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Insights

August 15, 2019 | Press Release

A survey conducted on preparation for the FCA’s Senior Managers and Certification Regime, (SM&CR) has revealed that most firms have significant work to do, as they prepare for its extension to all authorised firms on 9 December 2019. 

From a pool of over 70 respondents, including asset managers, hedge funds, private equity firms, broker-dealers and wealth managers, the findings were as follows:  

August 8, 2019 | Compliance Alert

The U.S. Treasury and the Federal Reserve Bank of New York will collect data regarding non-U.S. residents’ holdings of securities of U.S. issuers via Form TIC SHL. This mandatory collection is conducted every five years. The filing deadline is August 30, 2019, and data must be reported as of June 30, 2019.

August 7, 2019 | Thought Leadership

The 2020 edition of the GIPS Standards was released on June 28, 2019. One of the major initiatives of the overhaul was to make compliance with the GIPS standards easier for alternative managers.

August 6, 2019 | Press Release

Faster handling of Big Data and enhanced regulatory compliance features address the unique data management challenges of asset managers

August 5, 2019 | Thought Leadership

Effective AML compliance requires a data governance program to address the acquisition and management of the data – also known as “know your data” or KYD. This is a hot topic for financial institutions monitoring client transactions for money laundering, terrorist financing, or other forms of financial crime.

August 5, 2019 | Compliance Alert

The California Consumer Privacy Act (CCPA) is scheduled to go into effect on January 1, 2020. There are seven amendments that will be contemplated by the CA legislature between now and September 13, 2019. At that point, all discussions and modifications will end, and the Governor will have 30 days (until October 13, 2019) to either sign the amendments into law or veto bills that have passed legislature.

August 5, 2019 | Thought Leadership

Is your code of ethics monitoring and personal trade surveillance compliance program built to beat the heat? This blog post recaps our recent webcast on this topic and provides best practices for navigating complex and evolving areas of compliance management, including cryptocurrency, pay-to-play, robo-advisors, and more.

August 1, 2019 | Thought Leadership

Sexual harassment and other forms of “non-financial misconduct” are now on equal footing with types of financial misconduct with the FCA. Firms and employees are at risk of regulatory sanctions for failure to fulfill the FCA’s evolving diversity and inclusion expectations.

August 1, 2019 | Compliance Alert - FINRA

A company that effects transactions in digital asset securities for its own account or the accounts of others must register as a broker-dealer under Section 15 of the Securities Exchange Act of 1934. In addition, these companies must meet the requirements of Rule 15c3-3 (the “Customer Protection Rule”) if they intend to custody digital asset securities.

July 31, 2019 | Thought Leadership

Companies are relying increasingly on cloud service providers for conducting business, including storing data, hosting email, and more. But with the increasing regulatory focus on the risk of cloud data storage, is the forecast for cloud solutions stormy?

July 31, 2019 | Press Release

July 31, 2019 – ACA Compliance Group announced today that it has sold its majority stake in Cordium Malta Limited (“CML”) to Adam de Domenico. ACA acquired the entity in August 2018 as part of the acquisition of Cordium.

CML provides compliance consulting services to Malta-based firms. It will operate independently but will continue to maintain a relationship with ACA to provide tax and financial regulatory reporting support for its clients. There will be no impact to CML clients.

ACA will continue to maintain a presence in Malta through the operation of its Mirabella entities...

July 30, 2019 | Compliance Alert

The SHIELD Act significantly expands New York State's breach notification law. 

July 30, 2019 | Cyber Alert

On July 29, Capital One Financial Corporation announced that it had suffered a breach on July 19. On that date, an outside individual illegally accessed the personally identifiable information of over 100 million of its customers.

July 26, 2019 | Compliance Alert - SEC

The SEC's OCIE issued a Risk Alert detailing compliance issues noted during examinations of advisers who hire or employ individuals with a history of disciplinary events.

July 25, 2019 | Press Release

Providing easier access into Europe for non-EEA based firms with this latest evolution of its hosting services

Mirabella Group, the regulatory hosting arm of ACA Compliance Group, today announced that it has enhanced its hosting services in Malta by adding a Tied Agent solution to its existing alternative investment fund manager (AIFM) service. This new solution helps non-European Economic Area (EEA) firms to interact with their EEA clients using MiFID passporting. 

July 25, 2019 | Compliance Alert - SEC

On June 5, 2019, the U.S. Securities and Exchange Commission issued the Standard of Conduct for Investment Advisers interpretation to reaffirm and clarify the SEC’s views of the fiduciary duty that investment advisers owe to their clients under the Investment Advisers Act of 1940. 

July 23, 2019 | Thought Leadership

Whilst the FCA’s priorities appear, for the time being, to be on understanding the nature and scale of reporting data errors and how they are addressed, failings under MiFID I moved it to take several high-profile enforcement actions. It is imperative that firms get to grips with their MiFID II transaction reporting processes and data quality checks as soon as possible.

July 22, 2019 | Thought Leadership

On June 17, 2019, The Institute of Internal Auditors (the IIA) released an Exposure Draft (the Draft) on a study being conducted to review and modernize the Three Lines of Defense Model (3LoD). The Draft has been released for public comments from June 20, 2019 and September 19, 2019 and reflects the thoughts and analysis of a working group, chaired by Jenitha John, Vice Chairman of The IIA Global Board of Directors; and Chief Audit Executive, FirstRand Ltd.

July 19, 2019 | Compliance Alert - FinCEN

On July 16, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an update to the September 6, 2018 advisory, "Advisory to Financial Institutions on E-mail Compromise Fraud Schemes." The updated advisory indicates a sharp rise in business email compromise (BEC) fraud across financial services and other industries.

July 17, 2019 | Compliance Alert

https://www.acacompliancegroup.com/europe/regulatory-compliance/smcr-compliance-solutionsThe Senior Managers and Certification Regime (“SM&CR”) is new set of requirements that will affect all firms regulated by the Financial Conduct Authority in the UK. This includes US firms (and those based elsewhere) who have some presence in the UK. And because SM&CR touches on the way firms are governed, it has potential implications for senior managers and some other staff in such firms...

July 17, 2019 | Thought Leadership

The Lei Geral de Proteção de Dados (LGPD) is a sweeping data privacy regulation that goes into effect on February 15, 2020. Download our FAQs to find out what you need to know and how the law applies to your company.

July 15, 2019 | Survey

ACA Compliance Group and the Investment Adviser Association release the results from their 2019 Investment Management Compliance Testing Survey. For the sixth year in a row, cybersecurity remains the biggest compliance concern at registered investment adviser firms – with 83 percent of survey respondents identifying cybersecurity as the “hottest” compliance topic and 70 percent indicating that their firms increased compliance testing in this area over the past year.

July 12, 2019 | Compliance Alert - FCA

A recent Freedom of Information request to the UK’s Financial Conduct Authority (FCA) by accounting firm RSM revealed that 819 cyber incidents were reported to the FCA during 2018 – almost a 12-fold increase from the 69 cyber incidents reported to the FCA in 2017.

The data revealed that:

July 11, 2019 | Compliance Alert

On June 5, 2019, the SEC released a final comprehensive interpretation of the standard of conduct for investment advisers, which will become immediately effective upon publication in the Federal Register (anticipated July 2019). Here's what you need to know.

July 8, 2019 | Compliance Alert

The UK's ICO plans to fine British Airways £183.39m ($230M) under the General Data Protection Regulation (GDPR) for a breach that occurred in 2018. The proposed penalty represents the largest fine of a company since GDPR came into force.