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Securities and Exchange Commission Adopts New Rules Requiring Compliance Programs for Investment Companies & Investment Advisers

January 07, 2004

By Investment Management Practice Group

The Securities and Exchange Commission has adopted new Rule 38a-1 under the Investment Company Act of 1940 and new Rule 206(4)-7 under the Investment Advisers Act of 1940 to require registered investment companies and investment advisers to establish comprehensive compliance programs. Under these Final Rules, Funds and Advisers will also be required to designate a chief compliance officer to administer the programs.