GRC Solutions for Mutual Funds, ETFs, and Other Investment Companies

Our Investment Company Practice supports registered investment companies, as well as their advisers and sub-advisers, board of directors, and service providers to help them build, enhance and add controls to their compliance programs to meet Investment Company Act of 1940 requirements and SEC and industry standards.

We offer objective, innovative, and effective compliance reviews and solutions to prepare registered investment companies, as well as their boards, sponsors, advisers, sub-advisers, and service providers, for the rigors of SEC examinations. We provide solutions to assist firms with managing and mitigating related operational, regulatory, and reputational risks.

Our solutions

Address financial crimes-related threats and regulatory concerns with our team of former regulators and auditors. Our team can support with independent money laundering reviews for mutual funds and transfer agents, AML compliance program reviews, and more.

Strengthen your compliance program with our global team of compliance professionals.

Build cyber and operational resilience across your firm with our team of cybersecurity and technology risk experts.

Gain clarity on your firm’s ESG requirements and build a strong compliance program with our dedicated ESG advisory practice.

Maximize your firm’s time and efficiency with our technology-powered managed services. Our team can assist with on- and off-site CCO support and outsourced mutual fund advertising and marketing reviews.

Stay in compliance with the GIPS® standards and investment performance rules with the world’s largest team of GIPS standards verifiers.

Our consultants can provide training on the many topics mutual funds, ETFs, and other investment companies need to comply with, or you can choose to use any of our online modules to train your staff.

Liquidity Risk Management Program Support

ACA’s Investment Company practice is dedicated to supporting our clients in navigating the SEC’s liquidity risk management program rule through educational resources and alerts, benchmarking insight, help with program management and development of policies and procedures, annual assessments, and more.

Build a scalable and resilient compliance program with our ComplianceAlpha® regulatory technology  platform backed by managed services support.

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Who we work with

We provide solutions for the following types of firms.

Business Development Companies (BDCs)

We provides objective, innovative, and effective compliance reviews and solutions to assist business development companies, as well as their boards, sponsors, and service providers — with preparing for the rigors of an SEC examination.

Exchange Traded Funds (ETFs)

We provide objective, innovative, and effective compliance reviews and solutions to assist exchange-traded funds with preparing for the rigors of an SEC examination.

Registered Investment Companies

We offer diverse compliance review and compliance services, all scalable to individual client needs.

Variable Insurance Products

We help insurance companies and distributors understand and manage these complex compliance requirements and develop and implement the comprehensive, effective risk-based protocols necessary to meet regulators’ expectations.

Solution Spotlight

Investment company compliance solutions

Our team includes former regulators along with former along with former chief compliance officers and senior compliance managers from prominent financial institutions. Our team helps you to navigate the evolving regulatory landscape while considering the complexity of your firm’s unique compliance requirements.

Compliance solutions can include:

  • Adviser and fund policy and procedure customization and development
  • Mock SEC reviews
  • Rule 38a-1 compliance program reviews
  • Enhanced annual adviser compliance program reviews that is specific to Company Act requirements for advisers/sub-advisers
  • Customized focus reviews (e.g. liquidity risk management program, intermediary fees, cross trades, cybersecurity, valuation)
  • Compliance and internal audit testing support
  • Sub-adviser due diligence reviews
  • SEC inspection support
  • Mutual fund distributor reviews and financial intermediary oversight reviews (e.g. FINRA rule 3110, 3120)
  • Independent Consulting Mandate

By the numbers

Our market share

80%

of the top 100 mutual funds (as noted in the Mutual Fund Directory March 2020 ranking data)

Latest compliance insights

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Transaction Reporting Still Not a Priority for Firms, Despite Recent ESMA Fine

New research reveals that confidence among financial services firms in the quality of their own transaction reporting is declining – down to 65% from 87% in 2021. This confirms concerns around inaccurate regulatory reporting leading to fears of undetected market abuse and an inability to monitor for systemic risks.

Press Release
  • Compliance
  • FCA
  • Trade & Transaction
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New FCA Climate-Related Disclosure Obligations: Start Planning Now

Enhanced FCA climate-related disclosures come into play for many asset managers from 1 January 2023. Compliance is closely aligned to the Taskforce on Climate-Related Financial Disclosures (“TCFD”). Download our guidance sheet to start planning for the upcoming changes.

Compliance Alert
  • Compliance
  • FCA
  • ESG
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Summary of FINRA Regulatory Actions in 2021

FINRA brought 126 enforcement actions and issued fines totaling almost $100M in 2021. In comparison, FINRA only issued a total of $57M in fines during 2020.

Compliance Alert
  • Compliance
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FINRA Reminder of Liability for Failing to Discharge Rule 3110

FINRA Regulatory Notice 22-10 reminds members of their liability if they fail to discharge Rule 3110 about designated supervisory responsibilities.

Compliance Alert
  • Compliance
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Checklist: How to Ensure Compliance with Financial Sanctions Obligations

Responding to the Russia-Ukraine conflict, the UK Government has imposed sanctions on Russia. FCA-regulated firms are obligated to implement systems and controls to prevent financial crime. With the authorities increasing their focus on financial sanctions, download our checklist to be sure you are considering key tasks.

Compliance Alert
  • Compliance
  • Cybersecurity
  • Managed Services
  • FCA
  • ComplianceAlpha
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SEC Division of Examinations 2022 Examination Priorities

On March 30, 2022, the U.S. Securities and Exchange Commission’s Division of Examinations released its FY2022 Examination Priorities. Read our insights.

Compliance Alert
  • Compliance

News

Celebrating Asian and Pacific Islander American Heritage Month

May is Asian and Pacific Islander American Heritage Month, and we are happy to celebrate with the launch of our Asian Pacific Islander Employee Resource Group!

ACA Mirabella Awarded HFM's Title of Best Regulatory Hosting Platform

ACA Mirabella are recognised as the hedge funds preferred provider, having once again been presented the title of Best Regulatory Hosting firm at the 2022 HFM European Services Awards. This is the seventh year in a row that ACA Mirabella has taken this title. Learn more about this win here.

Transaction Reporting Still Not a Priority for Firms, Despite Recent ESMA Fine

New research reveals that confidence among financial services firms in the quality of their own transaction reporting is declining – down to 65% from 87% in 2021. This confirms concerns around inaccurate regulatory reporting leading to fears of undetected market abuse and an inability to monitor for systemic risks.

Upcoming events

Compliance Officer: The Roles and Responsibilities - 18 May 2022

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.

Online Training

2022 SEC Priorities and Focus Areas

We will discuss how the 2022 SEC Examination Priorities, Risk Alerts and new proposed rules may impact your firm and your compliance program.

Webcast

Annual Compliance Training - 7 June 2022

The regulator is clear, you and your team must review your competence and training needs regularly. This course is designed specifically to assist all staff in meeting and staying up to date with their statutory and regulatory obligations.

Online Training