Statement of Commissioner Kristin N. Johnson on the Extension of Compliance Date for Form PF

Today, the Commodity Futures Trading Commission (CFTC) and the Securities Exchange Commission voted to extend the effective compliance date for relevant registrants to comply with the revised Form PF. The Joint Final Rule by the Commissions was adopted over a year ago on February 8, 2024. As Securities Exchange Commissioner Caroline Crenshaw noted in her statement during the SEC's public meeting today, registrants have had a significant window of time to prepare for tomorrow's compliance deadline. The issues raised indicate potential technology-based concerns as well as challenges with validation, testing, and ensuring effective capabilities for timely and accurate reporting of requested information. These issues should have been fully addressed prior to today. In the least, the issues should have been presented to the Commissions before the eleventh hour to enable proper investigation and resolution.

Notwithstanding grave concerns, I have moved the request for an extension. In part, my decision is intended to demonstrate the strength and value of bi-partisan Commissions as well as our ability to reach the best outcomes for our markets, our economy and our nation. I am hopeful that the Commissions leadership' commitments to democratic processes continue to prevail and our regulation continues to protect investors, encourage market integrity and stability, and foster and promote the deepest, most liquid markets in the world.