Insights

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October 12, 2018 | Compliance Alert

On September 17, 2018, the Municipal Securities Rulemaking Board (“MSRB”) published a revised set of frequently asked questions (“FAQs”) regarding the application of MSRB Rule G-40 to advertising by municipal advisors.

October 11, 2018 | Blog Article

Chief compliance officers (CCOs) and risk and compliance teams know they need regulatory technology to meet ever-increasing regulatory obligations as well as establish best practices for their firm’s governance, risk, and compliance (GRC) program that reduce operational risk and increase operational efficiencies. While the value added by a RegTech solution is clear, understanding the full scope of a GRC technology implementation can be a significant challenge.

October 11, 2018 | Blog Article

In its latest issue of Market Watch published late September, the UK’s Financial Conduct Authority (FCA) outlined a number of observations relating to market abuse surveillance. These should serve as a reminder and encourage investment management firms to review their existing policies, systems and controls in this area.

October 11, 2018 | Blog Article

The implementation deadline for the Securities & Futures Commission (SFC) Fund Manager Code of Conduct (FMCC) is now less than one month away for fund managers with operations in Hong Kong. On November 17, 2018, this new set of rules will come into force, bringing additional governance, operational, and disclosure requirements.

October 11, 2018 | Compliance Alert

Investment advisers are increasingly leveraging technology as a part of their investment process to, among other things, identify sources of alpha, drive efficiencies, offer differentiated and innovative products and deliver investment management services to clients. While the ever-increasing utilization and reliance on technology by investment advisers is to be expected and is likely to continue to proliferate, it is not without risk. 

October 10, 2018 | Survey

Regulators and industry experts have long questioned the flexibility of rule-based monitoring systems to alert on potentially suspicious transactions. The large false positives generated by these systems, changing regulatory landscape and increasing costs only strengthen the need to adopt more advanced methods to find potentially suspicious transactions.

Recently, Artificial Intelligence (AI) and Machine Learning have become the most sought after technology to help with these problems.

October 9, 2018 | Blog Article

In the wake of the recent Facebook breach and other high-profile cyber incidents, cybersecurity experts are predicting that we may see aftershocks and secondary breaches for many years to come. How much personal data was stolen, and how it will be used by cyber criminals, is still unknown.

October 5, 2018 | Compliance Alert

On August 12, 2018, the Securities and Exchange Commission (“SEC”) sent a clarification letter to the Financial Industry Regulation Authority (“FINRA”) with respect to broker-dealers using a third-party recordkeeping service (“service provider”) to preserve records pursuant to Exchange Act Rules 17a‑3 and 17a‑4.

October 4, 2018 | Blog Article

October is National Cyber Security Awareness Month. Each year, ACA Aponix participates in the U.S. Department of Homeland Security's Stop.Think.Connect Campaign to further educate our clients and friends on measures they can take to protect their information, family, and business from cyber threats. Our 2018 theme is Online Safety for Children.

October 4, 2018 | Compliance Alert

The Financial Industry Regulatory Authority’s (“FINRA”) enforcement division brought 129 disciplinary actions against FINRA members during the first half of 2018. The number of fines FINRA assessed during the period represented a significant reduction from the amount in the first half of 2017, during which FINRA levied 168 disciplinary actions against members. The total dollar amount of fines year over year has stayed nearly the same, totaling roughly $30 million for each period.

October 2, 2018 | Cyber Alert

On September 28, Facebook announced that it had discovered a breach affecting nearly 50 million Facebook users. Bad actors exploited the “View As” feature of the site, combined with a video upload feature, to gain access tokens enabling account access.

September 28, 2018 | Cyber Alert

On September 25, the UK Information Commissioner’s Office (ICO) issued an enforcement action against a Canadian data analytics firm. The enforcement action alleges violations by the firm of the EU General Data Protection Regulation (GDPR) and the UK Data Protection Act (DPA). This represents the first GDPR-related enforcement action by the ICO.

September 28, 2018 | Article

The following articled written by ACA's Michael Abbriano and Brett Ambrose appeared in the September 2018 National Society of Compliance Professional's Currents newsletter.

September 27, 2018 | Case Study, Blog Article

This case study explains the challenges a global private equity fund manager faced identifying third-party risks due to their lack of internal expertise and resources. The firm chose ACA's vendor management outsourcing service (VMOS) to solve these challenges, address regulatory concerns, and reduce the cost and time required to manage third-party risks. Download our latest case study to learn more.

September 26, 2018 | Compliance Alert

FCA assess the impact of MiFID II by asking asset managers to provide detailed information

26 September 2018

Last month, the FCA made a Request for Information regarding Research Unbundling and other practices related to the new rules on inducements and paying for research which came into play eight months previously. Its stated objective was to assess the impact of MiFID II on the investment research market. Thirty asset managers were selected to provide information (to be followed by onsite visits to a smaller number of these firms).

September 26, 2018 | Case Study, Blog Article

ACA's NorthPoint Investment Management System (NorthPoint IMS) offers many benefits for fund allocators. This case study explains how a large, complex fund allocator had business challenges managing their fund investments due to operational inefficiencies and decentralized workflows and data. The firm chose ACA's NorthPoint IMS to solve these challenges, increase operational efficiencies, and reduce risk. Download our latest case study to learn more.

September 26, 2018 | Cyber Alert

On September 26, the U.S. Securities and Exchange Commission (SEC) announced that a broker-dealer/investment adviser has agreed to pay a $1 million fine for allegedly failing to safeguard personally identifiable information of customers. According to the SEC, the firm failed in two areas: allegedly violating the Safeguard Rule and allegedly violating the Identity Theft Red Flag Rule. regulation directed toward New York consumer credit reporting agencies.

September 25, 2018 | Compliance Alert

Below are the regulatory filing submission deadlines occurring from October through December 2018. All filings are supported by the ACA Regulatory Reporting solution ("ACA RR") except where noted.

September 20, 2018 | Press Release

ACA is proud to announce that the 2018 HFM US Hedge Fund Services Awards named ACA Compliance Group Best Advisory Firm - Regulation and Compliance and ACA Aponix Best Cyber-Security Service. The awards were announced on September 13 at a ceremony in New York.

September 20, 2018 | Blog Article

Regulators in both the U.S. and U.K. continue to focus on electronic communication oversight programs as a form of detecting and preventing financial crime and non-compliance within financial organizations. We’ve seen the U.S. Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and the Financial Conduct Authority (FCA) increase their focus on this area over the past two years, and we anticipate this scrutiny will likely increase.

September 20, 2018 | News

Businesses who are established outside of the European Union may be entitled to recover Value Added Tax (VAT) that they have incurred during business trips to the United Kingdom. Eligible items include:

Attendance fees for conferences tickets and trade showsHotel and subsistence costsTravel booking feesTelecom and network charges

Reclaims can reduce the cost of your UK expenses by as much as 16 percent to improve your overall profitability.

September 19, 2018 | Cyber Alert

This alert contains information about multiple vulnerabilities in Apple products, and about an increase in social engineering “gift card” scams.

Apple Vulnerabilities

The Center for Internet Security reports that multiple potential vulnerabilities have been found in the following Apple products:

September 18, 2018 | Blog Article

The Investment Advisers Act of 1940 (“Advisers Act”) imposes a significant number of regulatory obligations on the roughly 13,000 advisers registered under its purview. One of the broader mandates under the Advisers Act, articulated by Rule 206(4)-7 (“Compliance Program Rule”), requires advisers to review, no less frequently than annually, the adequacy of the policies and procedures established and the effectiveness of their implementation.

September 17, 2018 | White Paper

The most common question we receive from our GIPS verification clients is, “What do other firms do?” As a result of being asked this question many times, we gathered information about the firms we verify in order to provide answers to commonly asked questions that are based on real data versus anecdotal information.

September 13, 2018 | Compliance Alert
Preparing a Contingency Plan for the UK Leaving the EU on 29 March 2019

The UK Government’s White Paper The Future Relationship Between the UK and the EU, published on 12 July 2018, was intended to signal a new pragmatic approach to secure a settlement this Autumn, building on the deal agreed in principle earlier in the year to leave existing arrangements in place until 31 December 2020.