Abstract
This article addresses the following key points: U.S. SEC Rule 206(4)-7 requires investment advisers to have a chief compliance officer and written compliance policies and procedures. European securities regulators are increasing compliance requirements for advisers who do business in the European Union. A 2005 survey by CFA Institute and the Investment Adviser Association found significant increases in compliance-related staffing and expenses among respondents. A number of investment advisers are turning to compliance consulting services for help, although some in the industry believe the SEC will frown on too much outsourcing.
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