KPMG and AxiomSL Partner to Offer PF Form Help

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 manages.

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.