SEC Charges Thirteen Private Fund Managers with Form PF Filing Failures
On June 1, 2018, the U.S. Securities and Exchange Commission (“SEC”) announced settlements with 13 registered investment advisers whom the SEC alleged had repeatedly failed to file required annual reports on Form PF over multi-year periods.  SEC-registered advisers to private funds with $150 million or more in regulatory assets under management are required to file and periodically update Form PF to provide information about the private funds that they manage.
According to the SEC orders, each adviser agreed to pay a $75,000 civil penalty, to be censured, and to cease and desist from future violations. In agreeing to the settlements, the SEC considered the fact that the advisers remediated their failures by making the required Form PF filings during the course of the SEC’s investigation. The advisers in question had regulatory assets under management ranging from approximately $200 million to $2.7 billion.
These settlements are notable not only to inform private fund managers regarding the importance of Form PF compliance, but also as a reminder to confirm that other periodic filings required of those managers (or their affiliates or the private funds that they manage) have been made, including, for example, Form ADV, Form D, Form 13F, Form 13H, Schedules 13D and 13G, and Section 16 filings.