ACA Compliance Group (ACA) recently completed its 2017 Alternative Fund Manager Compliance Survey containing responses from 262 illiquid and hedge fund managers on a broad swath of topics. The survey findings were discussed in a webinar by Danielle Joseph and Tessa Carbone, director and principal consultant, respectively, at ACA. This second article in a two-part series details the similarities and differences in expense allocation practices, business continuity efforts and succession planning at managers of hedge and illiquid funds. The first article addressed trends in the nature and coverage of SEC examination efforts, along with how fund managers use restricted lists and expert networks (among other means) to protect material nonpublic information. 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).