KPMG has formed an alliance with Axiom Software Laboratories, Inc. (AxiomSL), a provider of regulatory reporting and risk management solutions, to address new regulatory requirements facing investment advisors, including Form PF.
In January, the Securities and Exchange Commission (SEC) issued a final rule under the Investment Advisers Act of 1940 that requires certain investment advisers, who advise one or more private funds and have at least USD150 million in private fund assets under management, to file Form PF.
The SEC final rule became effective March 31 and advisers will need to begin filing Form PF on a quarterly or annual basis beginning as early as July. However, Form PF filing requirements will vary based on the size of an investment adviser’s assets under management as well as the types of private funds it manages.
Working together, KPMG and AxiomSL have developed an innovative technology solution based on their deep knowledge of Form PF requirements and the Alternative Investment industry.
“KPMG has established itself as a leader in helping investment managers comply with the new regulatory requirements and address the complexities of new filing obligations such as Form PF for private funds’ investment advisors,” says Atif Zaim, KPMG LLP’s US Financial Services leader for management consulting.
“By partnering with a leader in regulatory reporting technology we have been able to rapidly incorporate our actual field experience with Form PF into a tested software solution. This should help our clients reduce costly manual work and accelerate their efforts to submit controlled, high-quality Form PF data to regulators,” says Jonathan Cohn, a KPMG principal for IT strategy and performance.
The AxiomSL alliance represents continued evidence of KPMG’s growth strategy. “Alliances help us deliver differentiated solutions, technology specialization and complementary services that our clients expect from KPMG,” says S Singh Mecker, KPMG’s head of strategic alliances and go-to-market partnerships.
“AxiomSL’s expertise deploying regulatory reporting and data management technologies and in building interfaces to regulatory filing systems, combined with KPMG’s experience and input in developing the robust Form PF data model and aggregation rules means that AxiomSL can deliver its Form PF e-filing solution to mid-year Form PF filers so they can file electronically through the AxiomSL solution,” says AxiomSL’s CEO, Alex Tsigutkin.