US
SEC Adopts Amendments to Enhance Private Fund (Form PF) Reporting
The Securities and Exchange Commission (SEC) adopted amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The amendments require large hedge fund advisers and all private equity fund advisers to file current reports upon the occurrence of certain reporting events that could indicate significant stress on a fund or investor harm, among other changes. The amendments for current reporting will become effective six months after publication of the Adopting Release in the Federal Register and the remaining amendments will become effective one year after publication in the Federal Register.
PROPOSED Federal Register (2023-09454) Extension: SEC Beneficial Ownership Reporting
The SEC proposed the amendment of certain rules governing beneficial ownership reporting filed on Schedules 13D and 13G. It includes accelerating the filing deadlines for Schedule 13D beneficial ownership reports from 10 to 5 days and requiring amendments within 1 business day. The original proposal was announced in February, 2022, and the SEC published a fact sheet on modernization of beneficial ownership reporting at that time. On May 4th, 2023, the SEC reopened a comment period to give people the opportunity to comment on the additional analysis and data contained in a staff memorandum that was added to the public comment file on April 28, 2023. The comment period ends on June 27th, 2023.
Global
Basel Comments on Rising Interest Rates and Implications for Banking Supervision
Basel issued briefs on rising interest rates and implications for banking supervision. Recent market turmoil exposed the heightened vulnerabilities of banks with material exposures in long-term fixed-rate assets fueled by shorter-term less stable funding. Entities may incur significant declines in asset values while exposed to volatile fund providers who may flee at any sign of trouble, triggering a greater confidence crisis. While regulatory requirements are fundamental, they cannot, in isolation, address all the ways in which higher rates could impact a bank’s solvency and liquidity.
