Now that regulators are stepping up their oversight of hedge funds in a major way, the industry’s largest firms are working overtime to put together the information the new rules require. And they’re not happy about it.
||(Illustration by Luke Ramsey) |
The primary target of their ire is the new Form PF, which stands for “private fund.” Beginning August 29, investment advisers with hedge fund or private equity assets under management must submit detailed information about their private funds to the Securities and Exchange Commission and the Commodity Futures Trading Commission through Form PF. The information is ultimately meant for the Financial Stability Oversight Council, commonly known as FSOC, a group created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act to identify major risks to the U.S. financial system.
“Some of the largest firms have more than a dozen...