Broker-Dealer and Investment Adviser Compliance Programs: More Similar Than Different

February 2012

Overview

Compliance programs are a requisite -- and critical -- part of every investment adviser, investment company, and broker-dealer firm. The required features of the compliance program are specified by the rules of the SEC and FINRA. These rules have certain common features -- effectively creating "minimum elements" for broker-dealer and investment adviser compliance programs. The separate regulatory requirements governing advisers’ and broker-dealers’ compliance programs are summarized in this FS Regulatory Brief, as well as the common features -- or "minimum elements." They share more than they differ.

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