On Jan. 29, the SEC and CFTC delayed the compliance date for the amendments to June 12 — a three-month extension from the original compliance date of March 12.
Specifically, the amendments require advisers of hedge funds with more than $500 million in assets under management to provide additional information in the form, including how such advisers report investment exposures, borrowing and counterparty exposure, country and industry exposure, risk metrics, investment performance by strategy, and portfolio liquidity, among other things.
Advisers also must report basic information on themselves and the private funds they advise, such as identifying information, assets under management, gross asset value and net asset value, inflows and outflows, and fund performance, according to the fact sheet.
The Managed Funds Association, a trade association for the global alternative asset management industry, said in a Jan. 29 statement that it supports the agencies delaying the compliance date.
“Pushing back the implementation date will ensure the commissions have time to finalize the technical specifications for the form and do not receive inconsistent data on private funds,” said Bryan Corbett, MFA's president and CEO, in the statement.
Corbett added that MFA and its members “appreciate the new leadership at the SEC and CFTC moving away from the needlessly antagonistic approach to the industry adopted by the previous administration. Constructively engaging with the industry during the rulemaking process will enhance oversight of financial risks by producing rules that work better in practice and are more effective at achieving their intended aims.”
Under former Chair Gary Gensler, the SEC often clashed with the asset management industry over its rules, many of which saw lawsuits filed against them.
In a Jan. 22 letter to acting Chair Mark Uyeda, the Alternative Investment Management Association asked the new leader of the SEC to extend the compliance date for the Form PF amendments, among other requests.
