The SEC recently published its Spring 2021 “Reg Flex” agendas – the first under new Chair Gary Gensler. The items included on the short‑term and long‑term agendas indicate the agency’s priorities for the near future. It is no surprise that some of the items on those agendas will affect – directly or indirectly – private fund managers. After all, Gensler has identified the “significant growth in the number of private funds” as a key capital market trend. This second article in a two-part series discusses proposed amendments to Form PF in the agenda and the rulemaking process in general, including criticism by Commissioners Hester M. Peirce and Elad L. Roisman of Gensler’s apparent plans to reopen recently completed rules. The first article covered the key components of the latest Reg Flex agendas and certain factors driving the items on those agendas. For additional commentary from Peirce and Roisman, see “Two Sides of the Same Coin: SEC Commissioners Peirce and Roisman Argue Against Prescriptive ESG Disclosures (Part One of Two)” (Aug. 24, 2021); and “New Dialogue Evinces Internal SEC Disagreements Amid the Changing Landscape of U.S. ESG Regulation (Part One of Two)” (Aug. 17, 2021).