The SEC recently proposed several changes in regulation that, if passed as proposed, will significantly impact the way managers monitor reporting events. Looking specifically at the proposed amendments to Form PF, the confidential reporting form for SEC-registered advisors to private funds, advisors would need to file reports within one business day of key events. In short, they will need a daily monitoring program to comply with the new reporting timelines. The proposal also decreases the threshold for large private equity advisors from $2 billion to $1.5 billion assets under management, meaning that the proposed regulation would impact a larger number of advisors.
This harkens to 2012 with the passage of Dodd-Frank and the consequent requirement of Form PF. Before Form ADV and Form PF, the industry was entirely opaque, and those new regulations thrust unforeseen data, reporting and compliance burdens on private fund managers.
As compliance teams and managers consider how they can best position themselves to meet these changes, as well as respond to more changes as they arise, they should consider reporting tools that provide data aggregation, methodology comparison, data analysis and other features that will allow them to cost-effectively produce necessary calculations.
SS&C’s Form PF Reporting Platform is a cloud-based, data-agnostic reporting system that provides customized daily reporting tools, using proprietary software that reduces the amount of time managers must spend on regulatory reporting so they can focus solely on their business. Download the "SS&C GlobeOp Regulatory & Analytics Solutions" brochure to learn more about how SS&C's Form PF Reporting Platform can help.