PESP responds to SEC Expansion of Form PF

On Wednesday, May 3, 2023, the U.S. Securities and Exchange Commission (SEC) adopted new amendments to enhance private fund reporting. According to the SEC, the rule amendments will “enhance the ability of the Financial Stability Oversight Council (FSOC) to assess systemic risk and to bolster the Commission’s oversight of private fund advisers and its investor protection efforts.”

“We’re happy to see the Form PF rule finalized,” said Chris Noble, Senior Policy Coordinator for the Private Equity Stakeholder Project. “This rule will do much to help regulators shed light on risky private market investment activity and better guard against systemic risk to our financial system. We’re hopeful that other SEC proposals intended to protect investors will be similarly confirmed. We also encourage the SEC to explore opportunities to make certain, non-identifying, disclosures available to the public so it can stay informed about risks to our financial system.”