The U.S. Securities and Exchange Commission (“SEC”) on 26 October 2011 adopted Form PF, the form to be used by SEC-registered invest-ment advisers to provide the new Financial Stability Oversight Council, the systemic risk oversight body created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, with information necessary to help it monitor the systemic risk created by private funds, among other things.

Just days later, on 11 November 2011, the European Securities and Markets Authority (“ESMA”) published its final report containing ESMA’s technical advice to the European Commission (the “ESMA Advice”) on possible implementing measures of the Alternative Investment Fund Managers Directive (the “Directive”). This final report contains a pro-forma “template” for reporting by alternative investment fund managers (“AIFMs”) to competent authorities in compliance with Article 24 of the Directive in respect of the alternative investment funds (“AIFs”) that they manage (referred to in this article as the “ESMA Form”).