As part of ACA, our in-house regulatory and performance experience is leveraged to help your firm understand the broader picture of compliance. We draw from our experience and regulatory insight to help your firm understand industry best practices and the range of compliance issues that your peers face today.

FINRA Leverages the GIPS Standards for Standardizing Private Placement Performance Marketing

FINRA's release of Regulatory Notice 20-21 allows the use of IRR for investments or funds that have been fully realized but further requires utilizing the calculation methodologies of the GIPS standards.

Latest insights

December

Benchmarking Insights: Tracking the Impact of the Private Fund Adviser Rules

We captured insights into the Private Fund Adviser Rules through a series of polling questions and examine what they mean for firms.

Article
  • Private Fund
  • SEC
  • Compliance
  • Performance
December

Private Fund Quarterly Statement Rule Breakdown - Performance Disclosures

In the months since the release of the final rule, we continue to dig further into the practical implications of these required disclosures and the impacts on private fund managers’ current reporting structure.

Article
  • Private Fund
  • Performance
  • SEC
curved glass building looking up at a blue sky

Performance Precision: SEC's New FAQ Sharpens Focus on Gross and Net IRR Obligations

On February 6, 2024, the Securities and Exchange Commission’s (SEC) Division of Investment Management released a new Frequently Asked Question (FAQ) clarifying requirements around gross and net performance obligations for Internal Rates of Returns (IRR) often seen in the private markets space. Read our alert to understand the key details.

Compliance Alert
  • SEC Marketing Rule
  • Performance
  • Compliance
  • Private Fund
Maze

Case Study: Outsourced Performance Calculation for a Large Asset Manager

This case demonstrates the value of outsourcing investment performance management to a reputable third-party service provider.

Case Study
  • Performance
  • Managed Services
December

Private Fund Quarterly Statement Rule Breakdown

The Private Fund Quarterly Statement Rule requires a quarterly statement that includes information regarding fees, expenses, and performance to the private fund’s investors.

Article
  • Compliance
  • Performance
  • Private Fund
December

Demystifying the Private Fund Adviser Rules

The Private Fund Adviser Rules significantly impact how firms deal with investors, including requiring increased disclosure of fees and expenses, investments, and performance.

Article
  • Private Fund
  • Compliance
  • Performance

Performance webcasts

The New Marketing Rule: A Focus on Performance

Join ACA and K&L Gates for a detailed explanation of the specific performance requirements, how they differ from prior no-action letters, and what steps a firm should take now in order to be ready by the deadline.

Webcast

FAQs: Amendments to the Marketing & Advertising Rule

Join ACA for a complimentary webcast in which we'll provide answers to the most frequently asked questions we've received in response to the new marketing rule and its implications.

Webcast