Industry Insights

What Outcomes-Based Supervision Means in Practice for Wholesale Markets Firms in 2026

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The FCA’s inaugural Wholesale Markets Regulatory Priorities report signals a more structured and more demanding phase of supervision for firms, including wholesale banks and brokers, corporate finance firms, and principal trading firms. While the regulator continues to champion proportionate regulation and UK market competitiveness, it is equally clear that firms unable to evidence robust controls, […]

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Why Surveillance Programs Succeed or Fail

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Calibration Is Key to a Program’s Success or Failure Across global markets, regulators have consistently enforced that a trade surveillance system is only as strong as its calibration. The FCA puts it plainly: “Market abuse surveillance across industry can take many forms. It is often challenging and complex. Appropriate tailoring of alert models, which we

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How ACA Helped a Growing Advisory Group Launch an Independent RIA

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Client Background A growing investment advisory group engaged ACA to support their strategic move to break away and separate their advisory business from their current corporate partner. This group’s goal was to establish a fully independent Registered Investment Adviser (RIA). While the group intended to maintain their existing broker-dealer relationship, they anticipated that the transition

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Active Phishing Campaign Impersonating FINRA and the SEC

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On March 26, 2026, ACA became aware of an active phishing campaign targeting FINRA and SEC-registered financial services firms and advisers. While the scope of the phishing campaign is not yet known, multiple ACA clients have reported receiving messages and phishing emails claiming to be from contacts at FINRA or the SEC. All firms should

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Strengthening Business Continuity Planning Amid Heightened Regional Uncertainty

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Periods of geopolitical tension have always tested the resilience of financial institutions. But the current situation in the Middle East has revealed the extent to which modern operating models rely on interconnected systems, technology infrastructure, governance frameworks, and the availability of people. Against this backdrop, firms across the buy and sell-side are revisiting the fundamentals

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FCA Insider Dealing Case Reinforces the Need for Robust RegTech Controls

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What One FCA Enforcement Action Teaches Us About Third-Party Insider Risk Insider dealing undermines fair markets, damages investor trust, and exposes firms to severe regulatory and reputational risk. Detecting it quickly is essential to maintain market integrity, and regulators are increasingly relying on firms’ surveillance capabilities to do so. We’re going to explore a recent

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What Outcomes-Based Supervision Means in Practice for Buy-Side Firms in 2026

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The FCA is raising the bar for wholesale buy-side firms; not by rewriting the rulebook, but by sharpening how it supervises against it. Its first Regulatory Priorities report for the wholesale buy-side replaces the traditional portfolio letter with a more explicit and structured articulation of supervisory focus. More importantly, it signals a shift in how

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Private Markets Firms Face a More Intrusive Supervisory Cycle in 2026

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Private markets firms are entering a supervisory phase that feels materially different from previous cycles. The FCA has signalled a busier supervisory agenda, with a sharper focus on how firms operate in practice. Enforcement activity may be more selective, but where action is taken, it is likely to be targeted and consequential. What’s noteworthy is

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The SEC and CFTC Issue New Crypto Asset Guidance

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On March 17, 2026, the SEC (Commission) issued the Interpretive Rule (Interpretation), joined by the CFTC, clarifying how federal securities laws apply to certain types of crypto assets and transactions. The release introduces a five-category token taxonomy, reaffirms that the Supreme Court’s Howey test remains the governing standard, and provides detailed guidance on when a

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Women in Advisory Spotlight: Kerry Rider

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For Women’s History Month, we’re celebrating leaders whose careers demonstrate longevity, trust, and unwavering dedication to helping firms grow responsibly. Today’s spotlight features Kerry Rider, Partner, Head of ACA Wealth, and a long-time compliance professional who transitioned from in-house leadership to consulting, bringing nearly three decades of trusted advisory experience to clients. What inspired you

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