The Securities and Exchange Commission has approved the adoption of Form PF to collect critical systemic risk data about hedge funds and private funds. The form, jointly issued by the Commodity Futures Trading Commission and the Financial Stability Oversight Council (FSOC), will be used to monitor the systemic risk these funds may pose. The data collection is mandated by the Dodd-Frank Act.
Meanwhile, regulators are also adopting the new Form ADV, which aims to collect data of private funds. Information collected on Form PF by regulators will be made available to the FSOC only, while information on Form ADV will be available to both the FSOC and the investing public. Form ADV will contain information such as private fund size, its managers, and the “gatekeeper” of the entity, including auditors and custodians.
