Form PF XML overview
IRS Form PF XML reporting is a financial report that must be completed by private fund managers and submitted to the Internal Revenue Service (IRS) of the United States. The form is used to provide information about the fund manager’s financial position and the activities of the private funds it manages.
Fund managers that are required to file IRS Form PF include those that manage private funds with assets under management (AUM) of at least $150 million.
IRS Form PF includes a number of different sections that must be completed, including information about the private fund manager’s assets, liabilities, and equity; details about the private funds it manages; and information about the private fund manager’s risk management practices and compliance with relevant laws and regulations.
The purpose of IRS Form PF is to provide the IRS with information about the private fund industry and to help the agency monitor potential risks to the financial system. By collecting and analyzing this information, the IRS is able to ensure that private fund managers are operating in a stable and compliant manner.
Form PF reporting amendments
The Securities and Exchange Commission (SEC) is enhancing regulatory oversight of private fund advisers by adopting amendments to Form PF. These changes mandate event reporting for key occurrences and require large private equity fund advisers to furnish additional information about the funds they manage. The aim is to strengthen the Financial Stability Oversight Council’s (FSOC) ability to monitor systemic risk and bolster investor protection efforts. Effective dates for the rule vary, with most amendments taking effect on June 11, 2024.
The US Securities and Exchange Commission (SEC) is adopting amendments with certain modifications based on received comments:
- Current reporting requirements for large hedge fund advisers regarding their qualifying hedge funds are being implemented. Changes include eliminating the proposed current report for changes in unencumbered cash. Instead of reporting within one business day as proposed, large hedge fund advisers will now report as soon as practicable, but no later than 72 hours after the occurrence of certain events that may indicate significant stress or systemic risk implications, aiming to mitigate investor harm.
- Event reporting is being introduced for all private equity fund advisers, including quarterly reporting within 60 days after quarter ends for adviser-led secondary transactions and general partner removals, as well as investor elections to terminate a fund or its investment period. However, annual reporting is required for general partner or limited partner clawbacks, which were proposed to be reported on a current basis by all private equity fund advisers.
- Additional reporting items are being adopted, along with amendments requiring large private equity fund advisers to provide more detailed information regarding certain activities of private equity funds important for assessing systemic risk and protecting investors. Tailored amendments are being made to gather more information from large private equity fund advisers regarding fund strategies, leverage usage, and other relevant aspects. The SEC is retaining the existing $2 billion reporting threshold for large private equity fund advisers instead of adopting a lower $1.5 billion threshold as proposed.
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SCALABILITY AND FLEXIBILITY
The FUND XP solution is able to automate the process of gathering and organizing the required information from multiple sources.
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ACCURACY
Robust controls in place to prevent errors or omissions.
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TRANSPARENCY
Each report will be produced in XML and its equivalent in Excel format.
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FILING
Optionally, we can do the secure filing to the authorities and the feedback fellowship.
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TIMELINESS
Our fully automatic solution enables AIFMs to meet the required reporting deadlines.
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USER FRIENDLY
The solution is easy for users to understand and use, with clear instructions and intuitive interfaces.
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SUPPORT
Free adequate support and helpdesk.