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Hedge Fund Compliance Professionals

The Job

Compliance professionals have three main duties: 1) ensuring that their firm’s actions match its stated operational business practices; 2) ensuring that their firm complies with applicable laws, and; 3) ensuring that their firm acts in its investors’ best interests. Although job responsibilities vary by the size of the HF firm, typical duties of compliance professionals include:

  • Creating a compliance and business practices framework that includes a written code of ethics that governs the actions of the firm’s employees, and a written compliance manual that codifies the rules and regulations governing the firm’s operations and potential conflicts of interest that may occur during business operations
  • Establishing a conflicts committee to review and address potential conflicts of interest
  • Engaging in compliance monitoring and testing, including of the firm’s trading activities
  • Ensuring that all regulatory filings are made in a timely basis
  • Preparing for and responding to inquiries and audits from regulatory authorities
  • Conducting regular training to keep employees up to date on compliance issues
  • Working closely with managing partners and the investor relations and operations departments on various compliance initiatives
  • Using reporting, compliance program management, portfolio monitoring, electronic communication archiving and review, and other software technologies to collect information for regulatory filings and firm records
  • Reviewing all marketing, public relations, and sales materials for compliance with Securities & Exchange Commission and Financial Industry Regulatory Authority rules
  • Conducting periodic audits of compliance policies and procedures to identify areas of vulnerability
  • Providing compliance guidance regarding new fund development initiatives
  • Conducting an annual review of their firm’s compliance framework to assess its effectiveness, and remedying any issues that arise
  • Staying abreast of new regulatory developments and best practices