Harmony or Dissonance: A Comparison of Form PF and the Template Reporting Form Proposed in ESMA’s Level II Advice on the Alternative Investment Fund Managers Directive

December 13, 2011
The U.S. Securities and Exchange Commission (“SEC”) on 26 October 2011 adopted Form PF, the form to be used by SEC-registered investment advisers to provide the new Financial Stability Oversight Council with information necessary to help it monitor the systemic risk created by private funds. Just days later, on 11 November 2011, the European Securities and Markets Authority (“ESMA”) published its final report containing a pro-forma “template” for reporting by alternative investment fund managers to competent authorities in compliance with Article 24 of the Alternative Investment Fund Managers Directive in respect of the alternative investment funds which they manage. Despite (or perhaps because of) the common goal of harmonisation, and having advance knowledge of the requirements the other was considering, the SEC and ESMA have developed tantalisingly similar yet frustratingly different reporting forms and filing requirements. This update examines those requirements and the differences between the reporting forms.