On September 14, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a National Exam Program Risk Alert related to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the “Advertising Rule”). The risk alert highlights the compliance issues most commonly noted by the SEC’s examination staff as part of a recent “Touting […]
OCIE Publishes Marketing Risk Alert Read More »
ACA Compliance Group recently hosted the webcast briefing Regulatory Investment in Trade Surveillance – What You Should Know. Kenny Clowers, Managing Director at ACA Compliance Group, and Farid Razzak, Data Science and Analytics Engineer at ACA Surveillance Technology, discussed how the SEC’s ongoing commitment to developing its technological capabilities for detecting financial crimes is impacting
On August 25 2016, the Securities and Exchange Commission (the “SEC”) adopted amendments to Form ADV and Rules 204-2(a)(7) and (a)(16). The amendments to Investment Advisers Act Rule 204-2 will require advisers to maintain additional records related to the calculation and distribution of performance information. The purpose of the new performance record-keeping requirement is to
SEC Tightens Record-Keeping Requirement on RIAs Reporting Performance Read More »
Communications record keeping obligations which include phone taping, are likely to prove particularly challenging when it comes to the cost of compliance and complexity of systems requirements. In fact, the obligations threaten to prove some of the most technically difficult for the buy-side to comply with. Who Needs to Keep Records? Although the FCA has
MiFID II for Asset Managers: Communications Record Keeping Read More »
The electronic communication mediums that investment advisers use to conduct business continue to evolve, posing a challenge to the compliance community’s ability to retain and adequately supervise the appropriate books and records. The U.S. Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) has recently demonstrated an increased interest in understanding how
5 Ways to Meet Regulators’ Expectations Regarding Electronic Communications Read More »
Earlier this month, ACA announced that it is set to acquire Ashland Partners & Company, LLP’s GIPS® compliance verification and performance practice. When this transaction closes in June, ACA Performance Services (“APS”), will offer the most experienced team of GIPS compliance verifiers in the world, servicing over 1,000 clients annually, including 49% of the top
Financial institutions (“FI’s”) are required by Anti-Money Laundering (“AML”) regulations to perform risk-based due diligence for their customers and prospective customer. This due diligence is referred to as Customer Due Diligence (“CDD”). FI’s must perform an additional level of due diligence for customers presenting a high level of AML risk, known as Enhanced Due Diligence
Anticipated Behavior Profile Read More »
In recent years the SEC has been paying close attention to discrepancies in Form ADV filings and regulators have specifically been spending more time reviewing assets under management. Particularly now, when Annual Updates are due, it’s important to pay close attention to how to calculate your regulatory assets under management (RAUM). A fundamental mistake that
Calculating Assets Under Management vs. Assets Under Advisement Read More »
FINRA Rule 1250 requires registered persons to participate in Continuing Education (“CE”). The term “Continuing Education” should be familiar to all registered representatives; however, the distinction between “Regulatory Element” and “Firm Element” training is often blurred. An easy way to differentiate is to remember the word “Regulatory” refers to FINRA (regulations), while the word “Firm”
Continuing Education – Regulatory Element vs. Firm Element Read More »
I’ll bet you’ve been to Walmart many times and most likely to more than one location. The retail giant started as a small business with one location and is now a household name with locations all over the world. This was not an overnight achievement but a long industrious process. There are many benefits to
Branching Out – Office Registration Read More »
