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RIA Compliance Program Rules

Rule 206(4)-7 under the Advisers Act requires every SEC-registered adviser to adopt written policies and procedures reasonably designed to prevent violations, to review them at least annually for adequacy and effectiveness, and to designate a chief compliance officer to administer them.

The rule does not list the policies a firm must have. It expects them to fit the firm's business, and examiners test whether the firm actually follows what it wrote. The most common finding is a manual that describes a different firm, or a review that was never documented.

The documents below are the rule itself, the SEC's statements of what examiners will focus on, and the Division of Examinations' observations from reviews of annual compliance programs.

Guides

Policy templates

9 documents on compliance program, ordered by legal weight