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Mutual Fund Compliance Professionals

The Job

Job responsibilities for compliance professionals vary by type and size of employer, job title, and other criteria, but most perform the following duties:

  • overseeing the firm’s registrations and annual filings with the Financial Industry Regulatory Authority and the Securities and Exchange Commission (SEC), as well as with state agencies
  • reviewing guidelines for new funds/products set forth in the fund’s prospectuses and statements of additional information, and coordinating with other compliance professionals, investment advisers, and legal teams to make sure that investment guidelines and restrictions are working as expected
  • developing and maintaining compliance policies and procedures that adhere to applicable laws and regulations
  • conducting compliance testing, quality assurance, and ad-hoc reviews to ensure that the registered investment adviser (an individual or organization that provides advice about securities) meets regulatory requirements
  • conducting tests to ensure that the firm’s internal compliance controls are in place and functioning
  • reporting violations of compliance or regulatory standards to enforcement agencies as appropriate or required
  • implementing corrective action plans that address compliance issues identified during compliance testing and reviews
  • reviewing all marketing materials (including those at the firm’s Web site) and fund filings for consistency and compliance with all applicable laws
  • communicating compliance policies to sales and marketing staff and other departments in the firm
  • designing and overseeing compliance training programs for the firm’s employees
  • assisting in regulatory reviews—including internal audits, exams, and inquiries—to ensure that compliance procedures are followed
  • maintaining databases of the firm’s compliance activities (such as complaints received, the firm’s responses, and investigation outcomes)
  • coordinating with other departments (risk management, legal, trading, portfolio management, etc.) to investigate and resolve any compliance issues and responding to alleged violations of rules or regulations
  • preparing quarterly reports for the board of directors or board of trustees and attending board meetings, as necessary
  • assessing and implementing new SEC regulations
  • responding to regulatory inquiries
  • staying abreast of industry best practices by attending periodic due diligence meetings, webinars, and conferences
  • using reporting, compliance program management, portfolio monitoring, electronic communication archiving and review, and other software to collect information for regulatory filings and firm records