ACA-IAA Investment Management Compliance Testing Survey Covers Best Execution, Soft Dollars, Advertising, Individual Clients and Cryptocurrency Trading (Part Two of Two)

For the fifth consecutive year, cybersecurity remains the most prominent compliance topic, as noted in the 2018 Investment Management Compliance Testing Survey recently completed by ACA Compliance Group (ACA) and the Investment Adviser Association (IAA). The results of the survey were discussed in a recent webinar presented by Enrique Carlos Alvarez, senior principal consultant at ACA; Sarah A. Buescher, associate general counsel at the IAA; and Sanjay Lamba, assistant general counsel at the IAA. This article, the second in a two-part series, analyzes the survey’s findings on best execution; soft dollars; advertising and social media; individual clients; cryptocurrency; cybersecurity; and other compliance trends. The first article examined the portions of the survey that covered compliance program testing; fees and expenses; socially responsible investing; sub-advisers; alternative data; trade surveillance; and custody. For coverage of ACA’s 2017 compliance survey, see “Continued SEC Focus on Compliance, Conflicts of Interest and Fees, and Common Measures to Protect MNPI” (Jun. 1, 2017); and “Variety in Expense Allocation Practices and Business Continuity Measures” (Jun. 8, 2017).

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