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.
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Who we work with
We provide solutions for the following types of firms.
Business Development Companies (BDCs)
We provide 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.
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
of the top 100 mutual funds (as noted in the Mutual Fund Directory March 2020 ranking data)
Latest compliance insights
![Compliance alert default blog image curved glass building looking up at a blue sky](/sites/default/files/styles/width_280/public/2022-03/AdobeStock_214611064_1200x900.jpg.webp?itok=g--fk6Xn)
SMS Message Rates May Apply: SEC Fines 16 Firms $81 Million for Recordkeeping Failures
The SEC announced that it settled charges with 16 investment advisers and broker-dealers alleging that the firms failed to maintain required electronic records. Learn more and get our tips for how to proactively strengthen your compliance program in our recent alert.
- SEC
- eComms Surveillance
- Compliance
![Compliance alert default blog image curved glass building looking up at a blue sky](/sites/default/files/styles/width_280/public/2022-03/AdobeStock_214611064_1200x900.jpg.webp?itok=g--fk6Xn)
Performance Precision: SEC's New FAQ Sharpens Focus on Gross and Net IRR Obligations
On February 6, 2024, the Securities and Exchange Commission’s (SEC) Division of Investment Management released a new Frequently Asked Question (FAQ) clarifying requirements around gross and net performance obligations for Internal Rates of Returns (IRR) often seen in the private markets space. Read our alert to understand the key details.
- SEC Marketing Rule
- Performance
- Compliance
- Private Fund
![December](/sites/default/files/styles/width_280/public/2022-12/december_reg_update_1.png.webp?itok=MpNc9y5T)
Adviser-led Secondaries, Annual Fund Audits, and Annual Compliance Review Documentation Breakdown
The Adviser-led Secondaries Rule requires advisers to obtain an independent fair or valuation opinion while the Annual Fund Audits Rule requires advisers to obtain audits of their private funds annually and upon liquidation.
- Compliance
![Compliance alert default blog image curved glass building looking up at a blue sky](/sites/default/files/styles/width_280/public/2022-03/AdobeStock_214611064_1200x900.jpg.webp?itok=g--fk6Xn)
2024 FINRA Regulatory Oversight Report
The 2024 Annual Regulatory Oversight Report provides insight into findings from FINRA's Member Supervision, Market Regulation, and Enforcement programs.
- Compliance
- FINRA
![December](/sites/default/files/styles/width_280/public/2022-12/december_reg_update_1.png.webp?itok=MpNc9y5T)
Private Fund Restricted Activities and Preferential Treatment Rules Breakdown
The Restricted Activities Rule focuses on transparency, disclosures, and consent while the Preferential Treatment Rule bans private fund advisers from providing preferential information to investors.
- Private Fund
- SEC
- Compliance
![December](/sites/default/files/styles/width_280/public/2022-12/december_reg_update_1.png.webp?itok=MpNc9y5T)
Private Fund Quarterly Statement Rule Breakdown
The Private Fund Quarterly Statement Rule requires a quarterly statement that includes information regarding fees, expenses, and performance to the private fund’s investors.
- Compliance
- Performance
- Private Fund
News
Advisers’ Concerns of Off-Channel Communications Surpasses the Marketing Rule as Top Compliance Concern, Survey Reveals
Advisers’ concerns of off-channel communications eclipsed the Marketing Rule as the top compliance concern, according to the 2024 Investment Management Compliance Testing Survey.
ACA Group Named Most Preferred Workplace by Marksmen/India Today 2024-2025
ACA Honored with Marksmen/India Today Award for Most Preferred Workplace for 2024-2025
Apex Group and ACA Form Strategic Partnership to Enhance Client Experience
Apex Group and ACA form strategic partnership to enhance client experience. The alliance enables clients to seamlessly identify a reputable service provider that will help support and protect their business.