On June 11, 2025, the Securities and Exchange Commission (“SEC”) voted to extend the compliance date for the most recently adopted amendments to Form PF by approximately four months, to October 1, 2025. The amendments were adopted jointly by the SEC and the Commodity Futures Trading Commission (“CFTC”) on February 8, 2024, with an initial compliance date of March 12, 2025. In response to technological and administrative challenges associated with the amendments, the agencies had earlier postponed that deadline to June 12, 2025. The SEC’s June 11 vote further extends the deadline.

Because the form’s amendments were adopted jointly with the CFTC, the CFTC would also need to vote to extend the compliance date in order for the SEC’s action to have legal effect.^[1] An SEC staff member present at the open meeting indicated that the CFTC is currently expected to do so but, to date, there has been no public indication that such a vote is forthcoming. The CFTC currently has only two members, meaning that both members would need to agree on extending the deadline.

Even if the CFTC does not act by June 12, SEC Chairman Atkins announced that he would direct SEC staff not to recommend enforcement action against firms that continue using the version of the form adopted in 2023.^[2] He also stated that FINRA, which operates the Private Fund Reporting Depository (the system used to file Form PF) under contract with the SEC, will be directed not make the new form available to filers.

Discussion at the meeting indicated the rulemaking release extending the compliance date will include a footnote stating that the SEC expects to consider broader changes to Form PF. This suggests that the Commission may revisit some or all of the 2024 amendments, and potentially other aspects of the form as well.

The additional delay responds to significant industry advocacy, including from trade associations,^[3] citing widespread implementation challenges. Key concerns include the complexity of the new reporting requirements, frequent updates to Form PF’s technical schema and operational burdens on both advisers and SEC personnel responsible for processing submissions.

[1] During the open meeting, SEC Commissioner Crenshaw requested and received confirmation on this point from Jeffrey Finnell, the SEC’s Acting General Counsel.

[2] The SEC’s view is that no-action positions are staff statements and are not binding on the SEC in the future.

[3] For example, the Managed Funds Association requested that the deadline be extended by one year.