By: Irwin M. Latner, Patrick D. Sweeney, and Irwin A. Kishner
Herrick Feinstein LLP (New York, New York, USA)
On October 31, 2011, the SEC and the CFTC jointly adopted rules implementing Dodd-Frank's1 systemic risk reporting requirements applicable to investment advisers to private funds, and to certain commodity pool operators and commodity trading advisors.2
The rules are intended to support the efforts of the Financial Stability Oversight Council, created by Dodd-Frank, to monitor systemic risk in the U.S. financial markets. Form PF will elicit empirical data concerning private funds, and their advisers, which may disclose financial activities which pose systemic risk. Information provided on Form PF will be provided on a confidential basis, although the SEC may use such information in an enforcement action. In addition, the SEC may share the information with other federal regulators or self-regulatory organizations, in addition to the Council and the CFTC, for purposes within the scope of their jurisdiction. Click here to read entire article.
