ACA Spotlight Blog

ACA Spotlight Blog

Risk and compliance alerts, insights, and resources for financial services firms
 

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See a compilation of ACA's COVID-19-related news, insights, and resources for financial services firms here.

ACA's experienced compliance, risk, performance, cybersecurity, and technology professionals regularly provide insights on industry news, trends, and best practices. Our blog consolidates all ACA compliance alerts, thought leadership articles, white papers, cybersecurity alerts, and results from ACA surveys to help you find the information you need more quickly and easily.

Compliance Alert
September 29, 2020

The FCA's six-month tolerance on the obligation to report 10% portfolio depreciation ends on 30 September. We examine what this means for portfolio managers. 

Case Study
September 23, 2020

Read how ACA Aponix delivered a comprehensive risk management solution to address both public and private networks for large telecom.

 

Summary of FINRA Regulatory Actions in Q2 2020
Compliance Alert - FINRA
September 17, 2020

FINRA's Enforcement Division brought 19 enforcement actions against member firms in Q2 2020 and levied fines that totaled $2,107,000. These numbers mark a decrease in the enforcement actions and the total fine amount from the second quarter of 2019.

abstract motion blur cybersecurity composite
Cyber Alert
September 17, 2020

The SEC OCIE has issued an alert warning of an increase in the use of the “credential stuffing” tactic in attacks against SEC registrants, including broker-dealers, investment advisers, and investment companies. Credential stuffing can significantly increase financial, regulatory, legal, and reputational risk to firms and OCIE has made recommendations for protecting client accounts.

EU and Union Jack Flags
Compliance Alert
September 17, 2020

The FCA recently confirmed the re-opening of the Temporary Permissions Regime (TPR). This provides a short-term Brexit opportunity for EEA based Asset Managers to operate within the UK post 31 December 2020. Our TPR Q&A examines what this means for firms. 

Compliance Alert
September 17, 2020

The FCA recently provided new SM&CR guidance for solo-regulated firms on Fitness and Propriety (”F&P”) assessments and Conduct Rules training. Here we summarise these updates and provide guidance on how to meet the regulators expectations. 

Joint Statement Issued About BSA Due Diligence Requirements for Customers
Compliance Alert - FinCEN
September 11, 2020

FinCEN and the U.S. banking agencies issued a joint statement clarifying FinCEN's CDD requirements for PEPs. The statement also described the risk-based compliance approach associated with such requirements under the BSA.

Thought Leadership
September 7, 2020

The importance of ensuring complete, accurate and timely reports under EMIR is in the spotlight again. This follows a recent response from the European Systemic Risk Board (ESRB) to ESMA’s March 2020 Consultation Paper on reporting to trade repositories. Reporting firms are well advised to see the response as a shot across the bows and an indication of things to come.

Summer Reading Series Top 10 Articles
Thought Leadership
September 4, 2020

As summer winds down and we gear up for a busy fall we thought we’d take a moment to look back at the most popular ACA articles so far this year.

Compliance Alert
September 3, 2020

The FCA recently added a webpage reminding solo-regulated firms of their obligation to report breaches of its conduct rules (and ensuing disciplinary action) as required under the Senior Managers and Certification Regime (SM&CR). 

Public, Private or ‘Private Private’: Do you have the right information barriers?
White Paper
August 25, 2020

Throughout the lockdown, the FCA and SEC have voiced thier expectation that private information is handled appropriately and that firms maintain adequate and appropriate information barriers. Firms should revisit what is considered “private” information and how that can get a little grey and nuanced in the private markets sector.

New Guidance for Characterizing Certain Broker-Dealers Under SEC’s Customer Protection Rule
Compliance Alert
August 18, 2020

The SEC and FINRA issued updated guidance on the characterization of U.S. broker-dealers under the Customer Protection Rule. This new guidance states that Non-Covered Firms that solely engage in Non-Covered Firm activities are no longer subject to any Rule 15c3-3 requirements.