The U.S. Securities and Exchange Commission (“SEC”) on October 26, 2011 unanimously adopted a new rule (“Rule”) and new form under the Investment Advisers Act of 1940 (“Advisers Act”) to implement provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). These provisions require certain investment advisers registered with the SEC to file the new Form PF (“Form PF” or “Form”) with the SEC. Form PF is designed to provide the new Financial Stability Oversight Council (“FSOC”) with information necessary to help it monitor the systemic risk created by private funds and to determine whether particular entities should be designated as “significant financial institutions” (“SIFIs”). In addition, Form PF filings is intended to enable the FSOC to consider and recommend to primary financial regulators new regulations designed to mitigate systemic risk.