The U.S. Securities and Exchange Commission (“SEC”) has charged 13 different registered investment adviser firms which advised private funds for failing to properly file reports with the SEC.
According to the SEC, the 13 investment adviser firms failed to file annual reports on the Form PF over several years. The Form PF provides information to the SEC about the private funds that are being advised. Since 2012, an investment adviser firm that manage $150 million or more in assets for a private fund has been required to submit annual Form PF filings with the SEC. Each of the investment adviser firms named in the SEC enforcement action agreed to be censured, cease and desist, and each pay a $75,000 penalty. A link to the SEC’s press release on the enforcement action can be found here.
RIA Compliance Consultants provides services to assist an investment adviser firm managing the assets of a private fund in the creation and filing of the Form PF. To set up an introductory call, please click here.