ACA Compliance Group (ACA) recently completed its 2016 Alternative Fund Manager Compliance Survey, covering a number of top-of-mind issues facing the managers of hedge funds and more illiquid private funds. The survey’s findings were described in a recent webinar by ACA’s Danielle Joseph, a senior principal consultant, and Brian Lattanzio, a senior compliance analyst and private equity associate. This article, the first in a two-part series, examines the survey’s findings with respect to recent SEC examination experiences; compliance staffing and budgeting; compliance reviews, testing and training; and anti-money laundering and sanctions compliance. The second article will summarize the survey’s findings and speakers’ insights concerning custody; fees; safeguarding assets; and personal trading. For our two-part coverage of ACA’s 2015 compliance survey, see: “SEC Exams, MNPI and Restricted Lists” (Oct. 1, 2015); and “Expert Networks, Fund Expenses and Electronic Communications” (Oct. 8, 2015). For coverage of prior ACA surveys, see “SEC Exams, CCOs, Compliance Reviews, Custody, Fees and Personal Trading” (Dec. 11, 2014); “Current Hedge Fund Practices on Marketing, Trading, Counterparties and Valuation” (Jun. 13, 2014); and “Benchmarking of Private Fund Manager Compliance Practices (Part One of Two)” (Oct. 3, 2013).