2017 Compliance Survey for Alternative Fund Managers

March 1, 2017

Are you interested in how other firms make expense allocation decisions? Ever wonder what controls other private fund managers have implemented relating to the receipt of material non-public information? Are your business continuity and transition planning practices in line with other alternative fund managers?

If these questions interest you, ACA Compliance Group invites you to participate in our new ACA Alternative Fund Manager Survey. This is the eighth survey of our ongoing series and is focused on the compliance practices, processes, and procedures of hedge fund and illiquid fund (e.g., private equity, real estate, venture, infrastructure) managers. During ACA’s last iteration of this survey series in September 2016, we received nearly 270 responses. As with the previous surveys, ACA will host a free webcast solely for participants after the survey closes. During this event, our consultants will discuss the survey results and provide best practice tips based on our expert analysis of the information collected.


ACA has designed its alternative fund manager surveys to explore and explicate the unique, complex issues faced by hedge fund and illiquid fund compliance professionals. Our current survey covers these important topics:

  • Controls Related to the Receipt of Material Nonpublic Information – In this area, the survey focuses on information barriers, restricted lists, interaction with industry experts and consultants, corporate access, and training.
  • Fund Expenses – Here the survey concentrates on the types of expenses charged to private funds, the income received by fund managers and any associated management fee offsets, and the controls, policies, and procedures related to fund expenses.
  • Business Continuity and Transition Plans (“BCP”) – In this section, the survey covers the controls that firms have implemented to protect clients’ and investors’ interests from being placed at risk by a business interruption, a natural disaster, or the loss of key personnel, including the adoption of policies and procedures, testing, and review of the BCPs of third-party service providers.

Your participation in our survey will have multiple benefits. Our past respondents have said that answering the questions alone gave them valuable insight into how to apply various best practices to their compliance programs. In addition, the aggregate survey data will provide up-to-date benchmarks for compliance controls and testing practices specific to the alternative fund management industry. This information will be useful for periodic and annual reviews. The results may also assist firms in assessing existing and potential regulatory requirement impacts on their businesses.


Important Information About the Current Survey

As mentioned above, after the survey closes, ACA will discuss the results in a free webcast for survey participants. This event will take place on April 27, 2017Participants will be redirected to register for the webcast upon completion of the survey. In order to receive complimentary access, please be sure to complete the registration before exiting the survey.

The survey takes approximately 30 minutes to complete. Partially completed responses cannot be saved, so please plan to answer all questions in one sitting.

The survey is open to compliance professionals at hedge fund and illiquid fund managers until April 6, 2017. We ask that only one person per firm complete the survey. If you are not your firm's chief compliance officer, please check with him or her before taking the survey to avoid duplicate responses.

ACA conducts its surveys in a "blind" manner where all respondents remain anonymous. You will not be asked to identify yourself or your firm at any point during the survey. All responses are strictly confidential. Responses may be shared with third parties at our discretion; however, they will remain anonymous and will not be attributed to the respondent.

Should any technical questions arise regarding the survey, please contact Danielle Joseph at (202) 713-8632.

Thank you in advance for your contribution.