5-39 Mutual funds are required to hire chief compliance officers whose job is to monitor whether the mutual fund company follows exchange and regulatory rules.

Question

Quizplus · Accepted Answer

According to the Investment Company Act of 1940, mutual funds are required to have a chief compliance officer (CCO) responsible for ensuring compliance with applicable laws and regulations. The CCO oversees the implementation of policies and procedures, conducts annual reviews, and reports to the board of directors.

5-39 Mutual Funds Are Required to Hire Chief Compliance Officers