New Managers June 2012

Servicers' Spot - BNY Mellon: Do not underestimate the extent of upcoming regulations

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BNY Mellon: Do not underestimate the extent of upcoming regulations

Mark Mannion

Mark Mannion, head of relationship management for EMEA at BNY Mellon Alternative Investment Services, an awardwinning fund administrator, believes that fund managers should not underestimate the extent of upcoming regulations - especially in three very important areas.

First, Mannion told Opalesque in an interview, from the U.S. perspective, managers will have to register with the SEC. And "subject to certain thresholds and exemptions, they may need to file very extensive Form PFs on a quarterly basis."

Indeed, the new SEC rule requires investment advisers registered with the SEC who advise one or more private funds and have at least $150 million in private fund assets under management to file Form PF with the SEC - effective March 31, 2012.

As significant amounts of portfolio data have to be included in that Form, BNY Mellon can help fund managers through its completion to ensure they are compliant with the SEC's requirements.

The second area is FATCA. Foreign Account Tax Compliance Act (FATCA) is part of U.S. efforts to improve tax compliance involving foreign financial assets and offshore accounts.

"Funds now need to put themselves into a position where they will be ready to comply with the FATCA Act in 2014," Mannion explains. "At the point of launch, we ensure that the new hedge fund's application forms and documentation will work from a FATCA perspective, by collecting that information that you need in order to set-up each investor on the correct basis in the Transfer Agency S......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.