NEW YORK (Reuters) -U.S. regulators scrambled on Wednesday to extend a deadline for new data reporting requirements for investment advisers to private funds, just one day before they were due to take effect.

The rules, adopted by two U.S. markets regulators in February 2024, will require advisers to disclose more information to regulators in a bid to boost the government's ability to spot risks from private markets that have swelled in size in recent years.

The U.S. Securities and Exchange Commission extended the deadline for compliance to later this year in a 3-1 vote on Wednesday, less than 24 hours before firms had to comply. The Commodity Futures Trading Commission also voted in favor of an extension, marking the second time the regulators decided to push back the deadline after previously postponing it in January.

"Additional time is required for dialogue with filers, review of the reasonableness of the data demands, and review of the actual utility of the information collected," SEC Chairman Paul Atkins said during Wednesday's open meeting.

Private funds have pressed the SEC to review this rule, among others, and have warned the new requirements are unnecessary and costly. The firms now have until October 1, 2025 to comply.

The new data, which includes disclosure of events pointing to significant stress within 72 hours, would be accessible to the Financial Stability Oversight Council, which gathers top financial regulators across the U.S. government to monitor systemic risks.

Regulators have cautioned for years that growing private markets could pose increasing risks, particularly as they are more opaque and less vigorously regulated than traditional markets.

Federal agencies have begun a push to loosen regulations as part of Republican President Donald Trump's agenda since he took office in late January.

"The SEC and other regulators, including FSOC, depend on these detailed data to better comprehend when the private markets may be experiencing turbulence that could affect our entire financial system, because these entities generally operate outside our regulatory purview," said Caroline Crenshaw, the lone Democratic SEC commissioner.