US - An Alternative Investments Compliance Association (AICA) has been created to encourage communication among industry players and stimulate the sharing of compliance best practices.
The new association was formed when HedgeOp Compliance, provider of products and services to hedge funds, joined forces with chief compliance officers from 10 investment firms with an aggregate of over US$12bn in assets under management.
At the outset, AICA will focus on the current state of SEC rules and required procedures, recent and future legislative compliance and regulatory developments and the use of technology to address compliance requirements.
“The Alternative Investments Compliance Association is focused exclusively on the unique compliance and regulatory issues applicable to the alternative investments industry,” said William Mulligan, CEO of HedgeOp Compliance.
“In this rapidly evolving environment, firms of all sizes can benefit from the development and sharing of formal policies and best practices for handling regulatory compliance and operational issues,” he added.
Membership with the association is open to chief compliance officers, mid-level compliance professionals, hedge fund and fund of hedge fund managers, private equity firms, industry service providers and other senior executives within the alternative investments industries.
AICA's next meeting is due to be held later this year and will be open to wider membership.
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