The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly proposed amendments to Form PF, aiming to reduce reporting burdens for private fund advisers while maintaining oversight of systemic risk. ([sec.gov](https://www.sec.gov/newsroom/press-releases/2026-40-sec-cftc-jointly-propose-amendments-reduce-private-fund-reporting-burdens?utm_source=openai))
Key aspects of the proposal include:
- Increased Reporting Thresholds: The minimum threshold for reporting would rise from $150 million to $1 billion in private fund assets under management, potentially exempting nearly half of current filers. Additionally, the threshold for large hedge fund advisers would increase from $1.5 billion to $10 billion in hedge fund assets under management. ([cftc.gov](https://www.cftc.gov/PressRoom/PressReleases/9216-26?utm_source=openai))
- Streamlined Reporting Requirements: The proposal seeks to eliminate or simplify several data requirements, including certain questions related to portfolio exposure and turnover, as well as collateral rehypothecation. ([kirkland.com](https://www.kirkland.com/publications/kirkland-aim/2026/04/sec-cftc-propose-to-reduce-form-pf-regulatory-reporting-burden?utm_source=openai))
- Private Credit Fund Identification: A method would be introduced to better track funds active in private credit markets. ([sec.gov](https://www.sec.gov/newsroom/press-releases/2026-40-sec-cftc-jointly-propose-amendments-reduce-private-fund-reporting-burdens?utm_source=openai))
SEC Chairman Paul S. Atkins emphasized the intent to “restore balance to disclosure obligations and reduce the cost of compliance wherever possible,” noting that prior amendments had imposed burdensome requirements without commensurate benefits. ([sec.gov](https://www.sec.gov/newsroom/press-releases/2026-40-sec-cftc-jointly-propose-amendments-reduce-private-fund-reporting-burdens?utm_source=openai))
CFTC Chairman Michael S. Selig highlighted the effort to “reduce the burdens associated with filing the form,” expressing anticipation for public comments to ensure the changes effectively eliminate unnecessary costs. ([cftc.gov](https://www.cftc.gov/PressRoom/PressReleases/9216-26?utm_source=openai))
However, the proposal has faced criticism from advocates of stricter financial regulation. A nonprofit organization expressed concern that the amendments could “increase the odds of market mayhem and investor losses.” ([law360.com](https://www.law360.com/consumerprotection/articles/2467378/sec-cftc-propose-rules-to-relax-private-fund-reporting?utm_source=openai))
The proposed amendments are open for public comment until June 19, 2026, allowing stakeholders to provide feedback on the potential impact of these regulatory changes. ([corporatedisclosures.org](https://www.corporatedisclosures.org/content/news/us-sec-and-cftc-propose-simplifications-to-private-fund-disclosure-requirements.html?utm_source=openai))