Dissenting Statement of Commissioner Summer K. Mersinger Regarding Proposed Amendments to Form PF
August 10, 2022
I am respectfully voting to dissent on the joint SEC/CFTC proposed rulemaking to amend Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The class of registered investment advisers required to submit Form PF includes those that also are registered with the CFTC as commodity pool operators or commodity trading advisors.
As I previously stated in my concurrence to the CFTC’s recent Request for Information on Climate-Related Financial Risk (“Climate RFI”), I support efforts to engage market participants, industry, and the general public in our policy-making process. And I agree that after a decade of experience with Form PF, it is appropriate to evaluate possible amendments. If improvements can be made that would enable us to collect more efficiently data that we truly need to fulfill our responsibilities, while reducing unnecessary burdens on those required to supply that data, we should consider them.
However, I do not support this particular proposal. Data and information that federal regulators request from market participants should be narrowly tailored to the purpose intended under our governing statutes, and unfortunately, that does not appear to be the overall approach in this proposal. I am even more concerned that constructive input the agencies already have received over the years from market participants that actually complete Form PF receives little attention in the proposal.
I look forward to receiving the public’s comments, which I hope will inform the Commissions’ consideration of final amendments to Form PF that provide for the collection of necessary data as efficiently as possible.
 See Concurring Statement of Commissioner Summer K. Mersinger Regarding Request for Information on Climate-Related Financial Risk (June 2, 2022), available at Concurring Statement of Commissioner Summer K. Mersinger Regarding Request for Information on Climate-Related Financial Risk | CFTC.