HedgeOp launches tool for SEC compliance

Source: HedgeOp Compliance

HedgeOp Compliance the leading provider of specialized compliance software and consulting services for alternative asset managers, today announced the release of the ComplianceTrak Form SH Platform, a tool for hedge funds to efficiently and cost effectively meet new Securities and Exchange Commission (SEC) reporting requirements for short sales.

The Form SH Platform is an add-on to ComplianceTrakTM software, a powerful, patented workflow tool that enables managers to meet their compliance requirements. The Form SH Platform can be purchased as add-on to ComplianceTrak TM, or as a stand-alone product.

"The SEC estimates that the Form SH filing process can take up to 20 hours per week to complete, at a cost of $1000 per filing. HedgeOp's Form SH Platform automates this time-intensive process, reducing the time spent on each filing by approximately 75%. The Form SH Platform saves staff resources, which over the course of the year add up to a significant and meaningful reduction in operational costs," said Bill Mulligan, CEO, HedgeOp Compliance.

On October 15, 2008, the SEC mandated weekly Form SH filing requirements for money managers, to address market volatility. Form SH is based on the interim final temporary Rule 10a-3T, and followed the Sept. 19 temporary ban on short-selling that was implemented amid the financial markets crisis. Form SH is for money managers that are also required to file the quarterly Schedule 13-F on long positions.

The Form SH Platform, which comes with installation and training, is built on intellectual property that enables it to be both intuitive and customizable. End-users can access the tool via a secure Internet portal. For a full description of the Form SH Platform, please visit: http://hedgeop.com/FormSH.aspx.

 

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