United States of America: Consultation closed on CFTC and SEC proposal to amend digital asset reporting rules for large hedge fund advisers

On 11 October 2022, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) closed the public consultation on the joint proposal to amend rules for large hedge fund advisers. The CFTC and SEC are proposing to amend the rules of Form PF - a confidential reporting form for certain SEC-registered investment advisers to private funds. In particular, the proposal introduces a definition of "digital assets" and requires hedge funds to distinctively report their exposure to such assets in their Form PF. The changes aim to improve the Financial Stability Oversight Council's ability to monitor systemic risk.