The Hedge Fund manager should appoint a senior individual to take responsibility for compliance oversight. The Hedge Fund manager should ensure that this individual has sufficient time to dedicate to the task and that recurring tasks, such as record keeping and compliance monitoring, are completed on a timely basis. The individual appointed should be vested with the necessary authority to enforce compliance with relevant rules and internal procedures.

It is unusual, in smaller management companies, for the compliance officer to be full time or to have a total knowledge of all rules and regulations and, where this is the case, the manager should consider having an arrangement with appropriate professional advisers for further advice and guidance.

The compliance officer and chief executive must be involved in key compliance issues and should ensure that they provide an appropriate compliance culture in the business.

In some jurisdictions, compliance consultants assist the compliance officer to maintain the compliance infrastructure of the Hedge Fund manager. The compliance officer remains responsible for the compliance arrangements of the business.