FOR IMMEDIATE RELEASE: September 17, 2025
CONTACT: Jarice Thompson, jarice@ourfinancialsecurity.org
SEC Republicans Delay Rule to Monitor Shadow Banking for Another Year
Statement of Oscar Valdés Viera, private equity and capital markets policy analyst at Americans for Financial Reform on the further extension of Form PF compliance date:
Today, the SEC postponed for a third time the deadline for large private funds, like hedge funds and private equity firms, to begin reporting information on how their funds contribute to systemic financial risk. The SEC required private funds to begin reporting this information on Form PF, which was created as part of the post-financial crisis reforms. Today’s action effectively prevents this critical rule from going into effect for another whole year, until October 2026. The delay leaves regulators flying blind while the $30-trillion private funds industry grows bigger, riskier, and more embedded across the financial system.
These dangers are even greater now, as the Trump administration erodes market oversight and pushes to open retirement savings to opaque, high-risk private funds—exposing millions of families’ life savings to risks regulators won’t even be tracking in real time. Refusing to let this commonsense private funds disclosure rule go into effect is really just a way to strangle the rule without leaving fingerprints or undergoing the work to pursue a new rulemaking. By doing so, the Commission is putting industry interests ahead of its Congressional mandate to protect investors and maintain orderly capital markets.
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