In accordance the requirements of Sections 404 and 406 of the Dodd-Frank Wall Street Reform and Consumer Protection Act  2010, the Securities and Exchange Commission ("SEC") has approved a new rule requiring certain advisers to hedge funds and other private funds to report information for use by the Financial Stability Oversight Council in monitoring risks to the U.S. financial system. SEC-registered investment advisers with at least $150 million in private fund assets under management are required to periodically file a new reporting form (Form PF). The amount of information reported and the frequency of reporting depends on whether the private fund adviser is classified as a “large adviser” or a “small adviser”.