SEC Chair Paul Atkins has proposed a potential reduction in the scope of data collected from private fund advisors, seeking to ease regulatory burdens under upcoming policies. This move comes as the deadline for compliance with new data reporting requirements has been extended to October 1st, from the initial June 12th date. The potential reduction could offer relief to hedge funds and private equity firms navigating these new regulations. Atkins expressed concerns regarding the existing data collection practices under the previous administration. His proposal calls for a review of the data requirements implemented during former SEC Chair Gary Gensler’s tenure. Private fund advisors have faced challenges, including technological complexities, in meeting this week’s deadline. Notably, SEC staff revealed that many funds initially had over two months before they were required to begin submitting the new data.