On 20 December 2024, the staff of the Division of Investment Management at the U.S. Securities and Exchange Commission published an additional series of FAQs addressing a number of substantive interpretive issues in connection with the new version of the Form PF which will be in effect from 12 March 2025 as well as a number of outstanding questions regarding the already effective current event reporting requirements of Section 5 of the Form PF.  Large hedge fund managers should assess the impact of the Section 5 FAQs now as they may affect reports to be made in the near term.  All registered investment advisers should consider the impact of the FAQs on their systems build outs in relation to the new Sections 1 and 2 of the Form PF which will become effective 12 March 2025.  If there are questions regarding these FAQs, members should contact Jennifer Wood.