The Investment Company Institute of Washington has released a paper that serves as a road map of sorts for chief compliance officers who might be wrestling with their mutual fund's annual review, which is due to fund boards this spring.

The 34-page document, titled "Assessing the Adequacy and Effectiveness of a Fund's Compliance Policies and Procedures," is designed to help fund complexes comply with Rule 38a-1 under the Investment Act of 1940. Adopted by the Securities and Exchange Commission two years ago in the wake of the fund scandal, the rule requires funds to adopt and implement written policies and procedures reasonably designed to prevent Federal securities laws violations.

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