Over the past two years, the SEC has adopted a series of significant amendments to Form PF, which is the confidential reporting form originally adopted by the SEC in 2011 and that is filed by certain SEC-registered private fund investment advisers.  Recent amendments to Form PF have enhanced reporting requirements for private equity fund advisers and large hedge fund advisers, required additional information regarding liquidity funds, and most recently, in 2024, enhanced regulatory oversight and investor protection efforts in the private fund industry.

In April 2025, the staff of the SEC’s Division of Investment Management issued updates to its existing frequently asked questions (FAQs) that address various questions related to Form PF.  Following the recent amendments to Form PF, the Division staff determined to withdraw certain Form PF FAQs because, for example, the FAQ is moot, superseded, or otherwise inconsistent with the recent amendments. 

The updated Form PF FAQs are available here.  A chart showing prior FAQs that the staff has withdrawn is available here.