The Securities and Exchange Commission have adopted their Final Rule for enhancements of the Form PF reporting requirement. The new rules confirm much of what the SEC proposed in August 2022, with some important revisions in particular around the content and timing of the event-triggered current reports:
Large Hedge Fund Advisors will need to submit a Section 5 return within 72 hours of any of these triggering events with respect to their qualifying funds:
Extraordinary Investment Losses
Significant Margin and Default Events
Termination or Material Restriction of Prime Broker Relationship
Operational events
Events relating to Withdrawal and Redemption Requests
Private Equity Fund Advisors in scope for Form PF will need to submit Section 6 within 60 days of any fiscal quarter end in which either of their triggering events occur:
Adviser-Led Secondary Transactions
Removal of General Partner or Election to Terminate the Investment Period or Fund
Full SEC press release and Final Rule are available at https://www.sec.gov/news/press-release/2023-86