ACA Spotlight Blog

GRC Spotlight Blog

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

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).

GIPS Record Portability
June 7, 2018

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.

June 5, 2018

We're pleased to announce that ACA Compliance Group ("ACA") is nominated for several categories in the Waters Rankings 2018.

Market Exposure Compliance Review
May 31, 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.

New prudential regime for MiFID managers
May 29, 2018

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.