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SEI expands its regulatory solution to ease the pain of escalating requirements

Wednesday, March 05, 2014
Opalesque Industry Update - Addressing a rising global tide of regulation aimed at private fund and traditional fund managers alike, SEI has expanded the regulatory component of its operating platform, adding technology and process enhancements that enable managers to streamline the regulatory filing process. SEI’s Investment Manager Services (IMS) division is a global supplier of customised operating infrastructure and services to investment organizations, representing more than $13 trillion in assets under management.

SEI’s regulatory solution is designed to help fund managers meet new requirements of the Foreign Account Tax Compliance Act (FATCA) and Form CPO-PQR, which affects only commodity pool operators. It also enables private fund managers to meet requirements of Annex IV reporting under the Alternative Investment Fund Managers Directive (AIFMD) and Open Protocol Enabling Risk Aggregation standards reporting (OPERA).

For private fund managers, SEI’s solution builds on its existing web-based Form PF technology to provide the automated reporting that both regulators and investors are demanding, as well as process and data management customized to fit each fund’s business model.

For example, rather than preparing filings manually, or drawing from multiple systems to assemble them, managers can now outsource those regulatory filings to SEI. SEI’s solution uses data from its fund operating platform, and supplementary data if needed, to prepare filings formatted to the required specifications.

“Asset managers in Europe and the U.S. are being affected by new regulatory requirements which have dramatically increased the demands on private fund managers,” said Phil Masterson, Managing Director for Private Fund Services for SEI’s Investment Manager Services division. “Our solution is designed to help managers eliminate cumbersome regulatory tasks while reducing compliance risks.”

Components of SEI’s solution include its operating platform’s Manager Dashboard, which streamlines oversight of the regulatory reporting process as it can integrate data across various accounts and products, including data from outside sources. IMS’ compliance team then analyses fund managers’ regulatory and system requirements, develops customised project plans, monitors regulatory developments, and adjusts filing processes for the SEI-administered funds.

Jim Volk, Chief Compliance Officer for SEI’s Investment Manager Services division, referenced a recent KPMG report, The Costs of Compliance, and a soon-to-be-released SEI survey, which show that despite looming deadlines, the majority of asset managers are still confused about the requirements of FATCA. The legislation mandates that financial institutions look for evidence of offshore accounts held by U.S. persons, report on such accounts, and withhold tax, where applicable.

“Investment managers have entered a new era of regulatory demands, and that is particularly true of private fund managers,” Volk stated. “Many managers are just now becoming aware of the technology and services needed to meet these stringent requirements.”


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