Under the SEC’s new Quarterly Statement Rule (QSR), advisors are expected to provide investors with quarterly statements that include critical information regarding performance, expenses and fees. The statements must include detailed information about:
- Advisor compensation
- Offsets, rebates and waivers
- Fees and expenses
- Calculations and cross-references
- Portfolio investment table
- Performance
For SEC-registered private fund advisors, these statements are required 45 days after the end of each of the first three fiscal quarters of each fiscal year of the fund and 90 days after the end of each fiscal year. For funds of funds, the deadlines are 75 days and 120 days. Statements are to be written in plain English.
Managers need to act now to ensure compliance while minimizing disruption and strengthening capabilities. To assess your overall compliance strategy, you should ask yourself how the data for the statements will be accessed and processed, how the quarterly statements will be distributed and what changes you can make to future-proof your strategy.
Advisors need a solution to help them prepare statements in a way that is intuitive, repeatable and well-documented. Stay ahead of regulatory reporting with a system that’s built to manage the evolving data mapping and enrichment requirements of a growing regulatory reporting environment. Reduce the compliance burden by simplifying reporting through an automated statement process. Choose a provider that offers coverage across all jurisdictions, enabling you to scale and adapt as regulations evolve.
The right provider should offer a solution with meticulous data accuracy and integrity, timely reporting, technology integration, management of data sources, and industry expertise to provide interpretation of regulations.
To learn more about what to look for in a QSR solution, download our "Get Compliant with Quarterly Statement Rule Reporting" brochure.
