ACA Group, in collaboration with the Investment Adviser Association and Yuter Compliance Consulting, released its 18^th annual Compliance Testing Survey. For the third consecutive year, compliance with the SEC’s new Marketing Rule, Rule 206(4)‑1 under the Investment Advisers Act of 1940, was the top compliance focus of investment advisers. The study covered other key compliance areas, including compliance programs, examination experience, best execution, remote operations, electronic communications, responsible investing, privacy, service providers and proxy voting. This article parses the study results. See our coverage of the 2021 ACA compliance testing survey: “Compliance Programs Holding Up and Significant Growth in ESG Interest” (Oct. 14, 2021); and “New Marketing Rule Is a Hot Topic” (Oct. 21, 2021).