Please Respond to Upcoming Survey Regarding ICI's New CCO Advisory Issues Subcommittee; Subcommittee Call Set for July 23rd

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June 3, 2013

TO: CHIEF COMPLIANCE OFFICER COMMITTEE No. 6-13 RE: PLEASE RESPOND TO UPCOMING SURVEY REGARDING ICI’S NEW CCO ADVISORY ISSUES SUBCOMMITTEE; SUBCOMMITTEE CALL SET FOR JULY 23rd

 

As you may know, the members of the CCO Committee have asked the ICI to create a subcommittee of the Committee that exclusively focuses on and addresses issues relating to fund advisers and subadvisers.  In response to the members’ request, ICI is forming an “Advisory Issues Subcommittee” of the CCO Committee.  Any member of the CCO Committee may serve on the Subcommittee and membership on the Subcommittee is limited to members of the CCO Committee.  Important information about this new Subcommittee is set forth below.

In response to the Committee’s interest in establishing a Subcommittee, we recently surveyed the members of the Committee regarding the format and administration of an advisory subcommittee.  Based on the results of our survey, we are anticipating that the Advisory Issues Subcommittee will meet twice a year.  These meetings will be held on the same day as the CCO Committee and will correspond to the ICI Compliance Programs Conference in May and the ICI Securities Law Developments Conference in December.  (The meetings of the CCO Committee and the Subcommittee will be held back-to-back on the same day so members can attend the entirety of both meetings if they so choose.)  These meetings will be supplemented by two conference calls of the Subcommittee, which will be held in the two quarters the Subcommittee does not meet in person.  We believe that, through this format, many of the advisory issues that are currently addressed in the meetings and calls of the CCO Committee can be moved to the agenda of the Subcommittee, thereby enabling the CCO Committee to focus on other compliance-related matters. 

I will be the ICI staff person responsible for the Subcommittee.  To assist me with this endeavor and ensure that the Chair of the CCO Committee is not unduly burdened, we have determined it would be best for the Subcommittee to have its own Chair.  In lieu of picking the first Chair of the Subcommittee, we have decided to have the initial members of the Subcommittee elect a Chair from a group of five well-qualified members who have graciously agreed to serve as the Chair of the Subcommittee if elected.  Thereafter, the Chair will be appointed, as is the practice for other ICI Committees.

To determine the initial roster of the Advisory Issues Subcommittee of the ICI CCO Committee, I will be sending the members of the CCO Committee an online survey this week.  The survey will consist of two questions.  The first question will ask if you want to be a member of the Subcommittee.  If you answer “yes,” your name will be added to the Subcommittee roster and you will be prompted to the second question. [If you do not answer the first question or answer it “no,” you will not be asked to vote on the Chair for the Subcommittee.  Please note that you may be added to the roster at any time in the future by sending me an email asking me to add your name to the roster.]  The second question on the survey is the ballot for the Subcommittee Chair.  The candidate receiving the most votes will be the first Chair of the Subcommittee.

We are planning to hold an organizational call of the Subcommittee on Wednesday July 23rd from 2-3 p.m. [Eastern] to discuss the plans for the Subcommittee and announce the new Chair.  Members of the Subcommittee will receive additional information about the call in July.  In the meantime, please contact me with any questions or ideas for the Subcommittee.  I may be reached by phone (202-326-5825) or email (tamara@ici.org).

 

Tamara K. Salmon
Senior Associate Counsel