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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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.

We offer broker-dealer chaperoning services to non-U.S. asset managers and broker-dealers that seek to market private funds in the United States without registering as a U.S. broker-dealer.

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

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.

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

ACA Foreside can sponsor (apply for, obtain, and maintain) an NSCC membership participant number for domestic funds, collective trusts, and foreign funds. Additionally, we can provide guidance to clients and their transfer agents with respect to administration, implementation, and maintenance of funds’ operational policies and procedures.

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

Launching an ETF takes the right partner.  We stand ready to advise you regarding the regulatory, financial, operational and distribution requirements of your exchange-traded funds (ETFs). 

Our Fund Officer model provides a hands-on, tailored approach by placing experienced and independent Fund Officers close to the Fund’s Board of Trustees. They are exposed to multiple administrators, counsel, and advisors, and have valuable industry perspective allowing for a better understanding of best practices.

We distribute over $1 trillion of product for over 200 fund families through our broker-dealers and serve as the legal underwriter for registered funds (mutual funds, closed-end funds, and ETFs) and placement agent for private funds.

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.

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.

We can maintain a private-label broker-dealer on behalf of your firm, allowing you to focus on your core business. Our private label broker-dealer offering provides an opportunity for firms to have ACA Foreside own and manage a broker-dealer branded by you and dedicated solely to you as the client.

ACA Foreside can assist with all aspects of your FINRA licensing needs for both registered and private funds.

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 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.

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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SEC Spotlights Testimonials, Endorsements, and Third-Party Ratings in Latest Exam Risk Alert

The SEC is examining investment advisers' compliance with the Advisers Act Marketing Rule. Advisers should be prepared for comprehensive examinations of their marketing practices.

Compliance Alert
  • Compliance
  • SEC
  • SEC Marketing Rule
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EU/UK Announce Memorandum of Understanding – What does that mean for Financial Services Firms?

In May the EU and UK announced a draft MoU for regulatory cooperation in financial services, establishing a framework for close cooperation and avoiding regulatory divergence.

Compliance Alert
  • Compliance
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Tips for Updating Your Compliance Program: Shareholder Reporting Requirements and Amendments to Advertising Rules

The SEC's new rule amendments for mutual funds and ETFs aim to provide concise shareholder reports and require physical delivery instead of online posting.

Article
  • Compliance
  • SEC
  • Mutual Fund
city streets at night from above

SEC Staff Bulletin – Standards of Conduct for Broker-Dealers and Investment Advisers Care Obligations

The SEC issued guidance on the Care Obligation of Reg BI, emphasizing understanding risks, obtaining investor information, considering alternatives, and exercising caution with complex products.

Article
  • SEC
  • Compliance
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Tip for Updating Your Compliance Program: Enhanced Proxy Voting Requirements

New SEC rules require standardized categorization, machine-readable filing, and sharing of mutual fund proxy votes and shares, with say-on-pay votes reported on Form N-PX by institutional investment managers worth $100 million or more only if they vote.

Article
  • Compliance
  • SEC
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U.S. Regulatory Update – May 2023 Edition

This update includes insights on the third SEC Bulletin on Reg BI and Fiduciary Standard of Care, Ransomware Reminders, New N-PX Reporting, and the looming FTC Safeguards Rule.

Newsletter
  • Compliance
  • SEC

News

Celebrating Black History Month at ACA: African Americans and the Arts

ACA proudly joins in the celebration of Black History Month. This year, our spotlight shines on the theme "African Americans and the Arts," a rich tapestry of culture, expression, and resilience.

ACA Group Advancing Beyond Boundaries by Clinching RegTech100 for Innovation and Growth

ACA is thrilled to announce that it has been recognized once again as a RegTech100 company for 2024 by RegTech Analyst.

ACA Launches ESG Portfolio Monitoring for Private Markets

Introducing ACA Vantage for ESG; a straightforward and comprehensive solution to track and analyze ESG data, and support PE, private credit, and leveraged loan portfolios.

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