At the beginning of June, the SEC announced settlements against 13 private fund advisers for failing to provide the required information in Form PF. Generally, Form PF requires information on private funds managed by investment advisers if the total assets of the private funds are over $150 million. The form, which became effective in 2012, asks for information on a private fund’s assets under management, strategy, performance, investments, and other areas. The form must be updated annually or when there is a material change to the information in the most recent filing. As stated in its orders, the SEC and other regulatory, such as the Financial Stability Oversight Council, use the information in Form PF to watch systemic risk in the private fund industry. Additionally, the SEC uses the form in regulatory exams and investigations. (Emphasis added.) The same is true for Form ADV.