SEC Releases FAQs Useful for Private Fund Advisers Relating to Form PF

June 11, 2012

On June 8, 2012, the SEC released initial Frequently Asked Questions relating to Form PF. The initial FAQs discuss a variety of items, including treatment of commodity pools, the definition of a “hedge fund,” treatment of funds of funds and aggregation of a related person’s clients. We have been informed that the SEC will add to these FAQs from time to time, to address additional interpretive issues. The SEC’s FAQs can be found here.

More information can be found here in our Alert relating to Form PF.

Circular 230 Disclosure: Internal Revenue Service regulations provide that, for the purpose of avoiding certain penalties under the Internal Revenue Code, taxpayers may rely only on opinions of counsel that meet specific requirements set forth in the regulations, including a requirement that such opinions contain extensive factual and legal discussion and analysis. Any tax advice that may be contained herein does not constitute an opinion that meets the requirements of the regulations. Any such tax advice therefore cannot be used, and was not intended or written to be used, for the purpose of avoiding any federal tax penalties that the Internal Revenue Service may attempt to impose.

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