The CFTC and the SEC adopted new rules under the Commodity Exchange Act and the Investment Advisers Act of 1940, as mandated by the Dodd-Frank Reform Act. The new rules govern the filing of Form PF.

• The new SEC rule requires investment advisers registered with the SEC that advise one or more private funds and have at least $150 million in private fund assets under management to file Form PF with the SEC.

• The new CFTC rule requires commodity pool operators ("CPOs") and commodity trading advisors ("CTAs") registered with the CFTC to satisfy certain CFTC filing requirements with respect to private funds, should the CFTC adopt such requirements, by filing Form PF with the SEC, but only if those CPOs and CTAs are also registered with the SEC as investment advisers and are required to file Form PF under the Advisers Act.

• The new CFTC rule also allows such CPOs and CTAs to satisfy certain CFTC filing requirements with respect to commodity pools that are not private funds, should the CFTC adopt such requirements, by filing Form PF with the SEC.

• Advisers must file Form PF electronically, on a confidential basis.  The information contained in Form PF is designed, among other things, to assist the Financial Stability Oversight Council in its assessment of systemic risk in the U.S. financial system.

To access the 192-page release, go to: [SEC Release IA-3308, 10/31/11]. Form PF -- Reporting Form for [IAs] to Private Funds and Certain [CPOs] and [CTAs]. <-- The accompanying link to this 63-page document consists of: (i) 11 pages of general instructions; (ii) 42 pages for the form; (iii) 10 pages of glossary. The General Instructions provides the following areas of guidance in completing Form:

1.   Who must complete and file a Form PF? 2.   I have a related person who is required to file Form PF. May I and my related person file a single Form PF? 3.   How is Form PF organized?

Section 1 – All Form PF filers Section 2 – Large hedge fund advisers Section 3 – Large liquidity fund advisers Section 4 – Large private equity advisers Section 5 – Advisers requesting a temporary hardship exemption

4.   I am a subadviser or engage a subadviser for a private fund. Who is responsible for reporting information about that private fund? 5.   When am I required to aggregate information regarding parallel funds, parallel managed accounts, master-feeder arrangements and funds managed by related persons? 6.   I am required to aggregate funds or accounts to determine whether I meet a reporting threshold, or I am electing to aggregate funds for reporting purposes.  How do I "aggregate" funds or accounts for these purposes? 7.   I advise a private fund that invests in other private funds (e.g., a "fund of funds"). How should I treat these investments for purposes of Form PF?

To continue reading categories 8 through 18, go to:  [Form PF].