On January 26, 2022, the Securities and Exchange Commission (the “SEC”) voted 3 to 1 (Commissioner Peirce dissenting) to propose certain amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to hedge funds, private equity funds and certain other private funds. The proposed amendments would represent a substantial expansion of the Form PF reporting requirements for private fund advisers, including requiring real-time reporting for specified matters that, in certain cases, appear to have only a limited relationship to the form’s original purposes under the Dodd-Frank Act to provide the Financial Stability Oversight Council (“FSOC”) with sufficient data and insight into the private fund industry to monitor systemic risk. Indeed, the SEC’s release expressly notes that the proposed amendments are not limited to improving FSOC’s ability to monitor systemic risk and are designed to collect additional data for the SEC’s use in its regulatory programs, including examinations, investigations and investor protection efforts relating to private fund advisers.