With the initial Form PF filings behind us, now is an opportune time to take stock of what lessons hedge fund advisers have learned from their experience with Form PF to date.  In a guest article, Tim Wilson (co-head of the risk practice of Global Risk Management Advisors) and Jonathan Miller (a partner in the New York office of Sidley Austin LLP) address, based on their work and discussions with first filers and other advisers, the following questions that advisers have asked them about Form PF: (1) What were the major challenges that large hedge fund advisers faced in completing their August and November 2012 filings?  (2) What are the principal risks to which hedge fund advisers are exposed as a result of their filings?  (3) What lessons should hedge fund advisers draw from the experience of first filers?  Addressing these questions can assist all Form PF filers in avoiding critical mistakes in preparing for, completing and making future Form PF filings.  The responses to these questions can be instrumental not only to those hedge fund advisers that have yet to make their initial Form PF filings, but also to those hedge fund advisers that will be making subsequent filings.  See also “Lessons Learned by Hedge Fund Managers from the August 2012 Initial Form PF Filing,” Hedge Fund Law Report, Vol. 5, No. 43 (Nov. 15, 2012).