SEC and CFTC Extend Compliance Date of Final Rule for Private Fund Advisers

The SEC and Commodity Futures Trading Corporation (CFTC) have announced that they have extended the compliance date for their February 2024 joint final rule for private fund advisers from March 12, 2025, to June 12, 2025. The final rule amends Form PF — that is, “the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that also are registered with the CFTC as a commodity pool operator . . . or commodity trading adviser” — and is intended to “enhance the Financial Stability Oversight Council’s . . . ability to monitor systemic risk as well as bolster the SEC’s regulatory oversight of private fund advisers and investor protection efforts.”

The final rule’s compliance date is being extended in response to concerns — especially from certain industry groups — that various aspects of the rule would have been technologically or administratively burdensome to comply with within the previous time frame.

For more information, see the press release on the SEC’s Web site.