Overview
- The SEC and CFTC, which unveiled the draft on April 20, 2026, would lift the basic filing bar from $150 million to $1 billion and raise the large hedge fund cutoff from $1.5 billion to $10 billion.
- The agencies estimate about 43% fewer advisers would have to file at all and roughly 65% fewer would face the large hedge fund regime, easing workload and costs for many smaller managers.
- The proposal trims reporting by ending private equity quarterly event filings, dropping some large hedge fund ‘current event’ items like redemption stress and margin defaults, removing duplicative feeder and passive-vehicle entries, and replacing look‑through calculations with reasonable estimates.
- The plan is open for a 60‑day comment period and would include at least a 12‑month transition if adopted, and the SEC is seeking feedback on whether to add targeted questions for private credit funds.
- Form PF is a confidential report regulators use to track risks in private funds, and the agencies said they will consider how any final changes line up with the October 1, 2026 compliance date for the 2024 expansion.