The SEC’s Division of Investment Management published responses to “Frequently Asked Questions” ("FAQ") about reporting by investment advisers to private funds.

The FAQ interpret Rule 204(b)-1 and Form PF, which implement amendments to the Investment Advisers Act of 1940 added by the Dodd-Frank Act. Registered investment advisers that manage $150 or more in “regulatory assets under management” attributable to private funds must file Form PF with the SEC.