The U.S. Securities and Exchange Commission (SEC) adopted final amendments to Form PF, the confidential reporting form required for certain SEC-registered investment advisers (RIAs) to private funds, on 3 May 2023. The amendments, first proposed by the SEC in January 2022, mainly affect RIAs, certain large hedge funds, and private equity funds, but they impose certain quarterly material event reporting requirements by all advisers to private equity funds that are required to file Form PF. The changes, which come a decade after the form was introduced, are designed to enhance the ability of the cross-governmental Financial Stability Oversight Council (FSOC) to monitor systemic risk as well as bolster the SEC’s regulatory oversight of private fund advisers and investor protection.