Bailey McCann, Opalesque New York: GlobeOp a global fund services firm has released the results of its test filings of form PF, a new regulatory filing required by the Securities and Exchange Commission (SEC). The first official filing of form PF is required for funds starting in June.
GlobeOp produced several test-filings of form PF on behalf of clients. "It’s been an instructive process for us all, including putting our automated data systems and the SEC’s electronic format through their paces. We’ve also been able to work with the regulators to discuss client questions and further refine the sustainable processes needed as Form PF becomes an ongoing fact of life for hedge funds," Vernon Barback, GlobeOp president and chief operating officer said in a statement.
Through the process, the firm identified four key areas that filers will want to watch out for. Regulatory AUM (RAUM) calculations have created some confusion in terms of whether the calculation should be based around net asset value (NAV), the calculation should instead focus on gross assets on the firm's balance sheet including derivatives. The value of this calculation may also impact how frequently a fund will have to file.
For large funds, the XML reporting option will be the most practical, however this may require changes to technical infrastructur......................
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