The Form PF deadline in the US appeared to pass without incident as fund administrators successfully reported their clients initial filings. Aug. 29 2012 was the first deadline for funds of over $5 billion in regulatory assets under management (RAUM) to file Form PF with the Securities and Exchange Commission.
Form PF (private fund) is the Securities and Exchange Commissions (SEC) new regulatory filing for registered investment advisors, designed to assist the Financial Stability Oversight Council in its assessment of systemic risk in the U.S. Financial System. The new SEC rule requires investment advisers registered with the SEC that advise one or more private funds and have at least $150 million in private fund assets under management to file Form PF with the SEC, with larger advisers required to complete more detailed reporting. The required Form PF filing information includes portfolio, performance, investor and risk data, with as many as 1,600 data points per reporting fund.
SS&C Technologies successfully filed the initial Form PF for clients using its web-based solution, which supports complex fund structures, and multiple asset types and data sources. It can be used by current fund administration clients or on a stand-alone basis by funds who use third party administrators or administer in-house.
We decided to offer a premium service combining our deep regulatory expertise, comprehensive research and development and a cloud-based technology infrastructure. This strategy has proven to be very effective in this first phase of compliance, said Bill Stone, chairman and CEO, SS&C Technologies. In response to further demand from firms who will be complying for the first time at year-end, we will host several breakfast briefings featuring SS&C GlobeOp Form PF experts with outside lawyers, auditors and consultants. These forums will highlight best practices and strategies for success in Form PF filings.
Fund administrator SEI completed its first Form PF filling on behalf of a global, multi-billion dollar hedge fund client on Aug. 29, using its Form PF service targeted towards fund managers to private funds helping them to gather, aggregate, review, and verify information – transforming Form PF into a review and file process, as opposed to purely data collection and management. SEI maintains a large portion of the core portfolio-related information that is to be reported on Form PF, including position- and transaction-level data. Depending on the investment manager’s legal structure, strategies, complexity, and other requirements, SEI’s solution ranges from data management and transmission to data aggregation and reporting.
Independent global fund administrator HedgeServ also added a Form PF enterprise reporting solution to its service offering last month. Designed to help hedge funds, private equity funds, and other private fund managers comply with SEC regulatory filing requirements, HedgeServ’s solution streamlines the Form PF data gathering process and creates reports that can be electronically filed directly with the SEC.
(JDC)