- 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.