Key takeaways:

• The SEC and the CFTC have jointly adopted Form PF, a systemic risk reporting form for private funds. Only registered investment advisers with greater than $150 million in assets under management attributable to private funds are required to file Form PF.
• Large hedge fund advisers and large liquidity fund advisers are required to file quarterly starting in mid-2012 and provide extension information on the funds they manage.
• Large private equity fund advisers are only required to file annually with initial filings generally due by April 30, 2013. They are required to provide information on bridge loans and controlled portfolio companies, among other things.
• Investment advisers to other private funds, including real estate funds, will only be required to file annually with their initial filings generally due by April 30, 2013.