1.  A Chief Compliance Officer or other member of senior management (as appropriate to the size, complexity and resources of the Manager), with sufficient knowledge and experience, should be appointed to oversee the Manager’s compliance program.

1.  The Chief Compliance Officer’s duties may include:

• identifying compliance risks (in consultation with other senior personnel);
• monitoring compliance with policies and procedures;
• conducting an annual review and assessment of the Manager’s compliance framework (including the compliance manual); and
• providing for staff awareness of the Manager’s compliance policies and procedures through training and other methods appropriate for the Manager’s business.

2.  The Chief Compliance Officer should have adequate resources to seek the advice of external experts on compliance matters when needed. This may be especially important where the Manager operates in international markets outside the location of the Manager.

2.  No applicable guidance.

3.  The Chief Compliance Officer should be able to devote sufficient time to the performance of his or her functions.

3.  No applicable guidance.

4.  The Chief Compliance Officer should have access to and report to senior management and should recommend appropriate disciplinary action to senior management.

4.  The Chief Compliance Officer or General Counsel should conduct an internal review of allegations or evidence of wrongdoing, as necessary. 

A range of sanctions may be appropriate for non-compliance, such as (depending on the severity of the infraction and an employee’s compliance history) reprimands, censure, suspension, termination and, where applicable and practical, restitution and disgorgement of profits.