The US Securities and Exchange Commission (SEC) on May 3, 2023 voted 3-2 to adopt amendments to Form PF that will impact the required reporting for certain SEC-registered investment advisers in the private fund industry (the Form PF Amendments) and, in particular, will require current reporting of certain triggering events by large hedge fund advisers and all private equity fund advisers.

The SEC approved the Form PF Amendments despite dissents issued by Commissioners Hester Peirce and Mark Uyeda. Commissioner Peirce indicated that she did not share the SEC’s belief in the “benevolent power of more,” while Commissioner Uyeda expressed concerns about the additional costs for advisers that would likely be borne by investors. Chairman Gary Gensler, however, stated that he views the Form PF Amendments as enhancing visibility into the private fund industry, which has evolved significantly since the time Form PF was first adopted.