TAILIEUCHUNG - Reporting - Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors

Thus, the return gap captures the funds’ unobserved actions, which include hidden benefits and hidden important hidden benefit results from a fund’s interim trades, as discussed in Ferson and Khang (2002). Even though we can observe fund holdings only at specific points in time, funds may trade actively between these disclosure dates. If these interim trades create value, then the fund return RF will increase, while the return of the disclosed holdings RH will remain unaffected. For example, if a fund purchases a well-performing stock, then the abnormal return will only be reflected in the fund return but not in the holdings return until the stock position is. | COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 4 RIN 3038-AD03 SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 275 and 279 Release No. IA-3308 File No. S7-05-11 RIN 3235-AK92 Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF AGENCIES Commodity Futures Trading Commission and Securities and Exchange Commission. ACTION Joint final rules. SUMMARY The Commodity Futures Trading Commission CFTC and the Securities and Exchange Commission SEC collectively we or the Commissions are adopting new rules under the Commodity Exchange Act and the Investment Advisers Act of 1940 to implement provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new SEC rule requires investment advisers registered with the SEC that advise one or more private funds and have at least 150 million in private fund assets under management to file Form PF with the SEC. The new CFTC rule requires commodity pool operators CPOs and commodity trading advisors CTAs registered with the CFTC to satisfy certain CFTC filing requirements with respect to private funds should the CFTC adopt such requirements by filing Form PF with the SEC but only if those CPOs and CTAs are also registered with the SEC as investment advisers and are required to file Form PF under the 2 Advisers Act. The new CFTC rule also allows such CPOs and CTAs to satisfy certain CFTC filing requirements with respect to commodity pools that are not private funds should the CFTC adopt such requirements by filing Form PF with the SEC. Advisers must file Form PF electronically on a confidential basis. The information contained in Form PF is designed among other things to assist the Financial Stability Oversight Council in its assessment of systemic risk in the . financial system. DATES See section III of this Release. FOR FURTHER INFORMATION CONTACT CFTC Amanda L. Olear Special Counsel Telephone 202 418-5283 E-mail aolear@

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