Specifically, the proposed amendments are intended to improve private fund reporting by:

• enhancing the Financial Stability Oversight Council’s (FSOC) ability to assess systemic risk
• reinforcing the SEC’s regulatory oversight of private fund advisers and its investor protection efforts in light of the growth of the private fund industry
• requiring current reporting for large hedge fund advisers and advisers to private equity funds to file reports within one business day of events that indicate significant stress at a fund that could harm investors or signal risk in the broader financial system
• providing the SEC and the FSOC with more timely information to analyze and assess risks to investors and the markets more broadly
• decreasing the reporting threshold for large private equity advisers from $2 billion to $1.5 billion in private equity fund assets under management resulting in reporting on Form PF that continues to provide robust data on a sizable portion of the private equity industry
• requiring more information regarding large private equity funds and large liquidity funds to enhance the information used for risk assessment and the SEC’s regulatory programs

The public may submit feedback during the comment period which will remain open for 30 days after publication in the Federal Register. For information on how to submit comments, see the Proposed Rule on sec.gov.

The proposal will be published on the SEC’s website and in the Federal Register.

Sources:

SEC Proposes Amendments to Enhance Private Fund Reporting (sec.gov)