On January 25th, the SEC voted to propose for public comment a proposed rule implementing Sections 404 and 406 of the Dodd-Frank Act. On January 26th, the CFTC voted to do so as well. The proposal creates a new reporting form (Form PF) to be filed periodically by SEC-registered investment advisers who manage one or more private funds. Information reported on Form PF would remain confidential. Private fund advisers that are also registered with the CFTC as commodity pool operators or commodity trading advisors would file Form PF to comply with certain reporting obligations that the CFTC would impose. The information collected would be used by the Financial Stability Oversight Council in monitoring systemic risk. Comments on the proposal should be submitted within 60 days after publication in the Federal Register, which is expected during the week of January 31. SEC Release No. IA-3145; SEC Press Release. See also Schapiro Remarks; Casey Remarks. Those required to register with both the SEC and CFTC would complete sections 1 and 2 of Form PF. CPOs, and CTAs who are registered only with the CFTC would comply with the reporting requirement by completing Forms CPO-PQR or CTA-PR, as appropriate. The amount of information that a CPO or CTA will be required to disclose on the proposed forms and the frequency of reporting will vary depending on both the size of the operator or advisor and that of the advised pools. CFTC Fact Sheet. See also CFTC Q&A; CFTC Event Webpage (with links to webcast and Commissioner remarks). The Commodity Futures Trading Commission approved the proposal at a public meeting on Jan. 26.