FORM PF Compilation

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In conjunction with the recent amendments to the Investment Advisers Act of 1940, investment advisers who are registered or are required to be registered with the Securities and Exchange Commission (SEC) in the United States must now file Form PF on a periodic basis. 

Form PF will require investment advisers to report a wide range of information about the private funds that they manage, most of which has never previously been reported to external regulatory bodies.  The information contained with Form PF is designed to enable the Financial Stability Oversight Council to better monitor systemic risk in the United States financial system.

The timing, frequency and filing deadlines for Form PF are based on the type and size of private funds under management. Some key data requirements for Form PF include:

  • Periodic reporting on performance, risk, investor and portfolio information which has previously been outside the scope of regulatory reporting and SEC supervision.
  • Identification and aggregation of funds deemed to have parallel strategies to determine whether a private fund is a qualifying hedge fund for regulatory purposes.
  • Ongoing assessment of funds subject to reporting based on variable fund characteristics such as RAuM and trading strategies.
  • Reporting on non standard metrics including portfolio liquidity, portfolio turnover, investor liquidity, financing liquidity, trading and clearing mechanisms.

With increased regulatory requirements, investment advisers may not have the resources  nor the ability to obtain the expertise to compile Form PF.  As a result, it is not surprising that investment advisers are seeking independent advice and assistance in the preparation of the form.

How KPMG can help

KPMG’s Risk Consulting group can assist the investment adviser with the preparation of their Form PF.  This can help ensure that their filings are compiled accurately and in a timely and cost effective manner. 

KPMG’s approach

Compile the client’s Form PF filing using state-of-the-art Form PF compilation software. 

Identification of any “data gaps” in advance of the  relevant filing dates.

Focus on cooperation and integration with the investment adviser and administrator to help maximize efficiency of the information flow.

On-going dialogue with management .

Thorough internal review process on all Form PF filings to help ensure compliance with the regulations.

Why choose KPMG?

We provide a personalized service from our team of dedicated investment management professionals with experience in regulatory matters.  Further, we can draw upon our global technical support teams If required. 

We welcome the opportunity to discuss your needs.