RIAs and advisory firms that outsource Chief Compliance Officer responsibilities are often doing so at significant compliance risk, specifically related to fee disclosure regulations, according to a new risk alert from the Securities and Exchange Commission.
The SEC's Office of Compliance Inspections and Exams conducted a review of 20 advisory and investment firms that outsource CCO responsibilities, often to third-party consultants and law firms.
It is a trend that has been on the rise, the OCIE noted.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
