OCIE Cautions Advisers on Outsourcing Compliance Activities:
In a Risk Alert dated November 9, 2015, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said it found that outsourced compliance programs are generally effective, but some of these arrangements leave room for improvement.
As part of its Outsourced CCO Initiative, OCIE examined 20 registered advisers and funds (“registrants”) that outsource their compliance activities to assess the effectiveness of outsourced compliance programs and CCOs. The Risk Alert summarized OCIE’s findings.
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