Automated Compliance Solutions, the industry leader in Compliance Risk Management software-as-a-service, has announced the introduction of Fast Track Compliance Risk Managementâ¢ for advisers to hedge funds and private equity firms that must register with the SEC under the Dodd-Frank Act. Fast Track Compliance Risk Management cost effectively implements, maintains, monitors, manages, enforces and documents the regulatory policies, test procedures, forms and compliance department organizational structure that that are required before registering with the SEC.
âBefore a hedge fund or private equity firm registers with the SEC as mandated by the Dodd-Frank Act, it must have in place an effective compliance risk management program,â declared John Logan, Automated Compliance Solutionsâ CEO. âAs soon as a firm registers with the SEC, the SEC has the right to examine the firm to ensure it is properly adhering to the SECâs rules and regulations. If the firm is not in compliance, the SEC examination team has several corrective options, including referring the case for an enforcement action.â
The SEC requires that every registered investment adviser has a designated Chief Compliance Officer, written regulatory policies and procedures, and conducts an annual compliance review. Using the power of ACS software, customers can manage their compliance program with existing staff. ACS Fast Track Compliance Risk Management supports all regulatory compliance policies, test procedures and forms. Using ACSâ SEC examination preparation procedures allows a firm to effectively conduct its annual compliance review.
âWell-managed firms will implement a compliance program based upon their regulatory compliance manual and run through at least 6 months of compliance testing before registering with the SEC,â said John Logan. âSEC examinations focus on the documentation of adherence to compliance maintained by the firmâs compliance officer. While Dodd-Frank gives hedge funds and private equity firms managing over $150M AUM one year to register, this is barely enough time to have the mandated compliance risk management program in place. ACS provides the compliance infrastructure and processes to meet both industry standards and the expectations of sophisticated investors.â
ACS Fast Track Compliance Risk Management can be operational for an unregistered hedge fund or private equity firm in days. ACSâ software is delivered as a service and is implemented by ACSâ Customer Service. Chief Compliance Officers will spend less than one day directing the implementation effort. ACS sets up and manages each customerâs compliance review procedures to ensure the compliance program is properly maintained. ACS Fast Track Compliance Risk Management is the safest and most cost-effective path for unregistered private equity firms to implement a compliance program before SEC registration.