There's a new sheriff in town at the country's investment advisors and broker/dealers.The Securities and Exchange Commission's new rules on the Investment Company Act of 1940 and the Investment Advisers Act of 1940 require firms to have a chief compliance officer who is held accountable for the firm's compliance with all regulations.
The rules became effective in October of 2004. The NASD passed similar laws, and financial services firms of all types scrambled to upgrade manuals and find personnel to administer the increased workload.
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