SEC and CFTC delay hedge fund reporting rules until 2027

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have postponed the implementation of expanded hedge fund reporting requirements for the fourth time. The new deadline for amended Form PF disclosures is now set for July 1, 2027.

Form PF is intended to provide regulators with increased visibility into private fund exposures and potential systemic risks, such as counterparty concentrations, sudden margin calls, and liquidity stress. The expanded regime, introduced under the previous administration, has faced consistent opposition from the private funds industry. Fund managers have argued that increased disclosure could compromise commercially sensitive information and investment strategies.

The delay follows the recent collapse of Situational Awareness, an AI-focused hedge fund that saw its assets under management drop from approximately $45 billion to $10 billion following highly leveraged equity position reversals. In response to such volatility, the SEC has issued subpoenas to major Wall Street banks to examine interconnected exposures and leverage within the industry.