SEC Form PF Changes Integrated with Latest Consensus Software Update

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Advise Technologies has updated its Consensus RMS platform to comply with recent Form PF changes.

Advise Technologies - Form PF - PFRD Release 2016.04

Advise Technologies - Form PF

The SEC has indicated that any XML submissions taking place on or after April 16th must use the new schema.”

Advise Technologies has updated its Consensus RMS platform to comply with recent Form PF changes. The changes – which go into effect on 16 April 2016 – require certain filers to provide more granular information and automated filings to use a modified XML schema.

These Form PF changes (officially named the “PFRD Release 2016.04”) include rearranged question numbers, a new checkbox to indicate CFTC compliance, an update to data types, and a removed sub-asset class. Specifically:

  • Questions 56 and 57 were removed
  • Questions 58 - 64 were renumbered to 56 - 62
  • Questions 63 and 64 were added
  • “NFAFundCFTCComplianceFlag” tag was added to Question 5
  • Data types were updated for Q20, Q25, Q28, Q32, Q40, Q46, Q50
  • A sub-asset class was removed from Question 35

The latest version of Consensus RMS incorporates these changes into the system and allows for the submission of Form PF filings that comply with the Private Fund Reporting Depository (PFRD)’s latest XML schema. New tolerances and decimal rules have also been included as part of this release.

“The SEC has indicated that any XML submissions taking place on or after April 16th must use the new schema,” says Paul Yau, regulatory counsel and a member of the Advise Best Practices team. “We have processed these changes, checked them against the new schema, and incorporated the latest guidance into our software validations engine to ensure that filing submissions are seamless, even with the PFRD’s new XML schema.”

Form PF is a reporting form required by the Securities and Exchange Commission, pursuant to the Dodd-Frank Act. The information provided on Form PF is intended to complement information that the SEC collects on Form ADV and information the Commodity Futures Trading Commission (CFTC) collects on Form CPO-PQR. Collectively, these forms provide information that helps the Financial Stability Oversight Council (FSOC) and other regulators monitor systemic risk.

Consensus RMS ensures data consistency across several reporting obligations and validates information against the latest regulatory guidance. The Consensus RMS software comes with a built-in glossary and official Form Instructions to help new users get started. The platform can also alert users of issues that may complicate the Form PF filing, such as missing information or incorrectly formatted data. The approvals feature assists with obtaining the correct sign offs within a firm before the direct machine-to-machine submission to the PFRD portal.

Consensus RMS’s end-to-end solution has been used in live filings since the first Form PF submission in August 2012, covering firms of all sizes and types, including Hedge Funds, Private Equity, and Liquidity Funds.

About Consensus RMS --
Consensus Regulatory Management System is an award winning platform used by investment managers for a repeatable, reliable, and automated filing process. Our experience with firms of all sizes and our expertise with various reporting obligations ensures that clients have access to a deep and diverse knowledge base.

About Advise Technologies --
Advise Technologies is a premier provider of reporting and compliance software for investment managers. With four flagship products – Consensus, Vault, Notes, and Signal – it provides innovative solutions to the regulatory and operational challenges faced by clients. Advise was founded in 2010 and is headquartered in New York with offices in major European financial centers. For more information:

Contact --
John Bobis
+1 (212) 576 1170

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John Bobis
Advise Technologies
+1 212 576 1170 Ext: 321
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