In January 2022, the SEC proposed amendments to Form PF that would require large hedge fund advisers and all PE advisers to file a report within one business day of certain stress events. The SEC was not done tinkering with Form PF, however. On August 10, 2022, the SEC, in conjunction with the CFTC, proposed a second set of amendments (Proposal) to the Form PF reporting requirements for all filers and large hedge fund advisers, with a deadline for comments that has just passed. Although the Proposal is largely directed at the hedge funds industry, certain facets also apply to the PE industry and warrant consideration from sponsors. Through the prism of what is relevant to PE sponsors and managers of other closed-end funds, this article provides an overview of the Proposal; the goals and rationale for the Proposal; and the views of Commissioners from the SEC and CFTC on the Proposal. See our two-part series: “SEC’s Proposed Amendments to Form PF and Advisers Act Introduce Uncertainty, Increase Burden on Compliance Staff” (Mar. 15, 2022); and “Quarterly Reporting Requirements and Prescriptive Prohibited Activities in the SEC’s Proposed Amendments to the Advisers Act” (Mar. 22, 2022).