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White Paper

Understanding Form PF Amendments: Implications for Large Hedge Fund Advisers

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.

According to the amendments, large hedge fund advisers must file a report, as soon as practicable, but no later than 72 hours from the occurrence of a triggering event. Triggering events include certain extraordinary investment losses such as 20% or more of a fund’s “reporting fund aggregate calculated value (“RFACV”); significant margin or default events; terminations of prime broker relationships; and events associated with withdrawals and redemptions.

This white paper focuses on the recent amendments concerning large hedge fund advisers and examines how large hedge fund advisers can use AQMetrics technology to ensure they comply with the emerging Form PF regulatory change.

This white paper examines the following topics:

  • The Impact of Form PF Amendments on Large Hedge Fund Advisers

  • Introduction Extraordinary Investment Losses

  • Events Associated with Withdrawals and Redemptions

  • Significant Margin or Default Events

  • Terminations of Prime Broker Relationships

  • Form PF New Reporting Requirements

  • Timeline for Implementation & Next Steps