The SEC and CFTC this week proposed amendments to Form PF that would significantly reduce reporting obligations for many private fund advisers. The proposal would raise the general filing threshold from $150 million to $1 billion in private fund assets under management and increase the threshold for large hedge fund advisers from $1.5 billion to $10 billion, while still preserving reporting for the largest firms and high-risk areas.

If adopted, the changes would remove Form PF obligations for many smaller advisers and streamline reporting for others, signaling a broader deregulatory push in private fund oversight. But for now, advisers should treat this as proposed relief only: current Form PF requirements remain in effect unless and until the rule changes are finalized, with comments due by June 23, 2026.

To help you make sense of what this means for you and your clients, read the full article from our friends at SEC³ here.