SEC and CFTC Jointly Propose Form PF Amendments
On April 17, 2026, the SEC and CFTC jointly proposed amendments to Form PF to reduce private fund reporting burdens while refining key risk data collection. Less reporting, or just different reporting?
On April 17, 2026, the SEC and CFTC jointly proposed amendments to Form PF to reduce private fund reporting burdens while refining key risk data collection (SEC/CFTC Joint Press Release 2026-40).
What's changing:
- Streamlined reporting for certain private fund advisers
- Removal or revision of data points regulators deem less critical
- Continued focus on systemic risk monitoring, just more targeted
- Alignment between SEC and CFTC frameworks
What this means for cross-border RIAs and fund managers:
- U.S. reporting may ease, but oversight expectations remain
- Firms with LATAM investors or structures must still reconcile local and U.S. disclosures
- Data governance becomes more important as regulators focus on "high-value" data
- Don't assume less reporting equals less scrutiny
Bottom line: regulators are shifting from more data to better data.
ICS helps firms recalibrate Form PF processes, cross-border disclosures, and reporting controls.
ICS advises financial institutions navigating regulatory changes of this type. If your firm needs to assess the impact of this development on your compliance program, contact us to discuss.
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