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The weekly news source for investment management legal and compliance professionals

News November 19, 2018 Issue

Delays in Providing Compliance Resources to Inexperienced CCO Detailed in Two SEC Settlements

The SEC this month reached a settlement with a former advisory firm over allegations that it failed to perform adequate due diligence and monitoring of key investments. Much of the paperwork in the settlement, as well as in a separate settlement with the adviserís former chief executive officer involving compliance issues, focused on allegations that the firm hired an inexperienced chief compliance officer and then repeatedly refused to provide him with the compliance resources he requested.

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