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The IAA Submits Comment Letter to SEC on Proposed Form PF Amendments

March 22, 2022

IAA Manager, Marketing & Communications Meredith Wise.


Washington, DC (March 22, 2022) – Yesterday, the Investment Adviser Association submitted comments to the SEC on proposed amendments to Form PF – the confidential reporting form that private fund advisers are required to file with the SEC.

Form PF was adopted under the Dodd-Frank Act to provide the SEC and Financial Stability Oversight Council (FSOC) with information to help monitor systemic risk. The proposed amendments would require one-business-day reporting for certain events, decrease the reporting threshold for large private equity advisers, and require all private equity advisers to provide significant additional information.

The IAA supports the SEC’s efforts to monitor and assess for systemic risk and bolster investor protection. We expressed a number of concerns with and offered recommendations for the SEC’s proposal:

  • As an initial matter, we continue to strongly object to the short time periods provided for comment. We and other stakeholders did not have sufficient time to conduct analysis and provide a comprehensive response.
  • The proposal is overbroad, requesting certain information that will not meaningfully assist in systemic risk monitoring.
  • We strongly oppose the one-day reporting requirement, which does not provide sufficient time for advisers and is not needed to achieve the Commission’s goals.
  • We made specific recommendations on many items, including to modify, remove, or change the timeframe for reporting various items.
  • We urged the Commission to ensure robust controls around maintaining Form PF confidentiality.
  • We urged the Commission not to define “digital assets” in this proposal, but rather to coordinate with other federal regulators on a unified approach and request comments more holistically from all stakeholders – not just the private fund community interested in this proposal.
  • We requested that the Commission reconsider the costs and burdens in its economic analysis and provide a minimum of an 18-month compliance period.

We look forward to working with the Commission to better balance any benefits of the new requirements with the business, operational, and compliance costs involved as well as the risk of inadvertent disclosure of confidential information.

The full comment letter is available on the IAA website.


About the Investment Adviser Association

As the leading organization for fiduciary investment advisers, the IAA advances the interests of member firms by providing essential expertise, crucial connections, and powerful advocacy tailored to their needs. Together, the IAA’s members manage more than $35 trillion in assets for a wide variety of clients, including individuals, trusts, investment companies, private funds, pension plans, state and local governments, endowments, foundations, and corporations. For more information, visit or follow us on LinkedIn, Twitter, and YouTube.

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