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Digital advisers (sometimes referred to as robo-advisers or internet advisers) face increasing regulatory scrutiny, as well as unique compliance risks. Within a year, the U.S. Securities and Exchange Commission (“SEC”), Financial Industry Regulatory Authority (“FINRA”), and the Massachusetts Securities Division (“MSD”) have each issued guidance and statements addressing digital advisers.
As digital advisers continue to grow in size and number (some estimate the industry will grow to $2.2 trillion by 2020), we expect increased regulatory scrutiny. Digital advisers are encouraged to review their compliance programs in light of the regulators’ comments in order to ensure compliance and examination preparedness. In ACA’s opinion, the following areas present significant compliance risks to digital advisers:
How Can ACA Help?
ACA is a leading global provider of regulatory compliance products, performance services, cybersecurity and technology risk assessments, and technology solutions to the financial services industry. Founded in 2002 by former SEC examiners and state regulators, ACA’s products are developed and provided by a team comprised of former SEC, FINRA, FSA, NYSE, NFA, and state regulators, as well as former senior managers and technologists from prominent financial institutions and consulting firms. ACA serves a diversified base of leading investment advisers, private fund managers, commodity trading advisors, investment companies, and broker-dealers.
For More Information
If you have any questions about compliance for digital advisers or ACA's consulting services, please contact Giselle Casella, Senior Principal Consultant or your ACA consultant.