WASHINGTON — SEC examiners want chief compliance officers of investment advisers affiliated with mutual funds to certify, in writing, the firm's compliance with its policies and procedures.
The request — on a questionnaire provided to an investment adviser during an inspection earlier this year — surprised most observers because it is not part of any securities rule.
In addition, staffers at the Securities and Exchange Commission are routinely asking chief compliance officers to provide "exception reports together with documentation of follow-up work," as well as lists of compliance breaches documented since the inception of the firm, all on company letterhead and signed by the chief compliance officer or the president.
And in a combined examination of an unidentified mutual fund company and its affiliated investment adviser in September, the Chicago regional office of the SEC asked for a written list of "all violations of the law, material compliance problems or other significant matters that have occurred since the last inspection that registrant(s) think we need to know before commencing the exam."