Regulatory Compliance Association Reviews

FATCA & Form PF Reporting Update

Practice Edge 02

FATCA & Form PF Reporting Update™

The Foreign Account Tax Compliance Act (FATCA) is arguably the most significant compliance challenge facing the alternative investment fund industry for the next two years. Funds, and other applicable entities, have until April 25, 2014, to register to be on the June 2014 FATCA compliant list. But that is just the beginning of the FATCA compliance process for alternative investment funds. FATCA will require involvement of professionals across a fund’s operations team. The session includes coverage of the key FATCA deadlines and obligations funds will need to consider and implement in the short-term as well as long-term horizon.

The adoption of Rule 204(b)-1 under the Investment Advisers Act of 1940 requires SEC-registered investment advisers to complete a risk disclosure report called Form PF. Form PF requires investment advisers to report extensive information about their fund management businesses, such as information on investors, portfolio exposures and counter party credit risk to the SEC on a quarterly or annual basis. The SEC has indicated that while the transparency provided by these reports will be used to monitor systemic risk, it intends to utilize Form PF to augment its examination and enforcement activities. This course covers the key issues advisers should address when putting mechanisms and procedures in place for preparing Form PF.

Session Chairman:
Walter Zebrowski, JD, CPA, Principal, Hedgemony Partners
Chairman, Regulatory Compliance Association

Senior Fellow from Practice:
Joe Pacello, CPA, JD, Principal, Rothstein Kass

Guest Lecturers:
Deirdre Joyce, LL.M., ‎International Tax Senior Manager, Rothstein Kass
Brandon Caroprese, CPA, Senior Associate, Rothstein Kass

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