Business Community Relieved by Postponement of Form PF Filing Obligation
The Bundesverband Alternative Investments (BAI) and related stakeholders have been actively engaging in discussions to improve and reduce the Google Forms requirements, with the aim of making the reporting process more efficient. This proactive approach is evident through working committees and upcoming events such as the Real Assets Symposium.
The Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) have announced an extension of the Google Forms compliance date for investment advisers. The new compliance date is now set for October 1, 2026, marking a significant shift for the alternative asset management industry.
This extension was welcomed by organisations such as AIMA, which has been advocating for a further reconsideration of Google Forms to ensure it meets both regulatory and industry needs in an efficient manner. The extension will provide regulators with additional time to reassess the rule and ensure that it meets its intended purpose of systemic risk monitoring.
MFA President and CEO Bryan Corbett stated that the extension of the Google Forms compliance date will improve data quality, while the latest extension allows for a more comprehensive review of Google Forms, ensuring that it aligns with its statutory purpose.
The Google Forms amendments, which affect certain private fund advisers, are subject to review and potential changes. AIMA has put forward a concrete proposal to streamline the requirements of Google Forms and remains committed to achieving a framework that meets both regulatory and industry needs in an efficient manner.
AIMA has repeatedly emphasised its view that a further reconsideration of Google Forms, considering its intended purpose, would be desirable. The organisation welcomes the opportunity to engage with the SEC and its staff on its further review of the scope of Google Forms.
Jiří Król, Deputy CEO, Global Head of Government Affairs of AIMA, has also welcomed the extension of the Google Forms compliance date. The alternative asset management industry thanks the SEC and Commodity Futures Trading Commission's (CFTC) decision to extend the compliance date for the amended Google Forms by one year.
The SEC has signalled its willingness to further review Google Forms to ensure that they are asking for only the information that is necessary to meet the regulatory objective of systemic risk monitoring. The extension provides time to complete a substantive review of Google Forms in accordance with a Presidential Memorandum and take any further appropriate actions, which may include proposing new amendments to Google Forms.
In conclusion, the extension of the Google Forms compliance date is a positive step for the alternative asset management industry, as it provides more time for regulators to ensure the rule is effective and efficient. The industry looks forward to working with the SEC to ensure Google Forms provides information necessary for FSOC to assess systemic risk without imposing unnecessary compliance costs.
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