BNY Mellon has developed a reporting solution that enables its affected alternative investment clients to prepare and file Form PF, as required by recent rules introduced by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
A joint effort of the SEC and CFTC, Form PF reporting complies with Section 404 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, aimed at protecting investors and the US financial system from future systemic risk.
BNY Mellon's new service offers its fund administration clients who are SEC registered investment advisers to private funds – such as hedge funds and private equity funds – the ability to meet Form PF's complex data collection, records management, transparency reporting and filing requirements.
BNY Mellon is offering two solutions: a premium service tailored to individual client needs where BNY Mellon collects and aggregates data from internal and external sources, and a standard service where BNY Mellon receives calculated data from the client. With either option, clients review and then file the completed Form PF with the SEC.
"Fund managers and advisers are challenged by growing regulatory demands. This important new service is part of our ongoing investment in technology to make reporting and compliance as seamless for clients as possible," said Alan Flanagan, global head of product management for alternative investment services at BNY Mellon. "Investment clients that need the infrastructure or added resources to identify, aggregate and manage Form PF requirements can turn to us for flexible, cost-efficient support, allowing them to better focus on their core expertise of investment management."
RIAs are required to file Form PF with the SEC either quarterly or annually, based on the size and type of private funds under management. Investor and fund information required includes portfolio holding data, counterparty exposure, plus beneficial owner and collateral management details.