Private fund advisers have long chafed under the weight of Form PF filings. Now, U.S. regulators are proposing sharp cuts. The Securities and Exchange Commission and Commodity Futures Trading Commission dropped a joint plan on April 20, 2026, to slash reporting demands. Thresholds jump dramatically. Smaller advisers see the biggest break. Form PF demands confidential details from SEC-registered investment advisers to private funds. It covers those dually registered with the CFTC as commodity pool operators or trading advisors too. Born in 2011, the form feeds data to the Financial Stability Oversight Council for systemic risk tracking. SEC and CFTC tap it for investor protection as well. But expansions in 2023 and 2024 piled on burdens. Industry pushed back hard. Technology upgrades. Administrative headaches. Costs soared without clear gains. The proposal hikes the filing threshold from $150 million to $1 billion in private fund assets under management.…