As recently as last month, the Securities and Exchange Commission advised mutual fund chief compliance officers to, essentially, talk among themselves to figure out their demanding new roles. While that hardly provides executives in these critical, newly created jobs with the guidance they've been seeking, a new examination checklist may provide some of the keys.

The SEC recently released what amounts to a CCO checklist, detailing what information SEC examiners will require of CCOs and their staffs. Most notably, the SEC is seeking more information than ever before on trading records and errors, soft dollars and directed brokerage, sales commissions, risk committees and controls, internal audits and how regulatory breaches are handled.

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