SEC, CFTC delay hedge fund disclosure deadline on Form PF review

The Securities and Exchange Commission and the Commodity Futures Trading Commission announced Monday they would postpone the filing deadline for Form PF until July 1, 2027, marking the fourth delay of additional hedge fund disclosure requirements.

The disclosures are designed to inform officials about market conditions that could lead to systemic financial risk, including counterparty risk, sudden margin calls or significant adverse events impacting private funds. The form was amended on February 8, 2024, during the Biden administration to add more requirements.

The private funds industry has opposed the expanded form, citing concerns about data involving investment strategies leaking or being hacked. SEC Chairman Paul S. Atkins said in a statement Monday that Commission staff have been carefully reviewing comments submitted in response to the amendments and are making progress.

On April 20, 2026, the two regulators unveiled a plan that would significantly change how much data and how many firms have to file confidential information under Form PF. One potential change would raise the threshold for filing to $1 billion from $150 million in private fund assets under management.

The CFTC said extending the compliance date allows Form PF filers to avoid certain potentially significant costs associated with implementing amendments that the Commissions have subsequently proposed to amend or eliminate. That proposal has not been finalized.