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SEC Proposes Amendments to Form PF; Division of EXAMS Publishes Observations from Examinations of Private Fund Advisers

Client memorandum | January 31, 2022

Last week, the Securities and Exchange Commission (“SEC”) proposed amendments (the “Proposed Amendments”) to Form PF, the periodic report filed by registered investment advisers that manage private funds, and the SEC’s Division of Examinations (“EXAMS”) published a risk alert (“Risk Alert”) identifying compliance issues observed by EXAMS staff in examinations of registered investment advisers that manage private funds. The Proposed Amendments and the Risk Alert are each summarized in turn below.

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