MIAMI - Chief compliance officers at mutual fund shops are finding out that defining their responsibilities takes a lot of guesswork.

The very broad nature of the new compliance rule implemented last Oct. 5 has left newly appointed fund CCOs wondering where they need to focus their efforts and how they should allocate the necessary compliance resources to provide effective oversight. With the Securities and Exchange Commission already fixing to conduct compliance examinations, CCOs are scrambling to get up to speed.

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