New Year’s Resolution: Handle Compliance Matters Proactively

The Investment Advisers Act of 1940 makes it unlawful for an investment adviser that is registered, or required to be registered, with the U.S. Securities and Exchange Commission (SEC) to provide investment advice without a comprehensive compliance program in place. The Advisers Act requires SEC-registered advisers to: (1) adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws, (2) review those policies and procedures annually for their adequacy and the effectiveness of their implementation, and (3) designate a chief compliance officer responsible for administering the compliance program. Fund counsel is frequently asked to assist in the design or annual review of an adviser’s compliance program, and what better time to review compliance than at the start of a new year?

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