On April 20, 2026, the SEC and CFTC jointly issued a set of proposed amendments (Proposal) to Form PF. If adopted as written, the Proposal would eliminate filing requirements for a number of advisers based on increased reporting thresholds, while streamlining and reducing reporting requirements for many others. The revisions reflect the regulators’ express objective of reducing the compliance burdens faced by advisers while refocusing Form PF on its core purpose, which is to provide data used to monitor systemic risks posed by the private funds industry. This first article in a two-part series offers a high-level overview of the various changes to Form PF outlined in the Proposal, along with analysis from legal experts abouts its potential impact on the private funds industry. The second article will provide detailed consideration of the revisions that are most applicable to PE sponsors, including the SEC’s request for comment about expanding reporting obligations for private credit funds. See “Analyzing the Revamped Form PF and Related SEC Staff FAQs” (Jun. 26, 2025).