Question

Under the SEC's Compliance Program Rule, what specific skill or resource is not required for an investment adviser's chief compliance officer?

a. Competent and knowledgeable regarding the Advisers Act.
b. Former experience as a securities regulator.
c. Empowered with full responsibility and authority to develop and enforce appropriate policies and procedures.
d. Sufficient seniority and authority to compel others to adhere to compliance policies and procedures.

Answer 1

The specific skill or resource not required for an investment adviser's chief compliance officer is former experience as a securities regulator.

Step-by-step explanation:

According to the SEC's Compliance Program Rule, an investment adviser's Chief Compliance Officer (CCO) must possess several specific skills and resources. However, one skill or resource that is not required for a CCO is former experience as a securities regulator.

The CCO must still be competent and knowledgeable regarding the Advisers Act (Option A), empowered with full responsibility and authority to develop and enforce policies and procedures (Option C), and have sufficient seniority and authority to compel others to adhere to compliance policies and procedures (Option D).