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Central Bank of Ireland urges EU and US to harmonise regulatory reports 

September 29, 2014
COO Connect

Regulators in the US and EU need to harmonise the data sets and methodologies required for filing Annex IV under the Alternative Investment Fund Managers Directive (AIFMD) and Form PF, and even push this issue to the G20, according to the Central Bank of Ireland (CBI).

“There is a misalignment between the EU and US regulatory reporting framework, and this is proving to be a burden on business. The question is how will regulators and policymakers deal with it. The Securities and Exchange Commission (SEC) can change Form PF, but it is harder in Europe, because only the European Commission and not the European Securities and Markets Authority (ESMA) can change Annex IV,” said Gareth Murphy, director of markets supervision at the CBI, speaking at the SuperReturn CFO/COO Forum in Amsterdam.

The divergences between the two regulatory documents are frustrating. Lawyers and compliance professionals routinely point out that just 30 per-cent to 50 per-cent of Form PF data can be replicated into Annex IV. The methodological differences between the two documents have been subject to widespread scrutiny and criticism too.

Read more: COO Connect

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