On October 31, 2011, the CFTC approved joint final rules implementing Sections 404 and 406 of the Dodd-Frank Act. The final rules are a joint effort of the SEC and the CFTC. The SEC approved the final rules on October 26, 2011.

The final rules require investment advisers registered with the SEC which advise one or more private funds (such as hedge funds or private equity funds) to report information to the SEC using Form PF, a new reporting form. Form PF will be used by the Financial Stability Oversight Council (FSOC) to monitor risk to the US financial system.

To learn more about the joint final rules, see Legal Update, SEC Approves Final Rule on Private Fund Systemic Risk Reporting.

For more information on the Dodd-Frank Act provisions relating to US and non-US hedge funds and private equity funds and the FSOC, see Practice Notes, Summary of the Dodd-Frank Act: Private Equity and Hedge Funds and Summary of the Dodd-Frank Act: Regulation of Systemically Significant Financial Institutions.

For information on SEC and FSOC rulemaking activities implementing those provisions, see Practice Note, Road Map to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010: Private Equity and Hedge Funds.