On December 11, 2023, amendments to Form PF (Amendments) took effect that require large hedge fund advisers to file so-called “current” reports on Form PF no later than 72 hours after the occurrence of designated trigger events, such as a significant disruption of “critical operations.” The first large-scale test of this aspect of the Amendments occurred recently when faulty code in a software update released by cybersecurity firm CrowdStrike crashed some computer systems running Microsoft Windows, causing chaos for airlines, banks, shipping companies, healthcare providers and other organizations. Although the outage did not appear to have a big impact on the private funds space, hedge fund managers should have, at a minimum, at least considered whether they had to file a Form PF current report as a result of the outage. This article summarizes the Form PF current reporting requirements, discusses the details of the CrowdStrike outage, explains what fund managers should have considered when determining whether they had to file a current report and provides key takeaways from the incident. See our two-part series on Form PF current reports: “Monitoring for Trigger Events” (Feb. 29, 2024); and “Reporting Trigger Events” (Mar. 14, 2024).