ACA Group, in collaboration with the Investment Adviser Association and Yuter Compliance Consulting, released its 19^th annual Investment Management Compliance Testing Survey (Report). The Report covers several issues specific to private fund managers, including expense allocations; fee and expense controls; performance presentation; and the impact of the Private Fund Adviser Rules, which have since been vacated. It also covers key elements of compliance programs, marketing, electronic communications, anti-money laundering controls and artificial intelligence. This article distills the Report’s key findings, with commentary from Carlo di Florio, global advisory leader at ACA Group. See “ACA Compliance Testing Survey: Marketing Rule Remains Top Compliance Focus” (Feb. 1, 2024).