This course is designed to assist Senior Management to embed a compliance ethos in the individual and a strong compliance culture throughout the firm.
Periodic testing of your firm’s governance and control arrangements, as well as its policies and procedures, is essential to help avoid the cost and reputational risk of future scrutiny and potential enforcement.
Whether you’re looking to fulfill your annual compliance program review as mandated by Rule 206(4)-7 of the Investment Advisers Act of 1940, your FINRA required annual review, or need to determine if your firm is acting within the remit if its FCA Part 4A license permission, we can help.
Our review services look under the hood of your compliance program to ensure the policies and procedures you’ve set are up to date and appropriate for your firm. We can provide Mock SEC, NFA, and TFCE Exams, as well as FCA Mock Audits, in-depth analysis of your firm’s GABRIEL returns, and your Internal Capital Adequacy Assessment Process (ICAAP).
ACA specializes in preparing both US and non-US-based advisers for SEC examinations through our mock SEC audits. Our team will conduct these inspections in very similar circumstances to an actual exam. Following an ACA mock exam, your firm will know what to expect and will be in a position to address any deficiencies.
Our team conducts comprehensive reviews of broker-dealer equity trading desks intended to emulate the TFCE performed by FINRA’s Market Regulation Department. We also offer more limited reviews for OATS, TRACE and RTRS compliance.
After completing our mock exam, your firm will: know how to prepare for its next NFA exam, be aware of potential deficiencies and corrective actions, and understand how your compliance program stacks up against your peers.
Provides you with a high-level and efficient means of determining whether your firm is acting within the remit of its Part 4A Permission license, that your compliance infrastructure is complete and accurate, that the appropriate controls are in place and that your regulatory filings are being made.
Provides a review of the same areas as a compliance assurance review, as well as a review of your compliance infrastructure. This includes benchmarking relative to industry best practices, regulatory themes and guidance; additional control environment testing; additional staff member interviews; and, cross-validation of submitted GABRIEL returns.
In addition to ACA providing an exception-only report at the end of our review, your firm will receive a copy of the high-level assurance compliance monitoring programme undertaken.
Provides an assessment of all areas detailed within an FCA compliance health check, in addition to control environment interviews with non-compliance staff and general interviews with other staff members; a post-interview feedback session commenting on regulatory knowledge of individuals interviewed and your firm’s overall compliance culture; in-depth analysis of your firm’s GABRIEL returns and where relevant your Internal Capital Adequacy Assessment Process (ICAAP); and, a presentation to your firm’s senior management relative to ACA’s review findings.
Why work with us?
Regulatory gaps, failings or weaknesses can result result in fines, reputational damage, and even criminal sanctions. In each ACA FCA mock exam and health check conducted, our team identifies 24 different regulatory exposure points on average.
Gain the peace of mind that comes from working with the most trusted and experienced GRC advisor in the financial services industry. With former SEC, FINRA, FCA, NFA, CFTC, OCC, and state regulators along with former along with former Chief Compliance Officers and senior compliance managers from prominent financial institutions, we offer a deep understanding of the regulatory landscape and the holistic use of technology to maximize efficiencies and provide true value.
Compliance Testing Action Plan
Investment advisers often have robust compliance testing programs in place to ensure their staff and control environment remain a well-oiled machine. Most of the time, such testing programs are front of mind and on top of the daily, weekly, or monthly to-do list.
Yet over the past year – as compliance professionals have been forced to work from home during a global pandemic that comes with additional family obligations, enhanced day-to-day surveillance of staff, and adapting to changing expectations - testing has fallen to the bottom of the priority list. Unfortunately, the obligation to forensically test and/or stress test your compliance program remains.
Download our Compliance Testing Action Plan to help you and your firm get started.
ESMA final report recommends expansion of transaction reporting regime to AIFMS and UCITS Management Companies
ESMA has published a final report assessing the functioning of the Transaction Reporting regime under Article 26 of the Markets in Financial Instruments Regulation (“MiFIR”). Among a number of proposed changes perhaps the most impactful is the recommendation that UCITS management companies and AIFMs that are providing one or more MiFID services (i.e., Collective Portfolio Management or ‘CPMI’ firms) should be subject to transaction reporting
- Trade & Transaction
On February 26, 2021, the U.S. Securities and Exchange Commission’s (SEC) Division of Examinations released a Risk Alert highlighting areas of concern found in its examinations of investment advisers and broker-dealers investing and dealing in digital assets that are securities. We believe that these recent Division observations highlight the SEC’s interest in Digital Asset Securities and are a precursor to additional scrutiny in these areas.
The long-awaited modernization of the Marketing Rule was added to the Federal Register on March 5, 2021. Not only does the final marketing rule consolidate the advertising and cash solicitation rules, it also (among other things) categorizes certain considerations for presenting investment performance, effectively streamlining guidance currently found across multiple staff letters.
- SEC Advertising Rule
With the FCA confirming dates for the cessation of panel submissions for LIBOR settings, the markets have received some much-needed clarity on fast-approaching deadlines around the transition away from LIBOR. We examine what firms must do next.
Russell Investments Selects ACA Group’s ComplianceAlpha to Modernize Their Risk and Compliance Program from a Single Platform
Russell Invesments has selected ACA's ComplianceAlpha® to help modernize and streamline their compliance program.
This week, ACA Compliance Group made the move to ACA Group, better known to our clients and industry partners as ACA.
There is just one week to go until Regulatory Horizon 2021 | Navigating Evolving Risks, our free-to-attend European based conference for financial services firms is running from 2-4 March. We outline five reasons why this event is worth adding to your calendar.
The role of the Money Laundering Reporting Officer (MLRO) is a mandatory position in all firms in the Financial Services Industry. This reflects the statutory objective that the Regulator(s) have for ensuring that firms behave with “Integrity”, particularly relating to financial crime prevention. The MLRO therefore plays a significant role in assisting Senior management to ensure that systems and controls relating to anti-money laundering (AML) and countering the risk of terrorist financing (CTF) are appropriate and effective. This course provides practical advice and guidance on the responsibilities of the MLRO, what is expected by the Regulators, both of the Senior Management and the MLRO, and how those responsibilities can be achieved. It should be noted that attendance at this course does assume a good knowledge of the UK’s AML/CTF regulations.
The role of the Compliance Officer is a mandatory position in all firms in the Financial Services Industry. They play a major role in assisting Senior Management to ensure that appropriate and effective systems and controls are in place to achieve and maintain compliance with the applicable Rules. While the nature of the Compliance Function is likely to differ from one firm to another, this course provides an easy to follow breakdown of what the Regulator expects of a Compliance Officer and explains, in practical terms how the regulatory expectations and those of Senior Management can be achieved.