GlobeOp produces new SEC guidance
26 March 2012 London and NY
Image: Shutterstock
Financial services company GlobeOp has offered insight on the US regulation Form PF ahead of its implementation deadline.
Form PF requires a private, confidential filing by SEC-registered investment advisers on a quarterly or annual basis. The first SEC filing deadlines for hedge funds becomes effective in less than 100 days.
“Broadly applicable lessons emerged as we coordinated practice filings with clients wanting to be well-prepared and confident when their reporting becomes mandatory at the end of June,” said Vernon Barback, GlobeOp president and chief operating officer.
• Regulatory AUM (RAUM) calculations created confusion for some fund management companies who were under the impression that filing was driven by the fund’s net asset value (NAV).
• The XML filing format requirements released by FINRA earlier this month have technology development implications for funds or service providers planning to prepare Form PF reports. The XML format is the most practical reporting option for large funds filing submissions on the IARD website.
• There is considerable room for interpretation in the way a fund management company completes Form PF. For many questions, there is no single answer.
Form PF requires a private, confidential filing by SEC-registered investment advisers on a quarterly or annual basis. The first SEC filing deadlines for hedge funds becomes effective in less than 100 days.
“Broadly applicable lessons emerged as we coordinated practice filings with clients wanting to be well-prepared and confident when their reporting becomes mandatory at the end of June,” said Vernon Barback, GlobeOp president and chief operating officer.
• Regulatory AUM (RAUM) calculations created confusion for some fund management companies who were under the impression that filing was driven by the fund’s net asset value (NAV).
• The XML filing format requirements released by FINRA earlier this month have technology development implications for funds or service providers planning to prepare Form PF reports. The XML format is the most practical reporting option for large funds filing submissions on the IARD website.
• There is considerable room for interpretation in the way a fund management company completes Form PF. For many questions, there is no single answer.
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