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SEC RIN: 3235-AI77 Publication ID: Fall 2003 
Title: Compliance Programs of Investment Companies and Investment Advisers 
Abstract: The Commission proposed new Rule 38a-1 under the Investment Company Act, new Rule 206(4)-7 under the Investment Advisers Act, and amendments to Rule 204-2 under the Investment Advisers Act to require each investment company and investment adviser to: (i) adopt and implement policies and procedures reasonably designed to prevent violations of the Federal securities laws, (ii) review those policies and procedures annually, (iii) appoint a chief compliance officer, and (iv) maintain certain compliance records. 
Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 17 CFR 270.38a-1 (New)    17 CFR 275.204-2    17 CFR 275.206(4)-7   
Legal Authority: 15 USC 80a-30(a)    15 USC 80a-37(a)    15 USC 80b-6    15 USC 80b-11    15 USC 80b-4   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  02/11/2003  68 FR 7038   
NPRM Comment Period End  04/18/2003    
Final Action  12/00/2003    
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: Undetermined 
Small Entities Affected: Businesses 
Included in the Regulatory Plan: No 
Agency Contact:
Hester M. Pierce
Office of Regulatory Policy, Division of Investment Management
Securities and Exchange Commission
450 5th Street NW,
Washington, DC 20549
Phone:202 942-0673
Fax:202 942-0760
Email: peirceh@sec.gov