ACA Spotlight Blog

GRC Spotlight Blog

Governance, risk, and technology insights from ACA's experienced team

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Record Keeping: Putting it to the test
August 2, 2018

A key pillar of the MiFID II regime is the record keeping requirements that underpin many of the new or enhanced obligations. Now seven months after MiFID II implementation, what challenges have these requirements created for the buy-side? We discuss this with senior compliance consultants, Charlotte Malin and Matthew Chapman.

GIPS Compliance Marketing Best Practices
July 27, 2018

The end result of a firm’s efforts when claiming compliance with the GIPS standards is the delivery of a fully compliant presentation to prospective clients. This article addresses best practices for marketing when claiming compliance with the GIPS standards.

New prudential regime for Commodity trading firms
July 24, 2018

Commodity trading firms ─ currently outside the scope from the regulatory prudential framework in the EU ─ now need to prepare themselves to face increased regulation.

Implementing the GIPS Standards
July 23, 2018

Compliance with the GIPS standards is recognized as an industry best practice and has become a de facto requirement, especially in the institutional money management space, in order to stay competitive.

SFC FMCC 5 Key Steps to Compliance
July 16, 2018

Investment management firms with operations in Hong Kong must turn its attention to the new Securities & Futures Commission (SFC) Fund Manager Code of Conduct (FMCC), which comes into force in four months. The package of new rules will apply to anyone licensed to carry out asset management regulated activity in Hong Kong. Here are five key steps to reach compliance with the SFC’s new FMCC.

July 13, 2018

Recently, ACA’s Mike Seery and Brian Roberts hosted a live webcast discussing recent developments in the regulation of digital assets, and how investment advisers’ compliance programs can adapt to manage related risks. During the webcast, we received several interesting questions from the audience. This post provides Mike and Brian’s take on a few of the most commonly asked questions.

MiFID II hits six-month milestone: Time to prepare for regulatory scrutiny
July 3, 2018

MiFID II has reached its six-month milestone. After gruelling and expensive implementation projects, many firms may have hoped to draw a line under the regulation roll-out. But the effects of the European Union’s directive are still being felt by financial firms and recent statements from the regulator suggest that scrutiny levels are set to rise.

New Patterns Appearing in SEC Exams
June 28, 2018

When sworn in as Chairman on May 2017, Jay Clayton was expected by many to usher in a period of significant adjustment at the Securities and Exchange Commission (SEC), particularly around exams and enforcement.

Asset-Weighted Dispersion GIPS Compliance
June 26, 2018

A GIPS-compliant presentation contains a number of required statistics. One such metric is the internal dispersion of individual portfolios within a composite. The GIPS standards do not prescribe a specific methodology (as long as the measure that is selected is applied consistently) and thus many firms struggle with this calculation.

FCA to carry out review on MiFID II research arrangements
June 20, 2018

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.

June 20, 2018

This case study details how a large OCIO management firm and a large managed account platform firm, each with a large number of clients that invests in hedge funds through separately managed accounts (SMA), implemented ACA's NorthPoint Data Management Solutions Data Warehouse and Security Master modules to address the need for drill-through transparency into the constiutent investments of these funds.

June 19, 2018

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?

June 18, 2018

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.

June 13, 2018

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).