In the wake of amendments to Form PF introduced by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and set to take effect on March 12, 2025, private funds—especially hedge funds—are at the threshold of adapting to a revamped regulatory environment. This blog highlights key modifications and their consequences for the sector, signaling a substantial transformation in the reporting and operational protocols of private funds amidst intensified oversight

In a significant move that heralds a new era in securities regulation, the U.S. Securities and Exchange Commission (SEC) has amended the reporting rules for beneficial ownership under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934. The amendments, announced in October 2023, bring about substantial changes to the filing deadlines for Schedule 13D and Schedule 13G, marking the first adjustment in nearly half a century.

In this blog, we delve into the details of the SEC's 13G and 13D amendments and analyze how they affect filings.

As part of our ongoing Emerging Regulations Watch series, we delve into the Securities and Exchange Commission's (SEC) recent amendments to Form PF. These amendments mark a pivotal moment in private fund reporting, aiming to bolster regulatory oversight and systemic risk monitoring.

Keep reading as we dissect the implications of these changes for private funds and advisers, providing insights to help you navigate them.

The global financial landscape is constantly shifting, and new regulations and amendments are often the driving force. With decades of experience in navigating the complexities of multi-jurisdictional regulatory changes, we are equipped to guide you through the maze, by introducing our new blog series: Emerging Regulations Watch, where we provide insights & analysis on new rules.

Kicking off this series, we set our sights on the Money Market Mutual Fund (“MMMF”) Regulatory Reform and the challenges this places on Money Market Funds (“MMFs”) with regard to Liquidity Risk Control.

The recent adoption of Rule 13f-2 by the Securities and Exchange Commission brings new transparency to short selling practices. Our latest blog delves into the critical aspects of this new rule, underscoring the need for an effective compliance strategy.

Understanding regulatory compliance, especially the intricacies of Section 13F filings is a challenge many firms face. Ensuring accurate reporting while managing the time-intensive reviews can be daunting. This blog delves into the specifics of Section 13F, sheds light on the common hurdles companies encounter, and underscores the critical need for a streamlined approach to regulatory compliance.

On May 3,  2023, the SEC adopted a final rule amending Form PF. The final rule amendments apply to large hedge fund advisers, having at least $1.5 billion in relevant AUM; private equity fund advisers, having at least $150 million in relevant AUM; and large private equity fund advisers, having at least $2 billion in relevant AUM.

AQMetrics won the Most Innovative Technology Firm Award at the 2022 HFM US Services Awards for its innovative regtech platform. In this blog, AQMetrics sets out how it's moving forward with even more innovation throughout the remainder of 2022, into 2023 and beyond.

In the third blog of our ESG series, we examine how the SEC’s proposed changes impact private funds and the similarities between the SEC’s Proposed Amendments and other ESG regimes. 

In this second blog of the ESG series, we examine the proposed ESG-related disclosure and reporting requirements for investment advisers through amendments to Form ADV, Part 2A (“the Brochure”). The Proposed Amendments require investment advisers to disclose their ESG investing approach by strategy, relationships with related persons, and any ESG-related impacts on proxy voting. These proposed changes will likely apply to wrap fee funds too. 

As global regulators are intensifying their focus on “greenwashing”, the absence of standardization or a common disclosure framework frustrates investors and their managers. Across the industry, there is a well-recognised lack of consistent and comparable data which may lead to potential greenwashing and is making the regulators’ and managers’ jobs ever more challenging and burdensome regarding regulatory data management.

The proposed changes are significant in that large hedge fund advisers and all advisers to private equity funds would have one business day to report to the Commission the particulars surrounding certain “key events”.