Statement on the Further Extension of the Compliance Date for the Amendments to Form PF

Thank you, Chairman Atkins. Today, the Commission, in coordination with the Commodity Futures Trading Commission (CFTC), is extending the compliance date for the February 2024 amendments to Form PF.[1] This decision reflects a necessary response to evolving legal, policy, and practical considerations.

On January 20, 2025, President Trump directed federal agencies to review regulations that had been finalized but had not yet taken effect.[2] In response, the SEC and CFTC initiated a review of the Form PF amendments to determine whether they raise substantial questions of fact, law, or policy. This review is ongoing and reflects our obligation to ensure that regulatory actions are consistent with the Administration’s priorities and legal framework.

Since the extension was granted earlier this year,[3] we have received additional feedback from market participants expressing concerns about the final Form PF amendments. These concerns are not merely procedural—they raise significant questions on whether the amendments are workable, necessary, and, in certain areas, authorized by law. Moreover, because of changes made in the final rule from the proposal, some questions were not at all addressed during the original rulemaking. The Commission rightfully should take the time needed to address and evaluate these issues.

Requiring compliance with a rule that is under active review risks imposing unnecessary and potentially duplicative costs that are ultimately borne by investors. Private fund advisers would be forced to invest in systems and processes that may ultimately need to be revised—or abandoned—if the rule is modified or rescinded – and these costs are often explicitly passed on to fund investors as an expense of the fund. This is not a responsible approach to regulation. By extending the compliance date, we are avoiding potentially wasteful efforts while the Commission completes its review.

Good regulation balances the benefits of information collection with the burdens imposed on those who must comply.[4] The February 2024 amendments to Form PF raise serious questions about whether that balance has been achieved. Today’s extension is a prudent step that reflects our commitment to thoughtful, transparent, and effective rulemaking.

I thank the staff of the Division of Investment Management, the Division of Economic and Risk Analysis, and the Office of the General Counsel for their continued work on this matter. Thank you to the efforts of our colleagues at the CFTC, including Acting Chair Pham.  I look forward to further engagement with market participants regarding Form PF.