Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the U.S. Securities and Exchange Commission (the “SEC”) is required to create and submit reports to Congress on an annual basis highlighting how it has used the data collected in Form PF to monitor markets and protect investors. The SEC staff recently released its first annual report in which it identified several ways it has used information reported by private fund advisers on Form PF.
As a result of the rolling compliance dates for Form PF, the SEC only recently received a complete set of initial filings. In this initial annual report, the SEC released certain aggregated statistics with respect to the information it collected on Form PF, including the number of and types of filers, the amount of assets under management with respect to the various categories of filers and the value of controlled portfolio companies. In addition, the SEC reported that various divisions and offices within the SEC have been using the information reported on Form PF to analyze and identify the risk-taking activities of investment advisers to private funds. The SEC further noted that it has initially focused on various aspects of data security, collection and filing of the Form PF information and it was assessing the quality and consistency of the data provided.
The SEC’s Annual Staff Report relating to the use of data collected from Form PF is available here.