June 17, 2019 | Press Release

ACA Compliance Group is pleased to announce the continued expansion of its online training platform to include its newest course on sexual harassment awareness and prevention.

In recent years, the topic of sexual harassment in the workplace has come into the national spotlight, bringing with it a renewed awareness about the serious and unacceptable nature of this type of behavior and its implications for employers and employees alike.

June 13, 2019 | Article

On June 5, 2019, the U.S. Securities and Exchange Commission (“SEC”) passed Regulation Best Interest (“Reg BI”) by a vote of 3–1. The new regulation becomes effective 60 days after it is posted in the federal register and broker-dealers (“BDs”) will have until June 30, 2020, to comply.

June 13, 2019 | Article

In late April, the Financial Crime Specialist Supervision Team (“FCSST”) of the FCA contacted a wide variety of firms (Consumer Credit, Insurance and most interestingly Private Equity) to assess how these firms have implemented financial crime regulations. These assessments resulted in on-site visits by the regulator, some of which have already been undertaken. All firms contacted were smaller FCA-regulated businesses, indicating that the regulator may be moving into a previously under-examined market segment.

June 11, 2019 | Article

Although there are political signals that our current administration will provide financial institutions regulatory enforcement relief in comparison to years prior, this is not the case. As evidenced by the consistent penalties enforced over the past several years, AML/BSA regulatory enforcement remains a top priority. Examples include:

June 7, 2019 | Press Release

ACA Compliance Group (ACA), a leading provider of governance, risk, and compliance advisory services and technology solutions, today announced enhancements to ACA’s trade blotter review analysis offering. Available today, this new automated trade blotter review tool is designed in response to challenges faced by SEC-registered investment adviser clients in keeping pace with the SEC’s enhanced use of technology to detect insider trading, market abuse, and other potential misconduct.

June 5, 2019 | Article

ACA's Spring 2019 Compliance and Performance Conference was held May 8-10 at the Mandarin Oriental in Miami, Florida. Over 300 compliance professionals came together for three days of educational sessions, engaging speakers, and endless networking opportunities in a beautiful setting. 

June 4, 2019 | Article

Claiming compliance with the Global Investment Performance Standards (GIPS®) is gaining significant traction with credit asset managers due to the increased demand from institutional investors.

May 30, 2019 | Article

Just a few years ago, companies ran their own payroll, benefits, recruiting, marketing, and mainframe departments. But times have changed. In the current platform economy, almost every aspect of a company’s operations can be outsourced efficiently. The result is that companies interact with countless vendors daily.

May 30, 2019 | Article

With data breaches, social engineering attacks, extortion, hacking, and other cyber threats on the rise, it’s become increasingly vital for private equity firms to manage their firm’s cyber and data privacy risks as well as those of their prospective and current portfolio companies.

May 29, 2019 | Article

More and more, regulators are examining anti-money laundering (AML) and terrorist financing monitoring software solutions to see if they are tuned correctly; and citing financial institutions who fail to meet the regulatory standards. One issue for both regulators and these institutions is the creation of excessive volumes of “false positive” activity alerts, or alerts on activity that after evaluation, is not determined to be suspicious. These can undermine the efficiency and efficacy of a compliance program, costing both time and resources to the financial institution.

May 29, 2019 | Article

The Office of the Comptroller of the Currency (“OCC”) recently issued its Spring 2019 Semiannual Risk Perspective, a recurring report of key risk areas and emerging threats to the federal banking system that are monitored by the OCC's National Risk Committee. In this blog post, we summarize the risk areas that impact banking asset management groups, and operational risk, strategic risk, and BSA/AML.

May 28, 2019 | Cyber Alert

On May 23, the U.S. Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert regarding the security of cloud and network data storage solutions. The alert notes risks associated with the storage of customer records and personally identifiable information (PII) by broker-dealers and investment advisers at third-party cloud storage solutions and in network data storage solutions in general.

May 24, 2019 | White Paper

ACA Compliance Group is pleased to present their newest survey results in the form of a white paper, 2019 Liquidity Risk Management Program Rule Survey Results.

In response to the mutual fund industry’s need for transparency and insight into how peers are approaching the SEC's liquidity risk management program rule, ACA recently conducted their second survey of mutual fund/ETF complexes and fund investment advisers/sub-advisers. We received anonymous responses from 61 entities.

The survey covered the following topics

May 22, 2019 | Blog Article

In 2017, the FCA conducted a review of principal firms in the investment management sector. This was designed to look at how principal firms in the investment management sector understood and complied with their regulatory responsibilities in respect of their appointed representatives (ARs).  

May 22, 2019 | Cyber Alert
SEC focus areas include cloud risk, cyber/tech controls, among others

The U.S. Securities and Exchange Commission (SEC) has commenced a series of cybersecurity examinations on registered investment advisers (RIAs).

May 17, 2019 | Article

FINRA recently issued Regulation Notice 19-18 (the “Notice”), which provided guidance to member firms regarding their monitoring obligations with respect to suspicious activity pursuant to the Bank Secrecy Act (“BSA”) and anti-money laundering (“AML”) requirements.

May 16, 2019 | Article

Vendor risk management is not easy. If your role involves reaching out to vendors for security due diligence, you’re probably nodding your head in agreement vigorously. If your company doesn’t have a dedicated resource and you’ve been tasked with the job, you might be scratching your head nervously, or possibly pulling your hair out. There’s a lot of pain involved.

May 16, 2019 | Article

The Investment Firm Regulation (IFR), a new prudential framework developed by the European Commission (EC), will soon apply to all MiFID investment firms.

The vast majority of investment firms will need to adapt to a new set of capital, liquidity, and reporting requirements. Whether or not you believe these rules are simpler and more proportionate to investment firms, you need to be prepared.

May 15, 2019 | Cyber Alert

On May 14, Intel announced a series of security vulnerabilities in its central processing unit (CPU) chips. The vulnerabilities affect computers from as far back as 2008 that are powered by these processors. The vulnerabilities are collectively labeled Microarchitectural Data Sampling (MDS).

May 14, 2019 | Cyber Alert

On May 13, Facebook announced a vulnerability in its popular WhatsApp messaging service. This attack was first disclosed (requires a subscription to view) by The Financial Times who claim that the vulnerability has been open for weeks. The WhatsApp vulnerability allows attackers to install spyware on smartphones by simply placing a voice call to WhatsApp on the device.

May 13, 2019 | Article

The Financial Conduct Authority (FCA) has made no secret of its intention to crack down on firms and individuals that fail to meet their obligations under the Market Abuse Regulations (MAR) and FCA rules.

May 9, 2019 | Article

Just when we thought the upcoming Uber IPO was the biggest news in private markets, we get a hot take from the Oracle of Omaha.

May 8, 2019 | News

We're pleased to announce that ACA Compliance Group ("ACA") is nominated for several categories in the Waters Rankings 2019! Please show your support by voting now in the following categories (one vote per person; for survey rules and eligibility, click here). Voting closes on Friday May 24. 

May 8, 2019 | Article

Hot on the heels of two well publicised MiFID I fines for transaction reporting failings, the FCA has published Market Watch 59, the content of which is totally monopolised by transaction reporting.  This signals that the regulator is now squarely turning its attention to failings under the MiFID II regime. The FCA once more reinforces the importance of complete and accurate transaction reports. 

Here are the six areas in which the FCA are clearly losing patience:

May 6, 2019 | Press Release

ACA Compliance Group is excited to announce the expansion of its online training platform which allows ACA to provide a variety of customized trainings for registered investment advisers across the industry.

The newest course now available on the platform addresses the insider trading risks faced by investment advisers. The course is designed to provide a broad understanding of U.S. insider trading regulations and the role you play in helping to protect your firm.