The regulatory landscape for commodity pool operators and commodity trading advisors rarely stands still, and the proposed Form PF amendments now moving through the rulemaking process are a prime example. While nothing is final, the potential impact on filing obligations is substantial enough that advisers should be paying close attention. Below, we break down what to watch on the Form PF amendments, then step back to the evergreen fundamentals of CFTC and NFA regulation that continue to govern this space.
What to Watch: The 2026 Form PF Amendments and Threshold Changes
On April 20, 2026, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) jointly proposed amendments to Form PF. The stated goal is to reduce private fund reporting burdens while continuing to collect the information the agencies consider necessary for systemic risk monitoring and investor protection.
Form PF is the confidential reporting form for certain SEC-registered investment advisers to private funds, including those also registered with the CFTC as commodity pool operators (CPOs) or commodity trading advisors (CTAs). The information collected supports the Financial Stability Oversight Council’s monitoring of systemic risk, and both agencies use it in their investor protection work.
The proposal includes multiple changes (see also the fact sheet), but two threshold increases stand out:
- Filing threshold for all Form PF filers. Currently, advisers registered or required to be registered with the SEC that manage one or more private funds must file Form PF if they, collectively with their related persons, have at least $150 million in private fund assets under management as of the last day of their most recently completed fiscal year. The proposal would raise this threshold to $1 billion. A number of advisers currently required to file would no longer need to.
- Reporting threshold for large hedge fund advisers. Currently, advisers with at least $1.5 billion in hedge fund assets under management on the last day of any month in the fiscal quarter preceding their most recently completed fiscal quarter, and that advise at least one qualifying hedge fund, must file quarterly and complete additional sections. The proposal would raise this threshold to $10 billion.
The comment period closed on June 23, 2026. Importantly, the April 2026 amendments remain a proposal and are not yet effective.
Why This Matters Now
Until the proposal is finalized, advisers should continue evaluating their Form PF filing obligations under the currently effective rules. Advisers subject to the previously adopted February 2024 Form PF amendments should also continue preparing for the October 1, 2026 compliance date tied to those amendments. Under current instructions, advisers that do not meet a more specific reporting category may fall within the “all other advisers” category, which generally requires annual reporting within 120 calendar days after fiscal year-end (see page 7 of the Form PF instructions).
As with any proposed rulemaking, the agencies may adopt the amendments as proposed, adopt modified provisions, delay action, or decline to finalize certain changes. The practical takeaway: keep assessing your filing obligations under current rules, monitor whether the April 2026 proposal is finalized, and avoid discontinuing any filing process solely on the basis of the proposed threshold increases until final rules take effect.
Staying in the Know: CFTC and NFA Fundamentals
The Form PF proposal sits within a broader regulatory framework that has not changed. The CFTC is an independent federal agency charged with promoting the integrity, resilience, and vibrancy of U.S. derivatives markets, operating under the statutory framework of the Commodity Exchange Act of 1936. The National Futures Association (NFA) is the self-regulatory organization for the U.S. derivatives industry and serve as the sole registered futures association under the oversight of the CFTC.
Any manager that invests fund assets in futures, options on futures, forex, swaps, or related derivatives must determine whether it needs to register as a CPO or CTA with the CFTC and become an NFA member. Registration is required unless a specific exemption applies. CPOs may qualify for relief under CFTC Regulations 4.5 or 4.13, and CTAs under Regulation 4.14. Advisers claiming an exemption generally must electronically file a notice through the NFA’s filing system and, for many exemptions, affirm it annually within 60 days of the calendar year-end.
For a fuller walkthrough of registration criteria, exemptions, and relief provisions, our team maintains an evergreen resource: A Guide to CFTC and NFA Regulation.
We’re Staying on Top of It
The Form PF proposal is a change actively in progress, and we will return to it once the agencies reach a final decision. In the meantime, we are tracking SEC and CFTC rulemaking developments so our clients don’t have to.
For help understanding how these regulations, and any changes to them, affect your operations, reach out to Steve Vlasak, Business Development Partner, Alternative Investments Practice at svlasak@richeymay.com.
