SEC Fines 13 PFs for Reporting

On 1 June, SEC charged 13 private fund advisers for filing failures.

  • The SEC announced settled charges against 13 registered investment advisers.
  • For failing to provide required information that the agency uses to monitor risk.

Failure to File Form PF

  • Advisers failed to file Form PF annual reports, to notify the funds they advised.
  • On AUM, fund strategy, performance, use of borrowed money and derivatives.
  • PF advisers that manage above $150mn of assets, must file Form PF annually.
  • The SEC orders found that 13 advisers were delinquent over multi-year period.
  • "SEC uses Form PF data to monitor industry trends, inform rulemaking, identify
    compliance risks, and target examinations and enforcement investigations," said
    Anthony Kelly, Co-Chief of SEC Enforcement Division's Asset Management Unit.

How Form PF is Used

  • SEC publishes quarterly reports with aggregated data derived using Forms PF.
  • This helps inform public about private fund industry, plus data is sent to FSOC.
  • Enables FSOC evaluate systemic risks posed by hedge funds, and private funds.


  • The SEC orders found advisers violated reporting requirements of IA Act of 1940.
  • Advisers will each pay $75,000 civil penalty, remediated, made necessary filings.