Securities regulators are negotiating to raise the threshold that would trigger extensive reporting requirements for advisers to large hedge funds and other private funds, according to people familiar with the deliberations.

The final rule, due for a vote on Wednesday by the Securities and Exchange Commission, could provide some relief for advisers to larger hedge funds, liquidity funds and private equity funds, these sources said.

In addition to possibly raising the dollar threshold so that fewer advisers will be captured by the expansive reporting rules, the SEC is also planning to grant some relief for advisers to large private equity funds by only requiring them to file reports with the SEC annually, instead of quarterly.

The sources spoke anonymously because the final rule is not yet public and negotiations were continuing Tuesday on the details.

While advisers to large hedge funds will still be required to submit more extensive information to regulators about things such as their funds' exposures to various asset classes, the SEC's final rule will clarify that hedge fund advisers will not be forced to hand over detailed position-level data, one of the sources said.

(Reporting by Sarah N. Lynch; Editing by Tim Dobbyn)