ACA Compliance Group (ACA) recently completed its 2018 Alternative Fund Manager Compliance Survey, which included responses from 280 illiquid and hedge fund managers on a variety of compliance topics, and the results were discussed in a presentation by ACA director Danielle Joseph and principal consultant Ken Harman. This article, the first in a two-part series, details the portions of the survey that covered compliance programs and SEC examination priorities, and offers insights from the speakers. The second article will examine electronic communications, personal trading and corruption risk. For coverage of ACA’s 2017 compliance survey, see “Continued SEC Focus on Compliance, Conflicts of Interest and Fees, and Common Measures to Protect MNPI” (Jun. 1, 2017); and “Variety in Expense Allocation Practices and Business Continuity Measures” (Jun. 8, 2017).