Rule2026-18104
Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers; Further Extension of Compliance Date
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 3, 2026
Effective
September 3, 2026
Issuing agencies
Commodity Futures Trading CommissionSecurities and Exchange Commission
Abstract
The Commodity Futures Trading Commission (the "CFTC") and the Securities and Exchange Commission (the "SEC") (collectively, "we" or the "Commissions") are further extending the compliance date for the amendments to Form PF that were adopted on February 8, 2024, from October 1, 2026, to July 1, 2027. Form PF 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 (a "CPO") or a commodity trading adviser (a "CTA").
Full Text
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<title>Federal Register, Volume 91 Issue 170 (Thursday, September 3, 2026)</title>
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[Federal Register Volume 91, Number 170 (Thursday, September 3, 2026)]
[Rules and Regulations]
[Pages 56593-56596]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-18104]
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Chapter I
RIN 3038-AF31
SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 279
[Release No. IA-6992; File No. S7-22-22]
RIN 3235-AN13
Form PF; Reporting Requirements for All Filers and Large Hedge
Fund Advisers; Further Extension of Compliance Date
AGENCY: Commodity Futures Trading Commission and Securities and
Exchange Commission.
ACTION: Joint final rule; further extension of compliance date.
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SUMMARY: The Commodity Futures Trading Commission (the ``CFTC'') and
the Securities and Exchange Commission (the ``SEC'') (collectively,
``we'' or the ``Commissions'') are further extending the compliance
date for the amendments to Form PF that were adopted on February 8,
2024, from October 1, 2026, to July 1, 2027. Form PF 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 (a ``CPO'') or a commodity
trading adviser (a ``CTA'').
DATES:
Effective date: The effective date for this release is September 3,
2026.
Compliance date: As of September 19, 2025, the compliance date for
the amendments to Form PF codified March 12, 2024, at 89 FR 17984,
delayed February 5, 2025 at 90 FR 9007, further delayed June 16, 2025
at 90 FR 25140, and further delayed October 1, 2026 at 90 FR 45131, is
further delayed until July 1, 2027.
FOR FURTHER INFORMATION CONTACT:
SEC: Alexis Palascak, Janet Jun, and Daniel Levine, Senior
Counsels; Samuel Thomas, Branch Chief; Adele Kittredge Murray, Private
Funds Attorney Fellow; or Robert Holowka, Assistant Director,
Investment Adviser Regulation Office, at (202) 551-6787, Division of
Investment Management, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549-8549.
CFTC: Michael Ehrstein, Special Counsel, at (202) 418-6700,
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st
Street NW, Washington, DC 20581.
[[Page 56594]]
SUPPLEMENTARY INFORMATION: The Commissions are extending the compliance
date of the 2024 Form PF Amendments under the Investment Advisers Act
of 1940 (the ``Advisers Act'').\1\
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\1\ 15 U.S.C. 80b. Unless otherwise noted, when we refer to the
Advisers Act, or any section of the Advisers Act, we are referring
to 15 U.S.C. 80b, in which the Advisers Act is codified, and when we
refer to rules under the Advisers Act, or any section of these
rules, we are referring to title 17, part 275 of the Code of Federal
Regulations [17 CFR 275], in which these rules are published.
\2\ Congress enacted Sections 404 and 406 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 (the ``Dodd-Frank
Act''), which require that private fund advisers file reports and
specify certain types of information that should be subject to
reporting and/or recordkeeping requirements. Public Law 111-203, 124
Stat. 1376 (2010). With respect to such reports, the Dodd-Frank Act
authorizes the SEC to require that private fund advisers file such
information ``as necessary and appropriate in the public interest
and for the protection of investors, or for the assessment of
systemic risk.'' The result of this enactment is Form PF, which is a
joint form between the SEC and CFTC only with respect to sections 1
and 2 of the Form.
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Agency Reference CFR citation
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CFTC & SEC........................ Form PF \2\......... 17 CFR 279.9
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I. Discussion
On February 8, 2024, the Commissions adopted amendments to Form PF
17 CFR 279.9 under the Advisers Act (the ``2024 Form PF
Amendments'').\3\ Form PF is the form that certain SEC-registered
investment advisers, including those that also are registered with the
CFTC as a CPO or a CTA, use to report confidential information about
the private funds \4\ that they advise.
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\3\ Form PF; Reporting Requirements for All Filers and Large
Hedge Fund Advisers, Release No. IA-6546 (Feb. 8, 2024) [89 FR 17984
(Mar. 12, 2024)] (``2024 Adopting Release''). Any reference to the
``Commissions'' or ``we,'' as it relates to the collection and use
of Form PF data, are meant to refer to the agencies in their
separate or collective capacities (as the context requires or
permits), and such data from filings made pursuant to 17 CFR
275.204(b)-1, by and through Private Fund Reporting Depository, a
subsystem of the Investment Adviser Registration Depository, and
reports, analysis, and memoranda produced pursuant thereto.
\4\ See 17 CFR 275.204(b)-1. Advisers Act section 202(a)(29)
defines the term ``private fund'' as an issuer that would be an
investment company, as defined in section 3 of the Investment
Company Act of 1940 (the ``Investment Company Act''), but for
section 3(c)(1) or section 3(c)(7) of that act. Section 3(c)(1) of
the Investment Company Act provides an exclusion from the definition
of ``investment company'' for any issuer whose outstanding
securities (other than short-term paper) are beneficially owned by
not more than one hundred persons (or, in the case of a qualifying
venture capital fund, 250 persons) and which is not making and does
not presently propose to make a public offering of its securities.
Section 3(c)(7) of the Investment Company Act provides an exclusion
from the definition of ``investment company'' for any issuer, the
outstanding securities of which are owned exclusively by persons
who, at the time of acquisition of such securities, are qualified
purchasers (as defined in section 2(a)(51) of the Investment Company
Act), and which is not making and does not at that time propose to
make a public offering of such securities.
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The Commissions initially established a single effective and
compliance date for the 2024 Form PF Amendments of March 12, 2025,
which was one year from its date of publication in the Federal Register
(the ``Initial Compliance Date''). On January 29, 2025, the Commissions
extended the compliance date of the 2024 Form PF Amendments to June 12,
2025, to address certain challenges associated with the timing of
reporting cycles for Form PF.\5\ Subsequently, the Commissions became
aware of remaining significant challenges associated with coming into
compliance with the 2024 Form PF Amendments by June 12, 2025, and
further extended the compliance date to October 1, 2025.\6\ The
Commissions extended the compliance date again to October 1, 2026, (the
``Current Compliance Date'') to allow for more time to complete a
substantive review of Form PF and determine whether to take any further
appropriate actions.\7\ Accordingly, filers have been allowed to file
the version of Form PF in effect prior to the 2024 Form PF Amendments
(the ``Current Form PF'') until the Current Compliance Date.
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\5\ Form PF; Reporting Requirements for All Filers and Large
Hedge Fund Advisers; Extension of Compliance Date, Release No. IA-
6838 (Jan. 29, 2025) [90 FR 9007 (Feb. 5, 2025)] (``Initial
Compliance Date Extension Release'').
\6\ Form PF; Reporting Requirements for All Filers and Large
Hedge Fund Advisers; Further Extension of Compliance Date, Release
No. IA-6883 (June 11, 2025) [90 FR 25140 (June 16, 2025)].
\7\ Form PF; Reporting Requirements for All Filers and Large
Hedge Fund Advisers; Further Extension of Compliance Date, Release
No. IA-6919 (Sept. 17, 2025) [90 FR 45131 (Sept. 19, 2025)].
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Following the Current Compliance Date extension, the Commissions
proposed additional amendments to Form PF to reduce private fund
reporting burdens while ensuring the continued collection of necessary
and appropriate information.\8\ The proposed additional amendments, if
adopted, would significantly raise the filing threshold, eliminate
certain reporting obligations, streamline other requirements, and make
corrections and other revisions. The Commissions are currently
considering comments on the 2026 Proposed Form PF Amendments, which
were requested to be submitted on or before June 23, 2026. Given the
timing of the Current Compliance Date and the end of the comment period
for the 2026 Proposed Form PF Amendments, as well as the significant
impact that these proposed amendments could have with respect to the
2024 Form PF Amendments if adopted as proposed, we are further
extending the compliance date for the 2024 Form PF Amendments to July
1, 2027. Extending the compliance date for the 2024 Form PF Amendments
by an additional 9 months is needed to allow Form PF filers to avoid
certain potentially significant costs associated with aspects of the
2024 Form PF Amendments that the Commissions have proposed to amend
and/or eliminate, while the Commissions consider comments on the
Proposed 2026 Form PF Amendments and whether to take further action. In
addition, the compliance date extension is intended to provide Form PF
filers with sufficient time to comply with the 2024 Form PF Amendments
in the event the Commissions do not adopt the proposed amendments in
whole or in part.
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\8\ See Form PF; Reporting Requirements for All Filers, Release
No. IA-6959 (Apr. 20, 2026) [91 FR 22232 (Apr. 24, 2026)] (``2026
Proposed Form PF Amendments'').
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II. Economic Analysis
The SEC is mindful of the economic effects, including the costs and
benefits, of the compliance date extension. Section 202(c) of the
Advisers Act provides that when the SEC is engaging in rulemaking under
the Advisers Act and is required to consider or determine whether an
action is necessary or appropriate in the public interest, the SEC
shall also consider whether the action will promote efficiency,
competition, and capital formation, in addition to the protection of
investors.
The baseline against which the costs, benefits, and the effects on
efficiency, competition, and capital formation of the compliance date
extension are measured consists of the current state of the market,
Form PF filers' current practices, and the current regulatory
framework, including recently adopted rules. The changes to Form PF in
the 2024 Form PF Amendments will impact all categories of private fund
advisers. These include, but are not limited to, advisers to hedge
funds, private equity funds, real estate funds, securitized asset
funds, liquidity funds, and venture capital funds.\9\
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\9\ See 2024 Adopting Release.
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As discussed above, the Commissions has extended the compliance
date for the 2024 Form PF Amendments on several occasions, most
recently to allow Form PF filers to continue to file the Current Form
PF until the Current Compliance Date of October 1, 2026.
[[Page 56595]]
This final rule will extend the compliance date for the 2024 Form PF
Amendments to July 1, 2027, to provide time for the Commissions to
consider comments on the 2026 Proposed Form PF Amendments and take any
further action. The additional extension will affect all advisers
required to file the 2024 Form PF Amendments.\10\ The primary benefit
of the delayed compliance date is that it will allow advisers to avoid
the costs associated with any of the 2024 Form PF Amendments that could
be eliminated or modified if the Commissions adopt the 2026 Proposed
Form PF Amendments in whole or in part. This benefit will be reduced to
the extent that advisers have already incurred any portion of the
initial costs associated with such amendments.\11\ If the Commissions
ultimately determine not to adopt the 2026 Proposed Form PF Amendments,
the delayed compliance date will save the affected advisers the
incremental costs of complying with the 2024 Form PF Amendments during
the nine-month extension, and will delay any initial costs associated
with those amendments that advisers have not yet incurred.\12\
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\10\ See 2024 Adopting Release for baseline statistics on Form
PF filers.
\11\ While many advisers may have already incurred a large
fraction of the initial costs associated with developing the new
reporting systems in order to meet previously extended compliance
dates, some advisers may still incur a remaining fraction of this
cost as they finalize the development and testing of these systems
before July 1, 2027.
\12\ See 2024 Adopting Release for PRA compliance costs
associated with the 2024 Form PF Amendments.
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Extending the compliance date to July 1, 2027, will delay the
realization of any economic benefits from the new information in the
2024 Form PF Amendments that otherwise would have been available to the
Commissions and the Financial Stability Oversight Council (the
``FSOC'').\13\ For example, if significant market events occur during
the extension period, the benefits associated with the new information
in the 2024 Form PF Amendments that the Commissions and the FSOC would
have otherwise been able to use for oversight purposes during the
extension period will be forgone.
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\13\ Specifically, the 2024 Form PF Amendments were designed to
facilitate two primary goals the SEC sought to achieve with
reporting on Form PF as articulated in the 2024 Adopting Release,
namely: (1) facilitating FSOC's understanding and monitoring of
potential systemic risk relating to activities in the private fund
industry and assisting FSOC in determining whether and how to deploy
its regulatory tools with respect to nonbank financial companies;
and (2) enhancing the SEC's abilities to evaluate and develop
regulatory policies and improving the efficiency and effectiveness
of the SEC's efforts to protect investors and maintain fair,
orderly, and efficient markets. The 2024 Form PF Amendments were
designed to (1) provide solutions to potential reporting errors and
issues of data quality when analyzing Form PF filings across
advisers and when analyzing multiple different regulatory filings;
(2) help Form PF more completely and accurately capture information
relevant to ongoing trends in the private fund industry in terms of
ownership, size, investment strategies, and exposures; and (3) take
certain steps to streamline certain reporting and reduce certain
reporting burdens without compromising investor protection efforts
and systemic risk analysis. See Initial Compliance Date Extension
Release. See also 2024 Adopting Release, at section IV.C.1.
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The extension of the compliance date also will further delay the
accrual of any effects on market efficiency, competition, and capital
formation described in the 2024 Adopting Release. As an alternative, we
could have provided a shorter or longer compliance date extension
(e.g., 6-month or 1-year extension). However, a shorter extension may
not have provided enough time for the Commissions to consider comments
on the 2026 Proposed Form PF Amendments and take any further action.
Conversely, a longer extension would delay the accrual of any benefits
from the augmented information in the 2024 Form PF Amendments longer
than necessary if the Commissions ultimately determine not to adopt the
2026 Proposed Form PF Amendments.
III. Procedural and Other Matters
The Administrative Procedure Act (``APA'') generally requires an
agency to publish notice of a rulemaking in the Federal Register and
provide an opportunity for public comment. This requirement does not
apply, however, if the agency ``for good cause finds . . . that notice
and public procedure are impracticable, unnecessary, or contrary to the
public interest.'' \14\
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\14\ 5 U.S.C. 553(b)(B).
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The Commissions, for good cause, find that notice and solicitation
of public comment to further extend the compliance date for the 2024
Form PF Amendments are impracticable, unnecessary, or contrary to the
public interest.\15\ This extension does not impose any new substantive
regulatory requirements on any person and merely reflects the further
extension of the compliance date for the 2024 Form PF Amendments. For
the reasons discussed above, an extension of the compliance date to
July 1, 2027, is needed to allow Form PF filers to avoid certain
potentially significant costs associated with aspects of the 2024 Form
PF Amendments that the Commission has proposed to amend and/or
eliminate, while the Commissions consider comments on the Proposed 2026
Form PF Amendments and whether to take further action.
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\15\ See 5 U.S.C. 553(b)(B) (stating that an agency may dispense
with prior notice and comment when it finds, for good cause, that
notice and comment are ``impracticable, unnecessary, or contrary to
the public interest'').
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For similar reasons, although the publication of a rule is
generally required at least 30 days before its effective date, the
requirements of 5 U.S.C. 553(d)(3) and 808(2) are satisfied
(notwithstanding the requirement of 5 U.S.C. 801) \16\ and therefore
the good cause exception applies to this action.\17\
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\16\ See 5 U.S.C. 553(d)(3) (the publication of a substantive
rule may be less than 30 days before its effective date for good
cause found and published with the rule); 808(2) (if a Federal
agency finds that notice and public comment are impracticable,
unnecessary or contrary to the public interest, a rule shall take
effect at such time as the Federal agency promulgating the rule
determines). This rule also does not require analysis under the
Regulatory Flexibility Act. See 5 U.S.C. 604(a) (requiring a final
regulatory flexibility analysis only for rules required by the APA
or other law to undergo notice and comment). Finally, this rule does
not contain any collection of information requirements as defined by
the Paperwork Reduction Act of 1995 (``PRA''). 44 U.S.C. 3501 et
seq. Accordingly, the PRA is not applicable.
\17\ See 5 U.S.C. 553(d)(3).
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For purposes of Subtitle E of the Small Business Regulatory
Enforcement Fairness Act of 1996 (also known as the Congressional
Review Act),\18\ the Office of Management and Budget (``OMB'') has
determined the final rule is not a ``major rule.'' OMB has determined
that this action is not a significant regulatory action as defined in
Executive Order 12866, and therefore it was not subject to Executive
Order 12866 review. This action is an Executive Order 14192
deregulatory action.
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\18\ 5 U.S.C. chapter 8.
Note: Form PF will not appear in the Code of Federal
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Regulations.
By the Commissions.
Dated: August 31, 2026.
Christopher Kirkpatrick,
Secretary, Commodity Futures Trading Commission.
Vanessa A. Countryman,
Secretary, Securities and Exchange Commission.
Note: The following Commodity Futures Trading Commission (CFTC)
appendix will not appear in the Code of Federal Regulations.
[[Page 56596]]
CFTC Appendix to Form PF; Reporting Requirements for All Filers and
Large Hedge Fund Advisers; Further Extension of Compliance Date--CFTC
Voting Summary
On this matter, Chairman Selig voted in the affirmative. No
Commissioner voted in the negative.
[FR Doc. 2026-18104 Filed 9-2-26; 8:45 am]
BILLING CODE 8011-01-P; 6351-01-P
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