June 15, 2012
--- The tax firm KPMG LLP formed an
alliance with Axiom Software Laboratories Inc. to address new regulatory
requirements facing investment advisers, such as Form PF. ---
In January, the Securities and
Exchange Commission (SEC) issued a final rule under the Investment Advisers Act
of 1940 requiring certain investment advisers, who work with one or more private
funds and have at least $150 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 quarterly or annually
beginning as early as July. Filing requirements will vary based on the size of
an adviser’s assets under management as well as the types of private funds it
According to a KPMG principal for
information strategy and performance, the two firms have created software to help
advisers reduce manual work, which can be costly, and more rapidly convert the
efforts for use in controlled, high-quality Form PF data to regulators.
AxiomSL’s experience with regulatory
reporting and data management technologies and building interfaces to regulatory
filing systems combines well with KPMG’s expertise in developing the Form PF
data model and aggregation rules, said Alex Tsigutkin, AxiomSL’s chief executive.
The two skill sets will be useful in helping advisers who file Form PF mid-year
to file electronically using the e-filing AxiomSL solution.