On January 16, 2014, The Investment Company Institute ("ICI") released an updated framework for Financial Intermediary Controls and Compliance Assessment Engagements ("FICCA")1. The original framework, developed in 2008, provided guidance for investment companies related to their oversight of the financial intermediaries through which they distribute their products; specifically applicable to omnibus relationships. The framework contains seventeen recommended areas of oversight, from management reporting and risk governance, to processing and technology.

The most recent update to the framework contains several noteworthy improvements. Primary changes include:

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.