Form PF

2012 Webinar - Form PF: What Advisers to Private Funds Need to Know

Form PF: What Advisers to Private Funds Need to Know
Wednesday, May 23, 2012, 1:00 pm - 2:15 pm ET

SEC-registered investment advisers with at least $150 million in private fund regulatory assets under management must file new Form PF with the SEC on a confidential basis. Larger private fund advisers must file beginning in 2012, and others must file by early 2013. Form PF requires advisers to report detailed aggregate and portfolio information about their hedge funds, liquidity funds, and private equity funds. This webinar will address important issues advisers should consider in complying with Form PF requirements, including:

  • What is a “private fund,” including treatment of non-US funds
  • How to calculate regulatory assets under management for a private fund
  • What assets to include in calculating reporting thresholds and how to treat parallel managed accounts
  • What assets of an adviser’s “related persons” must be counted in reporting threshold calculations and in reporting data
  • Data required to be filed on Form PF, where the data resides, and policies and procedures advisers should consider
  • Filing on the Private Fund Reporting Depository (PFRD) and confidentiality issues
  • Updating the Form PF (quarterly or annually)
  • Potential implications for dually-registered registered investment advisers and CPOs

David A. Vaughan is a partner at Dechert LLP in Washington, DC. He focuses his practice on investment management, primarily private funds. Mr. Vaughan works with hedge funds, private equity funds, venture capital funds and unregistered traditional funds. He represents managers with respect to fund formation, distribution and compliance issues. He has also represented both insurance companies and fund sponsors with respect to privately placed and offshore variable insurance products. Following 18 years of private practice, David served from April 2009 until July 2011 as the senior private fund policy adviser in SEC’s Division of Investment Management. In that capacity, he advised on all aspects of legal and regulatory policy related to private funds. During that period, he played a leading role in advising on Title IV of the Dodd-Frank Act and the rules implementing those provisions, the Volcker Rule, and the European Union AIFM Directive, among other things.

Sarah G. ten Siethoff is Senior Special Counsel in the SEC’s Division of Investment Management. She assists on the development of policy and rulemaking relating to investment advisers and investment companies. Prior to joining the SEC, Ms. ten Siethoff was an associate with Cleary Gottlieb Steen & Hamilton LLP in their New York and Washington, DC offices. Ms. ten Siethoff received her J.D. from the Yale Law School. Ms. ten Siethoff received her B.A. from the University of Virginia and her M.A. in International Relations from Yale University.

Monique S. Botkin (Moderator) is Assistant General Counsel at the IAA. Prior to joining the IAA in February 2004, Monique was an associate attorney in the financial services groups of Dechert LLP in Newport Beach, California and Alston & Bird LLP in Washington, DC. While in private practice, she represented investment advisers, registered investment companies, private funds, and broker-dealers in corporate, securities, and investment management matters.


Registration for this event closed. To purchase a recording of this webinar, please complete and return a webinar recording payment form. If you have any questions, please contact the IAA events team at or (202) 293-4222.