Earlier today, the Securities and Exchange Commission held an open meeting at which it approved the final rule adopting Form PF. The final rule requires an SEC-registered investment adviser that advises one or more hedge funds, private equity funds and/or other private funds (i.e., funds that rely on the exclusion from the definition of investment company in Section 3(c)(1) or 3(c)(7) of the Investment Company Act) to file Form PF electronically. The frequency with which Form PF must be filed is based on both the type of fund(s) the adviser advises and the amount of assets of such fund(s), as follows:
Advisers that have at least $5 billion of assets under management must make an initial filing after the first fiscal year or quarter end (as applicable) occurring after June 15, 2012. All other advisers must make an initial filing after the first fiscal year or quarter end (as applicable) occurring after December 15, 2012.
Please note that this information is based on the discussion held at the open meeting and does not represent a complete analysis. We will be preparing a more detailed alert on the final rule that we expect to publish after the rule is released.
For assistance, please contact the following lawyers in the Financial Services Area:
Investment Management Partners:
Marion Giliberti Barish
marion.barish@bingham.com, 617.951.8801
David C. Boch
david.boch@bingham.com, 617.951.8485
Lea Anne Copenhefer
leaanne.copenhefer@bingham.com, 617.951.8515
Steven M. Giordano
steven.giordano@bingham.com, 617.951.8205
Michael Glazer
michael.glazer@bingham.com, 213.680.6646
Anne-Marie Godfrey
anne-marie.godfrey@bingham.com, +852.3182.1705
Richard A. Goldman
rich.goldman@bingham.com, 617.951.8851
Thomas John Holton
john.holton@bingham.com, 617.951.8587
Barry N. Hurwitz
barry.hurwitz@bingham.com, 617.951.8267
Roger P. Joseph, Practice Group Leader; Co-chair, Financial Services Area
roger.joseph@bingham.com, 617.951.8247
Amy Natterson Kroll
amy.kroll@bingham.com, 202.373.6118
Michael P. O’Brien
michael.obrien@bingham.com, 617.951.8302
Nancy M. Persechino
nancy.persechino@bingham.com, 202.373.6185
Paul B. Raymond
paul.raymond@bingham.com, 617.951.8567
Toby R. Serkin
toby.serkin@bingham.com, 617.951.8760
L. Kevin Sheridan Jr.
kevin.sheridan@bingham.com, 212.705.7738
Edwin E. Smith, Co-chair, Financial Services Area
edwin.smith@bingham.com, 617.951.8615
Joshua B. Sterling
joshua.sterling@bingham.com, 202.373.6556
Stephen C. Tirrell
stephen.tirrell@bingham.com, 617.951.8833
This article was originally published by Bingham McCutchen LLP.