In a recent piece by BoardIQ (subscription required), investment management partner Brian McCabe (Boston) outlined specific questions fund boards using external chief compliance officers should consider asking candidates in order to identify whether they have the right resources for the role. The Nov. 17 article outlined the findings of an SEC examination that found outsourced CCOs are failing in key areas. Mr. McCabe also highlights that as the fund board is charged with overseeing the funds compliance program, as well as the selection of the CCO, inadequacies in either could theoretically result in the SEC pointing to a lapse in board oversight.
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