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Alternative Assets  + Hedge Funds  + Private Equity  | 
SEC Adopts Private Fund Reporting Amendments

SEC Adopts Private Fund Reporting Amendments

Private equity fund advisors will now have to make more disclosures about their investments after the Securities and Exchange Commission (SEC) voted to adopt a series of amendments to FormPF, the confidential reporting form for certain SEC-registered investment advisors to private funds.

After regulators took a 12-year hiatus from substantial changes in disclosure requirements, the SEC said the amendments are designed to enhance the ability of the Financial Stability Oversight Council (FSOC) to assess systemic risk and to bolster the Commission’s oversight of private fund advisors and its investor protection efforts.

The amendments will require all private equity fund advisors and large hedge fund advisors with at least $1.5 billion in assets under management to file current reports upon the occurrence of certain reporting events that could indicate significant stress at a fund or investor harm.

Reporting events for private equity fund advisors include the removal of a general partner, certain fund termination events and the occurrence of an advisor-led secondary transaction. Private equity fund advisors must file these reports on a quarterly basis within 60 days of the fiscal quarter end.

Reporting events for large hedge fund advisors include certain extraordinary investment losses, significant margin and default events, terminations or material restrictions of prime broker relationships, operations events and events associated with withdrawals and redemptions. These advisors must file reports as soon as practicable, but not later than 72 hours from the occurrence of the relevant event.

“In the 12 years since the Commission first adopted Form PF, private funds have evolved significantly in their business practices, complexity, and investment strategies,” said SEC Chair Gary Gensler. “Today’s amendments to Form PF will enhance visibility into private funds and help protect investors and promote financial stability.”

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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