When Is Form PF Due? Deadlines for All Filer Types
Navigate Form PF compliance with ease. Understand critical filing deadlines and reporting requirements for private fund advisers.
Form PF is a confidential reporting form that certain investment advisers to private funds must file with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It aids the Financial Stability Oversight Council (FSOC) in monitoring systemic risk within the private fund industry. The information collected helps FSOC assess potential risks to the broader financial system and determine how to use its regulatory tools concerning nonbank financial companies. The SEC and CFTC also use this data for their regulatory programs, including examinations, investigations, and investor protection efforts related to private fund advisers.
Who Must File Form PF
Investment advisers must file Form PF if they meet specific criteria. An adviser must be registered or required to register with the SEC, or with the CFTC as a CPO or CTA while also being registered or required to register with the SEC as an investment adviser. Additionally, they must manage at least one private fund, and their private fund assets under management (AUM), including those of related persons, must collectively be at least $150 million as of the last day of their most recently completed fiscal year. This threshold applies to various private funds, including hedge funds, private equity funds, real estate funds, venture capital funds, and liquidity funds.
The filing requirements vary depending on the size of the private fund adviser. Advisers with less than $1.5 billion in private fund AUM are classified as “Smaller Private Fund Advisers.” Those with at least $1.5 billion in private fund AUM, or at least $1 billion in hedge fund AUM, or at least $1 billion in liquidity fund AUM are considered “Large Private Fund Advisers.” These distinctions determine the specific sections of the form that must be completed and the frequency of filings.
Form PF Filing Types and Deadlines
The deadlines for Form PF submissions vary based on the adviser’s classification and the types of funds managed. Smaller Private Fund Advisers, those with less than $1.5 billion in private fund AUM, are required to file annually. Their Form PF is due within 120 calendar days after the end of their fiscal year. These advisers complete Section 1a of the form.
Large Private Fund Advisers have more frequent and extensive reporting obligations. Large Hedge Fund Advisers, defined as those with at least $1.5 billion in hedge fund AUM, must file quarterly. These quarterly filings are due within 60 calendar days after the end of each calendar quarter (March 31, June 30, September 30, December 31). They are required to complete Section 1a and Section 2 of Form PF.
Large Liquidity Fund Advisers, managing at least $1 billion in liquidity fund AUM, also file quarterly. Their deadline is more accelerated, requiring submission within 15 calendar days after the end of each calendar quarter. These advisers must complete Section 1a and Section 3 of the form.
Large Private Equity Fund Advisers, with at least $2 billion in private equity fund AUM, file annually. Their annual filing is due within 120 calendar days after the end of their fiscal year. These advisers complete Section 1a and specific parts of Section 2.
Beyond regular periodic filings, certain “event-based” filings are required for Large Hedge Fund Advisers and all Private Equity Fund Advisers. These reports are triggered by specific events that could indicate financial stress or significant changes. For Large Hedge Fund Advisers, events such as extraordinary investment losses, significant margin and default events, or major operational disruptions necessitate a filing as soon as practicable, but no later than 72 hours after the event occurs. All Private Equity Fund Advisers must file a private equity event report within 60 calendar days after the end of a fiscal quarter if certain events, such as an adviser-led secondary transaction or the removal of a fund’s general partner, occur. If a filing deadline falls on a weekend or holiday, it rolls over to the next business day.
Information Needed for Form PF Filings
Preparing Form PF requires investment advisers to gather specific data about their operations and managed private funds. This includes basic identifying details for the investment adviser (name, SEC file number). For each private fund, information such as its name, legal entity identifier (LEI) if applicable, and fund type (e.g., hedge fund, private equity fund, liquidity fund) is necessary. The fund’s fiscal year end must be provided.
Assets under management (AUM) figures are required, including gross and net asset values for each private fund. Filers must report information on the fund’s borrowings and leverage, specifying creditor types and amounts. Data on investor composition, such as general categories (e.g., pension funds, high-net-worth individuals), and their concentration within the fund, is required.
Large filers must provide performance data, including specific metrics and, in some cases, quarterly results since inception. Large filers must also provide details on risk exposures, encompassing market, credit, counterparty, and operational risk. Information regarding the fund’s holdings of derivatives, short positions, and other complex instruments is part of the reporting requirements.
Submitting Form PF
Form PF must be submitted electronically once completed. The filing process occurs through the SEC’s EDGAR (Electronic Data Gathering, Analysis, and Retrieval) system, specifically via the Private Fund Reporting Depository (PFRD) subsystem on the Investment Adviser Registration Depository (IARD) website. Advisers need valid EDGAR access codes, including a Central Index Key (CIK), Company Contact Code (CCC), and passphrase, to access the system. Firms can obtain these codes if they do not already possess them.
Submission involves uploading the completed Form PF XML file through the EDGAR Filer Management website or using third-party software. A filing fee of $150 is charged for each annual and quarterly report, which must be paid before the submission can be processed. After a successful submission, filers should receive a confirmation message or email from EDGAR, indicating that the form has been received. If errors are discovered after submission, amendments can be filed, but the original filing must meet the stipulated deadline.