Fried Frank
SEC Approves Private Fund Risk Reporting Rule
October 28, 2011


By: Jessica Forbes, Gregory P. Gnall

On October 26, 2011, the Securities and Exchange Commission ("SEC") adopted a new rule (the "Reporting Rule") requiring advisers to private funds, including hedge funds, private equity funds, real estate funds and funds of funds, to periodically report information on a confidential basis on Form PF to the Financial Stability Oversight Council ("FSOC") in order for the FSOC to evaluate systemic risk in the U.S. financial markets. The Commodity Futures Trading Commission ("CFTC") is expected to approve a companion rule within the next week for commodity pool operators and commodity trading advisers registered with the CFTC.  The content of the report depends on the type of fund, and the timing of the reporting depends on the type of fund and the amount of assets under management of the adviser.  The text of the rule has not yet been released by the SEC.
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