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Form PF not "efficient use of regulators' time"
08 November 2011
Form PF has been called an ineffcient use of regulators' time, however some industry participants believe it is manageable and will support investors’ demand for increased transparency. Annabelle Palmer reports
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Form PF
SEC
Northern Trust
Bingham
Preqin
Financial Risk Management
At the end of last month, the reporting requirement known as Form PF was adopted by the Securities and Exchange Commission (SEC). Rob Leonard, a partner at law firm Bingham says it is not an "efficient use of regulators time", and while many agree it is onerous, some industry participants believe it is manageable and will improve transparency within hedge funds.
Form PF requires certain advisers to hedge funds and other private funds to report on leverage, investor types and concentration, liquidity, and fund performance.
The rule, which implements Sections 404 and 406 of the Dodd-Frank Act, requires SEC-registered investment advisers with at least $150m in private fund assets under management to periodically file this information so that the Financial Stability Oversight Council (FSOC) can monitor systemic risk with the US financial system. Form PF is required to be submitted annually by private equity funds and smaller hedge funds and...
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