I write to urge you to begin enforcing compliance with the updates to Form PF as initially proposed. It is critically important that regulators have a better understanding of the risks in private markets, in order to protect investors and prevent disruptions to the broader financial system.
Urge the Securities and Exchange Commission and Commodity Futures Trading Commission to begin enforcing compliance with the updates to Form PF as initially proposed and move forward with robust, detailed private-credit-market transparency through Form PF by October 1.
Occurrences
Evidence
verified · Source version 63638 · locator 277
I write to urge you to begin enforcing compliance with the updates to Form PF as initially proposed.
verified · Source version 63638 · locator 3919
I urge you to move forward with robust, detailed transparency through Form PF by October 1st.
verified · Source version 63628 · locator 254
U.S. Senator John Fetterman (D-PA) penned a July letter to the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) urging them to begin enforcing an existing rule requiring greater disclosures in private credit markets.
verified · Source version 63640 · locator 3172
The Commodity Futures Trading Commission (the “CFTC”) and the Securities and Exchange Commission (the “SEC”) (collectively, “we” or the “Commissions”) are further extending the compliance date for the amendments to Form PF that were adopted on February 8, 2024, from October 1, 2026, to July 1, 2027.
unverified · Source version 63642 · locator unknown
Compliance date: As of September 19, 2025, the compliance date for the amendments to Form PF codified March 12, 2024, at 89 FR 17984, delayed February 5, 2025 at 90 FR 9007, further delayed June 16, 2025 at 90 FR 25140, and further delayed October 1, 2026 at 90 FR 45131, is further delayed until July 1, 2027.
Assessments
The verified commitment was an action commitment to urge the SEC and CFTC to enforce Form PF updates and move forward with transparency by October 1, not a promise that the agencies would actually enforce the rule by that date. Verified passages show Fetterman wrote directly urging enforcement and transparency, and his Senate office states he penned the July letter to the SEC and CFTC. The later agency extension to July 1, 2027 means the regulatory outcome was not achieved by September 21, 2026, but it does not defeat fulfillment of the specific promise to urge agency action.