On January 26, 2011, as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Commodity Futures Trading Commission (“CFTC”) and the U.S. Securities and Exchange Commission (“SEC”) jointly proposed new disclosure requirements for investment advisers to private funds. The proposed rules require certain information about private funds to be disclosed by electronically filing a new reporting form called “Form PF” with the SEC. The information provided in the Form PF will be used by the Financial Stability Oversight Council to monitor systemic risk in the financial system.

The proposed SEC rule requires Form PF to be completed and filed by investment advisers who are (1) registered or required to register with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and (2) who manage one or more private funds. The proposed CFTC rule applies the same Form PF filing requirement to commodity pool operators (“CPO”) and commodity trading advisers (“CTA”) who are (1) registered or required to register with the CFTC under the Commodity Exchange Act (the “CEA”), (2) registered or required to register with the SEC under the Advisers Act, and (3) who also manage one or more private funds. For managers registered with both the SEC and CFTC, filing Form PF would be deemed a filing with both the SEC and the CFTC.