As the Oct. 5 deadline fast approaches for fund firms to have a compliance chief in place, the majority of firms are prepared, according to preliminary results of a recent study by Diversified Management Resources in Boston.

However, while the majority of firms surveyed have already appointed someone to take the compliance helm, nearly a third, or 30%, said they are unsure of the exact structure of that position. "Of those who did respond to the survey, the vest majority are ready, have designated a CCO, but haven’t figured out, in some cases, where that person will report," said Charles O’Neill, principal at DMR. Funds are required to adopt and implement a compliance program and appoint a CCO and gain approval of the fund board.

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