![]() The new information required to be reported on Form PF is intended to enhance the SEC’s and FSOC’s ability to monitor systemic risk and could potentially impact FSOC’s process for designation of systemically important financial institutions (SIFIs). The new reporting requirements are important because the SEC and the Financial Stability Oversight Council (FSOC) use data from Form PF to facilitate assessments of US systemic risk presented by the private fund industry. As is currently the case, Form PF filings will not be publicly available. As summarized below, the Final Rule will now require certain advisers to provide “current reporting” within 72 hours of material events, including extraordinary investment losses and significant disruption or degradation of a hedge fund’s “critical operations.” Other amendments will impose new, limited quarterly reporting requirements for all private equity funds as well as changes to certain questions included on annual reporting for large private equity fund advisers. The SEC currently requires advisers to file Form PF following their fiscal quarter- or year-ends, depending on the size and type of private funds they advise. This Legal Update provides a brief overview of relevant changes to Form PF and summarizes some of the SEC’s commentary on the reasons for those changes. The Final Rule reflects a number of changes to the initial proposed amendments 2 (the “Proposal”) in response to comments received by the SEC. Form PF will now require certain filers to provide additional information to the SEC about the funds they advise. I can open more units because they’re smaller and cheaper to operate.On May 3, 2023, the US Securities and Exchange Commission (the “SEC”) held an open meeting at which it announced the adoption, by a 3-2 vote, of amendments to Form PF, the regulatory reporting form used by certain SEC-registered investment advisers to private funds to submit confidential reports to the SEC (the “Final Rule” 1). It gives us the flexibility that lets us get into markets that would be difficult for a 7,000 square foot space. That allows it to “hedge against future fee hikes from third-party deliverers as they seek profit improvements,” noted Adamolekun.Īdamolekun ultimately viewed the To Go concept as more of a “real-estate strategy. It also partners with a host of third-party deliverers including DoorDash, Grubhub, Uber Eats, Postmates, and Caviar.īut it also offers self-delivery at 94 of its locations and its’ To Go eateries, which accounts for about 30% of its delivery orders. ![]() Adamolekun noted that its primary demographic is suburban “and we’ve seen a shift in population in the work from home environment.” Moreover, its urban business has shifted since more officer workers are staying home to work, rather than traveling to the office. Chang’s To Go locations, it expected that it would appeal more to busy urbanites than suburbanites. “If business workers come back, that will push them to $2 million,” he said. Nonetheless, most of the to-go locations were generating $1.5 million to $1.8 million each. Its labor costs are higher than some of its competitors because even its to-go eateries rely on a full set of chefs who makes all dishes from scratch and many from a wok. Chang’s menu though some dishes don’t travel well, such as breaded tempura chicken, noodle dishes and Korean glass noodles, and are left off the menu. The menu at the To Go concept is comparable to the full P. “It’s a quicker stop, but there is some seating so they can sit and eat,” he said. Chang’s To Go concept as more fast-casual dining like a Shake Shack or Chipotle. Full-service won’t work there, but quick meals to go would. Chang’s To Go concept as a “supplemental piece, designed more to access markets we can’t access.” For example, they’re exploring opening a to-go eatery at Woodbury Commons, a major shopping mall, about 50 miles upstate from New York City. In 2019, we saw strong customer preference for off-premise consumption, so adjusted our model accordingly,” he said.Īdamolekun described the P. “Chinese is really the original to-go food. The to-go concept fits for Chinese food, Adamolekun suggested. “For every one of To Go locations, there will be three Bistros opened in the future,” he stated. Chang’s Bistros, which offer full-service dining still prevails at the restaurant chain.
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