The CCO must be designated on the firm’s registration form.
The rule stipulates that the CCO must:
- report directly to the board of directors or the senior officer of the firm;
- take reasonably steps to ensure that the firm establishes, maintains and reviews WSP reasonably designed to ensure compliance with all relevant rules and regulations;
- take reasonable steps to resolve any material conflicts of interest that may arise;
- administer each policy and procedures required.
The CCO is also require to preape and sign a compliance report on an annual basis. The rule includes detail on the information that must be included in this report.
The CCO can only be removed with the approval of the majority of the board of directors of the firm.
