SEC chair Paul Atkins wants staff to cut back on data private fund advisors must report.  
The deadline for new reporting rules is pushed from June 12 to October 1.  
Limited data collection could benefit hedge funds and PE firms more.  
Atkins questions if Trump admin’s data use justifies the heavy burden.  
He’s reviewing expanded reporting rules from ex-chair Gary Gensler’s era.  
Fund advisors face tech challenges ahead of the original deadline.  
Many funds hadn’t even started submitting ne