Thirteen private fund advisors have been fined $75,000 each for repeatedly failing to file required Securities and Exchange Commission forms over a period of years, the SEC announced Friday.

The firms have agreed to settle the claims and have now filed the proper forms, the agency said.

The information the firms failed to file is contained on what is known as Form PF. These are used to tell the commission about the private funds the registered investment advisors advise, including the amount of assets under management, fund strategy, performance and use of borrowed money and derivatives.

Private fund advisors managing $150 million or more of assets have been required to make annual filings on Form PF since 2012.

“These advisors’ repeated reporting failures deprived the SEC of important information they were required by law to provide,” said Anthony S. Kelly, co-chief of the SEC Enforcement Division’s Asset Management Unit, in a statement. “We encourage investment advisors to take a fresh look at whether they are meeting their reporting obligations and adjust their compliance programs accordingly.”

The SEC uses Form PF data to monitor industry trends, inform rulemaking and identify compliance risks. The forms also help the agency identify examination candidates and review advisors in connection with enforcement investigations. The SEC publishes quarterly reports with aggregated information and statistics derived from Form PF data to inform the public about the private fund industry. It also provides data from the forms to the Financial Stability Oversight Council to help it evaluate systemic risks posed by hedge funds and other private funds, the SEC said.

Without admitting or denying the findings, the advisors agreed to be censured, to start filing the proper forms and to each pay a $75,000 civil penalty. The firms disciplined were:

  • Bachrach Asset Management Inc., Rockville, Md.
  • Biglari Capital LLC, San Antonio
  • Brahma Management Ltd., New York City
  • Bristol Group Inc., San Francisco
  • CAI Managers & Co. L.P., Brooklyn, N.Y.
  • Cherokee Investment Partners LLC, Raleigh, N.C.
  • Ecosystem Investment Partners LLC, Baltimore
  • Elm Partners Management LLC, Wilson, Wyo.
  • HEP Management Corp., New York City
  • Prescott General Partners LLC, Boca Raton, Fla.
  • RLJ Equity Partners LLC, Bethesda, Md.
  • Rose Park Advisors LLC, Boston
  • Veteri Place Corp., Parsippany, N.J.