The FCA revealed at its recent Asset Management Conference that it will be undertaking a ‘diagnostic’ review of research and inducements at a range of organisations. It is expected that the FCA will be pragmatic in their assessment, taking a risk-based approach to analysing measures adopted to date. However, firms should be prepared to justify their approach should they be in scope of any such reviews.
The European Union’s General Data Protection Regulation (GDPR) entered into force on 25 May 2018 after a last-minute scramble by organisations across the globe to establish their privacy programs and update privacy notices. Now that your firm has (hopefully) built its GDPR compliance program, what should you be doing to ensure ongoing compliance with the regulation?
In its 2018-19 business plan, the FCA make it one of its cross-sector priorities to finalise the rules and extend the Senior Managers & Certification Regime to all FCA-authorised firms. This blog outlines the current regulatory thinking in this area and what firms should be doing to prepare themselves for the looming changes.
As of June 1, 2018, registered investment companies are required to file Form N-CEN with the Securities and Exchange Commission (“SEC”) on an annual basis. This new form replaces the semi-annual census reporting on Form N-SAR and must be filed within 75 days of a fund’s fiscal year end (with an exception for unit investment trusts, which must file within 75 days of calendar year end).
Portability refers to the ability of a GIPS-compliant firm to present a track record that was achieved at another firm. When one firm hires a portfolio manager, there is usually a desire to market the portfolio manager’s track record while employed at the prior firm.
We're pleased to announce that ACA Compliance Group ("ACA") is nominated for several categories in the Waters Rankings 2018.
In 2002, the Sarbanes Oxley Act was enacted to augment the regulation of accounting and disclosures for public companies. This was in direct relation to aggressive accounting methods, the technology bubble, and other instances of corporate malfeasance.
The prudential framework is a new rulebook developed by the European Commission for investment firms. It is designed to be simpler and more proportionate to a firm’s operations. Last month we looked at the impact on Exempt CAD firms. Now we examine the regime’s impact on the capital and liquidity requirements on MiFID managers.
Summer is finally here! With Memorial Day marking the unofficial start to summer it’s time to take a break, but in the compliance industry it’s not as simple as turning on your “out of office” and walking out the door. Compliance officers and managers need the assurance that they can leave the office and still have the resources available to fulfill both their regulatory obligations and their fiduciary duty to clients.
Cryptocurrency and its applications within the financial industry are now mainstream news, with new instruments, products, and price fluctuations capturing headlines daily.
The GIPS Standards Technical Committee recently released three new GIPS Standards Q&A’s that are all effective as of April 18, 2018.
On May 11, 2018, broker-dealers and other financial institutions currently covered by the US Anti-Money Laundering (AML) regime will need to become compliant with FinCEN’s new customer due diligence (CDD) requirements.
Hedge funds and hedge fund advisers that need to file Form PF on a quarterly basis may already know the challenges they face. This blog post summarizes what additional information you need as a quarterly filer to help you prepare for the next submission deadline.
Consultant database reporting is an important business consideration for many investment management firms. The databases serve as a gateway for investment managers to reach institutional and retail assets alike. A recent trend in the industry is that of increased due diligence. The top databases are increasingly requiring firms to comply with the GIPS standards or receive an independent third-party certification of the track record.