Guidance on Inadequate Reporting Cases of Concurrent Positions, Circulation, and Outsourced Tasks
The Financial Supervisory Service (FSS) will hold a business briefing session for general private equity fund managers on the 30th.
The briefing will take place from 2 p.m. at the FSS's 2nd-floor auditorium, with around 300 participants from over 200 management firms attending.
During the session, explanations will be provided on the revised format of the general private equity fund establishment (change) report and the usage of the new reporting system. The FSS announced plans to improve the general private equity fund reporting system on the 15th.
Key inquiries related to the legal reporting obligations of management firms and frequent cases of insufficient reporting will also be addressed. This includes deficiencies related to concurrent, auxiliary, and delegated business reporting, as well as special cases concerning capital calls.
The briefing will outline recurring legal violations caused by management firms' lack of familiarity with relevant laws and inadequate internal control procedures. Typical examples include pursuing private interests and violations of risk management standards obligations.
The FSS expects that this will help attendees establish a smoother reporting system and prevent regulatory violations. From the supervisory authority’s perspective, the workload caused by excessive phone inquiries related to various reports is also expected to decrease.
The FSS stated, "After the briefing, materials will be posted on the Financial Information Exchange Network website so that those who did not attend can also utilize them," adding, "We plan to gather user feedback to improve the new reporting system."
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