The Latest Regulations in the Financial Services Industry

5/09/13
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This article provides a brief overview of the recently approved basic regulations which affect the financial services industry.

Regulatory compliance is observance by an organization of laws, rules, and guidelines that relate to the business of this organization. Failure to comply with the normative rules of correspondence frequently leads to legal punishments including federal penalties.

Let’s pass on to the list of the regulations.

Form PF

Form PF (private fund) is the United States Securities and Exchange Commission’s (SEC) new rule that require private funds to report assets under their management to the Financial Stability Oversight Council (FSOC). This rule is enacted in order to monitor risks within the financial sector.

For more information please refer to this link: “What is” Form PF? Here is the form that needs to be filled out.

CPO-PQR

These are new rules enacted by the Commodity Futures Trading Commission (CFTC) that establish new annual and in some cases quarterly reporting requirements for commodity pool operators (CPO).

For more information please refer to these links:

OPERA (Open Protocol Enabling Risk Aggregation)

An open protocol that was developed by a private sector initiative with the view of enabling investors to aggregate risk characteristics of the funds which they invest in. OPERA compliance is voluntary, though some investors put pressure on funds to use this protocol.

The official site: www.theopenprotocol.org.

AIFMD (Alternative Investment Fund Managers Directive)

A European Union Directive that entered into force on 22 July 2013. The Directive regulates:

  • EU fund managers that manage alternative investment funds (essentially hedge funds and private equity funds (wherever they are based)
  • Fund managers (wherever they are based) that manage alternative investment funds established in EU
  • Fund managers (wherever they are based) that trade shares and stocks of alternative investment funds in EU

To learn more about the Directive, please refer to these links:

It is significant to stress at the end of this review that DataArt’s financial practice does not leave this topic without attention. We have already published an application that simplifies filing Form PF report and are now releasing OPERA Reporting application.

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