Clifford Chance

SEC Renews Focus on Fund Manager Reporting Announcing Form PF Settlements

26 June 2018

On June 1, 2018, the U.S. Securities and Exchange Commission announced settlements with thirteen investment managers for failure to properly file Form PF. The settlements included a $75,000 civil penalty. These enforcement actions serve as a warning to private fund advisers and other investment managers that the SEC takes reporting obligations seriously and that it has not fully abandoned its "broken windows" enforcement strategy.

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