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SEC Fines 13 Firms for Failing to File Form PF

The SEC censured and fined 13 private fund managers for failing to file Form PF over multi-year periods.  Form PF, required to be filed annually since 2012, requests information about a fund manager’s assets under management, fund strategies, performance, leverage, and derivatives.  An SEC Enforcement official advised: “We encourage investment advisers to take a fresh look at whether they are meeting their reporting obligations and adjust their compliance programs accordingly.”

OUR TAKE: While some may wonder whether this is a return to broken windows enforcement, these cases involved a complete failure to make the Form PF filings over several years, not mere quibbling over definitions and categories.  If you don’t know what filings you have to make, it’s time to hire a compliance officer or a compliance consulting firm.