ACA Program Reviews 2019’s Key Compliance Trends and Issues

A recent ACA Compliance Group (ACA) program provided an overview of SEC examination and enforcement activity, updates from the Division of Investment Management, risk alerts, no‑action letters and rulemaking activities during 2019, with respect to both investment advisers and registered investment companies. This article examines the key takeaways for private fund managers from the program, which featured Erik Olsen and Anne Wallace, ACA managing director and consultant, respectively. For coverage of other recent ACA programs, see “Detecting and Avoiding Transaction Reporting Errors Under MiFID” (Nov. 7, 2019); and “Quant Advisers Face Unique Compliance Issues” (Oct. 10, 2019).

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