GRC hot topics
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.
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.
ACA 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.
- ACA News
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?
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.
OCIE Issues Risk Alert Highlighting Deficiencies in Compliance, Supervision, and Disclosure of Conflicts of Interest
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.
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.
Mirabella Group, the regulatory hosting arm of ACA Compliance Group, 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.
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.
- Trade & Transaction