information collected on the final Form PF during this extended period, potentially delaying the realization of economic benefits from the new data, especially in the event of significant market disruptions.
