WASHINGTON -- Fund firms will be required to sport a chief compliance officer come October, but many gathered here at the Investment Company Institute's General Membership Meeting had unanswered questions and not a lot of time to find solutions.

The Securities and Exchange Commission is requiring firms to maintain a CCO, who will be responsible for compliance with federal securities laws, starting this fall, as a response to the rampant abuses that apparently went unchecked at several high-profile firms in the industry over the last several years.

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