Key takeaways 

• This memo serves as a reminder that private equity funds (and their managers/advisers) are subject to various types of regulation under U.S. federal law and non-U.S. law. 
• All registered investment advisers who advise private equity funds will be required to file Form PF, the new systemic risk reporting form, within 120 days after the end of the fiscal year. 
• As of December 31, 2012, most managers or general partners of private funds will need to rely on an exemption from registration with the U.S. CFTC if they trade "commodity interests." 
• The Alternative Investment Fund Managers Directive must be implemented by all European Union Member States by July 22, 2013.