The Investment Company Institute (ICI) today issued detailed guidance to assist mutual funds in complying with a rule requiring an annual review of compliance programs and a report to fund Boards of Directors on the adequacy of those programs. Funds must complete an initial annual review by April and report to Boards no later than June.
The ICI, with significant input from its member firms, developed a paper, "Assessing the Adequacy and Effectiveness of a Fund's Compliance Policies and Procedures," to assist Chief Compliance Officers (CCOs) and others in meeting the review and reporting requirements issued by the Securities and Exchange Commission under Rule 38a-1 of the Investment Company Act of 1940. Evaluating compliance programs is one of the most important responsibilities placed on CCOs. Ensuring the integrity and effectiveness of compliance procedures is a matter of high importance to fund boards and shareholders. The paper seeks to facilitate the ongoing compliance efforts of funds.
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