Greater visibility into non-bank direct lending and private credit

Not later than 180 days after the date of enactment of this Act, the Commission shall amend the rules of the Commission to require investment advisers required to submit the form described in section 279.9 of title 17, Code of Federal Regulations (commonly known as Form PF), or any successor regulation, to report quarterly to the Commission all— (a) investments of the private funds advised by that investment adviser; and (b) loans made by the applicable investment adviser during the period covered by the disclosure.