Post by cxgllc on Apr 30, 2019 11:25:41 GMT
Under SEC regulations, each RIA firm is required to have a CCO, someone who is in charge of compliance for that firm. You don’t have to hire someone just to oversee compliance. The CCO can have other responsibilities, but it is important that he or she have a good working knowledge of SEC compliance and the time needed to maintain compliance standards for the firm.
In the SEC’s own words, “An adviser’s chief compliance officer should be competent and knowledgeable regarding the Advisers Act and should be empowered with full responsibility and authority to develop and enforce appropriate policies and procedures for the firm. Thus, the compliance officer should have a position of sufficient seniority and authority within the organization to compel others to adhere to the compliance policies and procedures.”
So, choose wisely. Make sure your compliance officer is knowledgeable, experienced, and has authority in your organization. And be prepared to back up your CCO if certain requirements are unpopular with your team.
CCO for Hire | FINRA Compliance
In the SEC’s own words, “An adviser’s chief compliance officer should be competent and knowledgeable regarding the Advisers Act and should be empowered with full responsibility and authority to develop and enforce appropriate policies and procedures for the firm. Thus, the compliance officer should have a position of sufficient seniority and authority within the organization to compel others to adhere to the compliance policies and procedures.”
So, choose wisely. Make sure your compliance officer is knowledgeable, experienced, and has authority in your organization. And be prepared to back up your CCO if certain requirements are unpopular with your team.
CCO for Hire | FINRA Compliance