ACA's Top 10 Articles of 2021
Throughout 2021, compliance teams have had to figure out how to maintain an effective compliance program despite a constantly changing work environment due to the ongoing pandemic as well as emerging trends, such as environmental, social, and governance (ESG), and new regulations, such as the new Marketing Rule.
As we reflect on the past year, we wanted to take a moment to look back at our most popular articles from 2021.
- The New Marketing Rule’s Impact on the Presentation of Performance
The U.S. Securities and Exchange Commission (SEC) adopted amendments late last year to modernize Rule 206(4)-1 (the Advertising Rule) for the first time since the Rule’s adoption. Not only does the final Rule consolidate the Advertising and Cash Solicitation Rules, it also (among other things) categorizes certain considerations for presenting investment performance that, interestingly, overlap with the CFA Institute’s Global Investment Performance Standards (GIPS®) in a number of ways. Read more
- SEC Adopts New Marketing Rule for Investment Advisers
The SEC has finalized the long-awaited overhaul of the Advertising Rule (Rule 206(4)-1). The new rule, which is referred to as the “Marketing Rule,” is intended to modernize the framework for investment adviser advertising and replace the patchwork of cases, no-action letters, and SEC staff guidance that has developed in this area since the rule was first adopted in 1961. Read more
- A Guide to the Presentation of Performance Under the New Marketing Rule
This new rule combines old and new concepts that will have a direct impact on the way firms present performance in the future and we have included some of the key concepts within in this discussion. In this guide we talk about these changes and how firms can prepare to present performance in line with the new rule and actions they can take now in preparation for the final compliance date set for November 4, 2022. Read more
- Preparing for 2022: Compliance Budget Considerations, Priorities, and Helpful Tips
To help firms planning for their 2022 fiscal year budget, or those adjusting spend to tackle new initiatives, get started, we have gathered from compliance professionals tips that will explain the foundational needs of a compliance budget, how that looks in action, and how to prepare for the unexpected. Read more
- Recent Institutional RFP Mandates Requiring GIPS Compliance of Alternative Investment Managers and OCIOs
As a leading global provider of GRC solutions to the investment industry, we keep our finger on the pulse of the industry and provide informative insights on various trends. Each quarter, we provide our feedback on recent institutional mandates related to compliance with the GIPS standards and how those mandates ask about the calculation and presentation of performance. Within these quarterly updates, we provide our insight into the demand for compliance with the GIPS standards and how that demand is evolving over time. Read more
- NFA Warns of Fake Emails
A number of regulators have been spoofed this year as part of phishing campaigns. The National Futures Association (NFA) issued a notice to members on March 3rd warning of reported phishing attempts using fake NFA credentials. We outline how to spot a phishing attempt and prevent your firm from falling victim. Read more
- Protecting Your Home's Smart Devices
Our homes are becoming increasingly connected to the outside world through "smart" devices, which work together over your Wi-Fi network to make your home more comfortable, safe, and convenient. With all of this convenience comes a great deal of risk. Internet-connected smart devices can become a target for hackers, so it's important to configure them in a way that doesn't put your home — or your data — at risk. Read more
- AML Update for Investment Advisers
The 2015 FinCEN Proposal and several other financial crime risks make AML relevant for investment advisers and all other participants in the securities and financial industry. This update summarizes key developments in the AML space during the first half of 2021 and how they may impact your firm. Read more
- What Investment Advisers Need to Know about the SEC's Recent Insider Trading Case Focused on "Shadow Trading"
The SEC recently charged a former employee of a biopharmaceutical company with "shadow trading", a form of insider trading. This has profound implications for compliance personnel at most investment advisers whose compliance testing and surveillance programs historically have not focused on this type of activity. Read more
Regulatory Changes Force Private Fund Managers to Re-Focus on IRRs or Face Fundraising Hurdles
Private fund managers, fund raising through intermediaries, such as placement agents, bank-platforms, or other types of registered broker-dealers, must be aware of a new hurdle that they might face while engaging with these intermediary channels. Such channels, in some cases, are requiring a legal representation for internal rate of return (IRR) calculations to be consistent with the Global Investment Performance Standards (GIPS®) and to include additional GIPS-required metrics. In this blog we will try to address how fund managers can overcome this fundraising hurdle, and some key misconceptions. Read more
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