The US Securities and Exchange Commission (SEC) has postponed new hedge fund disclosure requirements by a year, with Chair Paul Atkins confirming that private funds will now have until 1 October 2026 to comply with additional reporting under Form PF.
The delay aims to give the SEC time to review potential changes to the confidential filings that hedge funds use to report trades, performance, and business structures. Atkins also instructed staff to explore ways to reduce the number of funds required to file, while maintaining key risk and exposure information needed for regulatory oversight.
The move follows repeated delays under the Biden-era amendments, which introduced reporting on margin calls, counterparty exposures, and other metrics intended to help regulators monitor market stability. Industry groups have long argued that the rules impose heavy compliance burdens without accurately reflecting fund operations.
The Commodity Futures Trading Commission has implemented a parallel delay to align with the SEC. The regulator’s review reflects ongoing tension between policymakers seeking transparency and managers concerned about cost and operational impact.
The delay has been welcomed by the Managed Funds Association (MFA) with President and CEO Bryan Corbett saying in a statement that: "The extension will improve data quality and give regulators time to reassess whether the rule aligns with its statutory purpose. MFA looks forward to working with the Commissions to ensure Form PF provides information necessary for FSOC to assess systemic risk without imposing unnecessary compliance costs.”
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