{
  "slug": "form-pf",
  "name": "Form PF",
  "aliases": [
    "Private Fund Reporting Form"
  ],
  "jurisdiction": "US",
  "regulator": "SEC, CFTC",
  "kind": "rule",
  "effective_date": "2012-07-01",
  "summary": "Confidential reporting form for SEC-registered investment advisers managing private funds, designed to provide systemic risk data to FSOC. Filing frequency and detail scale with AUM and fund type. Materially expanded in 2023 to add current event reporting for large hedge funds.",
  "scope": "SEC-registered investment advisers and dual SEC/CFTC registrants with at least $150M in private fund regulatory AUM.",
  "key_provisions": [
    {
      "section": "Section 1a",
      "summary": "Identifying information for the adviser."
    },
    {
      "section": "Section 1b",
      "summary": "Per-fund reporting for all private funds."
    },
    {
      "section": "Section 2",
      "summary": "Hedge funds with $1.5B+ regulatory AUM — additional risk metrics (VaR, exposures, leverage, counterparties)."
    },
    {
      "section": "Section 3",
      "summary": "Liquidity funds."
    },
    {
      "section": "Section 4",
      "summary": "Private equity fund advisers — adverse events reporting."
    },
    {
      "section": "Section 5 / 6",
      "summary": "Current-event reporting (large hedge fund triggers and PE adverse events) — added 2023."
    }
  ],
  "thresholds": [
    {
      "name": "Form PF filing trigger (private fund AUM)",
      "value": 150000000,
      "currency": "USD"
    },
    {
      "name": "Large hedge fund adviser threshold",
      "value": 1500000000,
      "currency": "USD"
    },
    {
      "name": "Large liquidity fund adviser threshold",
      "value": 1000000000,
      "currency": "USD"
    },
    {
      "name": "Large PE fund adviser threshold",
      "value": 2000000000,
      "currency": "USD"
    }
  ],
  "filing_requirements": [
    {
      "form": "PF Section 1",
      "frequency": "annual (within 120 days of fiscal YE)",
      "filer": "RIA",
      "trigger": "≥$150M private fund AUM"
    },
    {
      "form": "PF Section 2",
      "frequency": "quarterly (within 60 days of quarter-end)",
      "filer": "Large hedge fund advisers",
      "trigger": "≥$1.5B"
    },
    {
      "form": "PF Section 5",
      "frequency": "current event (72 hours)",
      "filer": "Large hedge fund advisers",
      "trigger": "Specified trigger events (significant losses, margin defaults, counterparty failures)"
    }
  ],
  "applies_to": [
    "registered investment advisers"
  ],
  "related_regulations": [
    "investment-advisers-act-1940",
    "dodd-frank"
  ],
  "related_terms": [
    "regulatory-aum",
    "private-fund",
    "systemic-risk",
    "counterparty-exposure"
  ],
  "official_text_url": "https://www.sec.gov/rules/final/2011/ia-3308.pdf",
  "history": "Adopted October 2011, effective 2012. Expanded May 2023 to add current-event triggers for large hedge funds and broader detail. Further amendments 2024."
}