Since its proposal more than two years ago, we viewed the U.S. SEC’s Private Fund Advisers (PFA) rules as addressing three primary areas that pose risks to both LPs and the industry: lack of transparency, conflicts of interest, and the lack of effective internal governance mechanisms to protect the capital managed by private funds.
In particular, ILPA regarded the Quarterly Statements rule as a catalyst necessary to accelerate the industry’s adoption of minimum reporting standards that promised real cross-industry benefits.
While the PFA has been vacated, our work on the next evolution of ILPA reporting templates will continue as planned.
Earlier this week we announced that an updated ILPA Reporting Template and new ILPA Performance and Cash Flows Template were ready for public comment, made possible over the last several months due to a broad industry coalition known as the ILPA Quarterly Reporting Standards Initiative (QRSI).
In light of the ruling, we’ve temporarily paused the public comment period. In the weeks ahead, we will work with the QRSI to update the scope of the templates, with the intent to relaunch the comment period in a short time.
If you would like to get more involved in the QRSI, we welcome your participation. Visit the QRSI webpage to express your interest. And stay tuned for more updates on what comes next with the proposed ILPA reporting templates.
With the U.S. Fifth Circuit Court of Appeals vacating the U.S. SEC’s Private Fund Advisers rules, including the Quarterly Statements rule, ILPA’s mission as a global industry advocate, convener, and standard-setter has never been more important. We remain committed to delivering the next evolution of quarterly reporting standards through our Quarterly Reporting Standards Initiative (QRSI).
Follow the links below to learn more about our thoughts and analysis on the ruling and our updated timeline for delivering a new ILPA Reporting Template and ILPA Performance and Cash Flows Template and how you can get involved in this critical work.
