On October 31st, the CFTC approved a final rule requiring certain advisors to private funds that are dually registered with the CFTC and the SEC to report information to the SEC for use by the Financial Stability Oversight Council ("FSOC") in monitoring risks to the U.S. financial system. The SEC approved the joint rule on October 26, 2011. The final rule, which implements Sections 404 and 406 of the Dodd-Frank Act, requires SEC-registered investment advisers and dually registered CFTC registrants with at least $150 million in private fund assets under management to periodically file a new reporting form (Form PF). The information reported on Form PF will remain confidential. The rules call for a two-stage phase-in period for compliance with Form PF filing requirements. Most private fund advisers will be required to begin filing Form PF following the end of their first fiscal year or fiscal quarter, as applicable, to end on or after December 15, 2012. Others must begin filing Form PF following the end of their first fiscal year or fiscal quarter, as applicable, to end on or after June 15, 2012. See CFTC Press Release; SEC Press Release.