The information reported will remain confidential and will be for use by the Financial Stability Oversight Council (FSOC) in monitoring risks to the US financial system.
Under this rule advisors to private funds that are dually registered with the CFTC and the Securities and Exchange Commission (SEC) will have to periodically file a new reporting form (Form PF).
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For the convenience of processing the data the private fund advisors have be divided into two groups depending on their size. This group division will determine the amount of information reported and the frequency of reporting.
With a limited number of large advisors, who represent a substantial portion of industry assets under management, will provide detailed information and this will assist FSOC to monitor a significant portion of private fund assets while reducing the reporting burden for private fund advisors.
"With this final rule, regulators will gain transparency into an important sector of the financial marketplace to better assess risk to the overall system," said CFTC chairman Gary Gensler.
"The data collection form that we have adopted will address the dramatic lack of private fund information available to regulators today while easing the burden on private fund managers producing the data," said SEC chairman Mary Schapiro.
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