Latest Alerts: Compliance Alerts
Compliance Alerts from ACA Compliance Group.
Compliance Alerts: 2012
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ACA Compliance (Europe) Alert: Latest Developments from the EU AIFMD, Short Selling & EMIR – June 6, 2013
In recent days we have become aware of significant developments concerning three different pieces of European legislation and have summarised these as follows. AIFMD Co-operation Agreements Last week ESMA announced that it, on behalf of the 27 E.U. Member States … Continue reading
ACA Compliance (Europe) Alert: EMIR: Focus on the Reporting Requirements
Earlier this year, we published “EMIR and OTC Derivatives: Start preparing now“, which introduced the European Markets Infrastructure Regulation (“EMIR”). This regulation has an impact on both European and non-European firms. In summary, there are 3 main aspects to EMIR: … Continue reading
The Blass Speech: A Call to Action for Private Fund Managers
Much has already been said about the April 5 speech given by SEC Division of Trading and Markets Chief Counsel David Blass on broker-dealer registration issues as applied to private fund managers. Here is our take on Mr. Blass’s comments: … Continue reading
Identity Theft Red Flags Rules – April 21, 2013
On April 10, 2013, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) jointly adopted the Identity Theft Red Flags Rules (“Red Flags Rules”)1 and guidelines as mandated under the Dodd-Frank Wall Street Reform and Consumer … Continue reading
SEC Puts Mutual Fund Intermediary Fees under the Microscope – April 4, 2013
As widely discussed this conference season and in recent publications, the SEC has been “fact finding” the past few months regarding intermediary fees paid by fund companies and their advisers. Over the past 10 years, distribution and shareholder servicing fee … Continue reading
FINRA CMA Fee Waivers for Less Significant Changes and NMA and CMA Application Withdrawal Fee Refunds – March 25, 2013
On March 6, 2013, FINRA published Regulatory Notice 13-11 (“RN 13-11″). The notice outlines the process for requesting fee waivers for continuing membership applications (“CMAs”) when changes do not require a “substantial staff review.” RN 13-11 also indicates that FINRA … Continue reading
ACA Compliance Group Expands into Asia – March 21, 2013
The leading global regulatory compliance consultancy for the financial services industry opens new Hong Kong office New York, March 21, 2013 – ACA Compliance Group, the largest independent financial services compliance consultancy in the world, announced today the opening of … Continue reading
ACA Expands Consulting Team in San Francisco – February 15, 2013
ACA Compliance Group (“ACA”) is pleased to announce that Jorge A. Rodriguez will be transferring from ACA’s Los Angeles office to work in San Francisco. Jorge has been with ACA since August 2011. In San Francisco he will continue to … Continue reading
Annual Reminders for Exempt Reporting Advisers and Foreign Private Advisers – February 12, 2013
Exempt Reporting Advisers (“ERAs”) must update their SEC registration exemption filings annually within 90 days of their fiscal year end. As such, many ERAs must update their filings by April 1, 2013 due to the holiday weekend and should consider … Continue reading
Update on FINRA Rule 3310(c) regarding two-year independent AML testing – February 7, 2013
Many broker-dealers have taken the view that they fall under the two-year, rather than one-year, cycle for independent anti-money laundering (“AML”) testing. In light of recent FINRA staff comments about the applicability of the two-year cycle for AML testing, ACA … Continue reading
FINRA Exam Priorities for 2013 – January 29, 2013
On January 11, FINRA released its annual regulatory and examination priorities for 2013. FINRA publishes this letter each year to help member firms understand what areas are of concern and where it will enhance scrutiny. Broker-dealers should assess whether their … Continue reading
Upcoming Deadline: Annual Compliance Program Reviews for Newly-Registered Investment Advisers – January 29, 2013
“…all registered advisers should periodically undertake a comprehensive review of their operations to identify any gaps in their compliance policies and procedures, make sure that their policies are tailored to the organization, and update them if there have been changes … Continue reading
Now’s the Time to Reflect on the Valuation Process – January 25, 2013
If you are involved with mutual fund boards of directors, you probably are aware of recent Securities and Exchange Commission (“SEC”) enforcement proceedings against boards and/or their investment advisers that allege incorrect valuing of portfolio securities or an apparent failure … Continue reading
Upcoming Form PF Filing Deadlines – January 23, 2013
Upcoming Form PF Filing Deadlines If your firm serves as the investment adviser to one or more private funds, you are undoubtedly aware of the requirement to file new Form PF with the U.S. Securities and Exchange Commission (“SEC”). ACA … Continue reading
ACA Compliance Group Offers Mock Corrective Action Reviews – January 22, 2013
Would your broker-dealer be ready for an SEC Corrective Action Review? The SEC staff recently announced plans to conduct follow-up reviews of certain examinations. These reviews will determine whether firms have corrected deficiencies as they indicated to the staff in … Continue reading
Legal Entity Identifiers (“LEI”) – January 18, 2013
The Dodd-Frank Wall Street Reform and Consumer Protection Act created the Office of Financial Research (“OFR”), which supports the Financial Stability Oversight Council (“FSOC”). These agencies were brought into being to improve the financial data available to regulators and other … Continue reading
SEC Examining Foreign Registered Investment Advisers, November 28, 2012
Dear Clients and Friends, ACA has observed an uptick in SEC examinations of registered investment advisers operating from a principal place of business outside the United States. The Commission is targeting such advisers across the globe as part of its … Continue reading
California Joins Several Other States in Enacting Social Media Privacy Laws – November 9, 2012
On September 27, 2012, California Governor Jerry Brown signed Senate Bill No. 1844 that will, in his words, “protect Californians from unwarranted invasions of their social media accounts.” Effective January 1, 2013, employers and colleges will be prohibited from requiring … Continue reading