1.  A hedge fund manager should appoint a compliance officer who is independent of the portfolio management function to oversee all issues relating to regulatory compliance and market and professional conduct. If a smaller or start-up manager considers it impractical to do so, it should disclose this in its marketing documents and do what it reasonably can to enable the fund governing body to disclose this in the fund's offering documents. The compliance officer should report regularly to the manager’s chief executive officer or management committee or equivalent.
[See also Section B2 (11)]

1.  No applicable guidance.

 2.  A hedge fund manager should provide to the fund governing body a report on regulatory compliance prepared by the compliance officer on a regular basis.
[See also Section B2 (11)]

2.  No applicable guidance.