July 22, 2025

Warren, Reed Seek Answers from SEC on Delayed Form PF Amendment Date

“Most concerning is the possibility that the SEC will use this delay as cover to pare back Form PF even further or eliminate the form altogether.”

Link to Letter

Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, and Senator Jack Reed (D-RI), member of the Committee, wrote to Paul S. Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), raising concerns about the SEC’s second revised date for Form PF amendments and the risk it poses to the government’s ability to protect taxpayers from systemic market threats due to inadequate data.

“The Dodd-Frank Act, passed in the wake of the devastating 2008 financial crisis, authorizes the SEC to require that private fund advisers file such information “as necessary and appropriate in the public interest and for the protection of investors, or for the assessment of systemic risk,” the Senators wrote. “Because private funds are not subject to any meaningful disclosure requirements, Form PF data is the “best – and perhaps only – way to spot large scale financial disasters originating in the private funds market, or amplified by private fund exposure, before they happen.”

The Senators continued: “Attempting to regulate markets without accurate data is like ‘willfully blindfolding the Commission,’ ultimately ‘hobbling’ the SEC’s ‘ability to conduct precise and effective analysis of private markets,’ according to SEC Commissioner Crenshaw, who dissented in the 3-1 vote to extend the deadline. By the SEC’s own admission, “to the extent that there are significant market events during the extension period, extending the compliance date may result in forgone benefits from the Commissions not receiving enhanced Form PF data.”

The Senators outlined their request to Chair Atkins: “Any weakening of Form PF could pose serious risks to our economy and deprive the SEC of the information it needs to protect investors and monitor markets. To help Congress better understand your plans regarding Form PF, we request answers to the following questions no later than August 5, 2025.”

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