The SEC indicated that it may use information reported on Form PF in enforcement actions.  Within its Small Entity Compliance Guide concerning reporting on Form PF, the SEC indicated that it “does not intend” to make Form PF information public in that the information would be linked to any particular adviser or fund, but the SEC may use the data for enforcement actions.  Form PF is the new form which requires a great deal of information about private funds managed by newly registered hedge and private equity fund managers.  According to the SEC, the primary purpose of Form PF is reporting to the Financial Stability Oversight Council for “use in monitoring risks to the U.S. financial system.”  The SEC also states that advisers considered “smaller private fund advisers” (i.e. between $150 Million and $1.5 Billion in assets under management) for Form PF purposes are not necessarily “small entities” for purposes of the Small Business Regulatory Enforcement Fairness Act of 1996, which is a federal statute intended to lessen federal regulatory burdens on small businesses.