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.
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 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.
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.
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.
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.
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.
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.