Enforced by the US Securities and Exchange Commission, the Commodity Futures Trading Commission and the Financial Stability Oversight Council.

The Dodd-Frank Act requires SEC-registered investment advisers with at least $150 million in private fund assets under management to periodically file a reporting form (Form PF). Form PF requires information on the type and size of assets held by the fund.

Private fund advisers are divided by size into two broad groups - large advisers and smaller advisers. The amount of information reported and the frequency of reporting depends on the group to which the adviser belongs. The SEC anticipates that most private fund advisers will be regarded as smaller private fund advisers, but that the relatively limited number of large advisers providing more detailed information will represent a substantial portion of industry assets under management. As a result, these thresholds will allow the Financial Stability Oversight Council to monitor a significant portion of private fund assets while reducing the reporting burden for private fund advisers.

Form PF General Instructions (SEC) Form PF Frequently Asked Questions

Investment advisers, commodity pool operators and commodity trading advisers registered with the SEC who manage private funds with more than $150 million in assets.