The SEC's new Form PF rules are more modest than what regulators first proposed but some private fund advocates still see regulators shifting their focus from making sure funds disclose risks to making sure firms prevent risk. Most private fund advocates are worried about that second bit more than the first. "They say they want you to report all this information and it goes into their little black box," says Greg Larkin, Financial Services and Private Investment Funds partner, to RCW. "But you have to imagine that you're more likely to be examined if you've engaged in an adviser-led secondary transaction. The problem with the SEC wanting to be a prudential regulator is that they don't have the authority to do anything like that."