Bryan Corbett: “A modest extension will enable alternative asset managers to address technical challenges and ensure high-quality, consistent reporting to the SEC and CFTC.”
Washington, D.C. – MFA, together with three other trade associations, requested the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) extend the compliance deadline for the amended Form PF requirements by six months in a letter submitted today.
“A modest extension will enable alternative asset managers to address technical challenges and ensure high-quality, consistent reporting to the SEC and CFTC. The industry has worked to comply with the new form, but the implementation timeline is unrealistic and impractical,” said Bryan Corbett, MFA President and CEO.
The amendments to Form PF impose new disclosure requirements on alternative asset managers and were jointly adopted by the SEC and CFTC in February 2024. The rushed implementation timeline creates significant compliance challenges for managers, including:
- Incomplete technical specifications: As of this submission, the XML schema necessary for Form PF reporting has not been finalized, leaving firms and their vendors unable to finalize or adequately test reporting systems.
- Overlapping regulatory deadlines: Many firms are simultaneously preparing for new short sale reporting requirements, beginning January 2025, further staining resources.
- Operational constraints: End-of-year system freezes limit firms’ ability to implement and test reporting changes in time for the current compliance date.
The letter argues that a six-month extension would mitigate these challenges and enhance the quality and consistency of the data provided to regulators. Without an extension, alternative asset managers will face challenges complying with the rule and regulators risk collecting incomplete or inconsistent data.
Read the full letter here.
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About the global alternative asset management industry
The global alternative asset management industry, including hedge funds, credit funds, and crossover funds, has assets under management of $5.5 trillion (Q3 2023). The industry serves thousands of public and private pension funds, charitable endowments, foundations, sovereign governments, and other global institutional investors by providing portfolio diversification and risk-adjusted returns to help meet their funding obligations and return targets.
About MFA
Managed Funds Association (MFA), based in Washington, DC, New York, Brussels, and London, represents the global alternative asset management industry. MFA’s mission is to advance the ability of alternative asset managers to raise capital, invest, and generate returns for their beneficiaries. MFA advocates on behalf of its membership and convenes stakeholders to address global regulatory, operational, and business issues. MFA has more than 180 member fund managers, including traditional hedge funds, credit funds, and crossover funds, that collectively manage over $3.2 trillion across a diverse group of investment strategies. Member firms help pension plans, university endowments, charitable foundations, and other institutional investors to diversify their investments, manage risk, and generate attractive returns over time.
