Speech by SEC Commissioner:
Statement at Open Meeting to Adopt Form PF
Commissioner Troy A. Paredes
U.S. Securities and Exchange Commission
October 26, 2011
Thank you, Chairman Schapiro.
The recommendation before us is to adopt the final rule providing for Form PF. The staff gave careful consideration to the comments we received and, in my view, Form PF has improved substantially from the proposal. The final rule fulfills Dodd-Frank’s statutory directive to the Commission to collect information on behalf of FSOC, and does so in a way that reduces the compliance burden on advisers in important respects as compared to the rule the Commission initially proposed. In short, as the release explains, advisers will be allowed more time to file Form PF; the threshold that delineates a large private equity fund adviser has doubled; large private equity fund advisers will have to file less frequently; advisers will generally have to report less information; fewer advisers will have to file the Form; and advisers will have more flexibility to use their existing methodologies and recordkeeping practices to comply with the rule.
I support the direction of all of these changes to Form PF. Therefore, I support the recommendation.
Again, thank you to the staff for your hard work on this rulemaking.