SEC Approves Confidential Private Fund Risk Reporting says a statement released yesterday. It explains, "The Securities and Exchange Commission today voted unanimously to adopt a new rule requiring certain advisers to hedge funds and other private funds to report information for use by the Financial Stability Oversight Council (FSOC) in monitoring risks to the U.S. financial system. The rule, which implements Sections 404 and 406 of the Dodd-Frank Act, requires SEC-registered investment advisers with at least $150 million in private fund assets under management to periodically file a new reporting form (Form PF). Information reported on Form PF will remain confidential." It adds, ""Large private fund advisers" are: Advisers with at least $1.5 billion in assets under management attributable to hedge funds. Liquidity fund advisers with at least $1 billion in combined assets under management attributable to liquidity funds and registered money market funds.... Large liquidity fund advisers must file Form PF to update information regarding the liquidity funds they manage within 15 days of the end of each fiscal quarter. These advisers must provide information on the types of assets in each of their liquidity fund’s portfolios, certain information relevant to the risk profile of the fund, and the extent to which the fund has a policy of complying with all or aspects of the Investment Company Act’s principal rule concerning registered money market funds (Rule 2a-7)."
