• New SEC Rule: Compliance Programs and the Appointment of a Chief Compliance Officer for Investment Companies and Investment Advisers
  • January 27, 2004 | Authors: Mark S. Bergman; Raphael M. Russo
  • Law Firm: Paul, Weiss, Rifkind, Wharton & Garrison LLP - New York Office
  • The Securities and Exchange Commission (the "SEC") is adopting new rules under the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended (the "Advisers" Act): "Compliance Programs of Investment Companies and Investment Advisers" (the "New Rule"). The New Rule becomes effective on February 5, 2004. All registered investment companies ("funds") and registered investment advisers ("advisers") must comply with its mandates by October 5, 2004.