Has your investment advisor firm completed its first annual review or internal audit of its compliance program?
In February 2004, the SEC adopted Rule 206(4)-7 requiring all investment advisor firms to design and implement written compliance policies and procedures. The compliance date was October 5, 2004. Additionally, this rule requires a documented annual audit of the firm’s compliance program and any necessary updates and revisions. The first review must be performed within 18 months of when the firm implemented its compliance program as described above. In other words, the first review must be performed at the latest by April 5, 2006 (depending upon your firm’s implementation date of its policies and procedures).
If you would like RIA Compliance Consultants to conduct such an examination of your firm’s policies and procedures, please give us a call.
Posted by Bryan Hill
Labels: Compliance Program