The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") establishes the Financial Stability Oversight Council ("FSOC") for the purpose of monitoring risks to the stability of the U.S. financial system. Section 404 of the Dodd-Frank Act directed the Securities and Exchange Commission ("SEC") to collect information from advisers to private funds to assist the FSOC with its monitoring responsibilities.

In the last quarter of fiscal 2011, the SEC adopted Rule 204(b)-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), which requires registered investment advisers with at least $150 million in private fund assets under management to report systemic risk information to the SEC on Form PF. A copy of the SEC's adopting release is here and the effective date of the final rules is March 30, 2012. A copy of Form PF is here.

The information collected on Form PF will be used by the FSOC to gain insight in the activities of advisers, enhance its risk monitoring of the financial markets and assess systemic risk in the U.S. financial system. Form PF filings will be made on a confidential basis, and the information collected through Form PF by the SEC and used by the FSOC generally is required to be kept confidential. Information filed on Form PF will supplement the information the SEC collects from registered investment advisers on the recently revised and expanded Form ADV.