US SEC and CFTC plan to tighten hedge fund reporting scope and raise FormPF reporting threshold to US$1 billion

According to Bloomberg News, the U.S. SEC and the CFTC jointly proposed to reduce the reporting requirements for hedge funds, eliminate the reporting obligations of smaller advisers, and increase the FormPF reporting threshold for assets managed by private equity funds from US$150 million to US$1 billion. The two agencies said the data collected by FormPF will be used confidentially for inspections and investigations of private equity advisers.