Our testing program includes an audit-like process that assesses multiple controls and reports weaknesses to the Board through a detailed testing matrix combined with a summary report. Each report starts with a summary of the prior year’s findings followed by a description of specific remediation so that the Board (and the SEC) can see continued compliance progress. We also attend every Board meeting and present a detailed compliance summary of quarterly issues and surveillance. We perform on-site due diligence of every 38a-1 service provider, and we work with every major fund administrator to ensure comprehensive Board oversight and reporting. We offer Board training on relevant regulatory subjects and provide quarterly regulatory updates.
We designate a member of our staff (acceptable to the Board) to serve as chief compliance officer pursuant to Rule 38a-1. The CCO is responsible for administering the Trust’s policies and procedures, reporting to the Board, providing the annual written compliance report, and any other matters required of a CCO under the Investment Company Act.
We designate a member of our team to serve as your designated relationship manager (“RM”). The RM is responsible for delivering our services and ensuring that we meet your expectations.
We proactively maintain and update the Trust’s compliance manual to reflect regulatory changes and changes to the Trust’s business. We draft all policies and work with management and the Board to include all recommended revisions and changes. We monitor the industry and regulatory developments and recommend changes to policies and procedures as appropriate.
We conduct the annual review of the adequacy and effectiveness of the policies and procedures of the Trust and the relevant service providers. Pursuant to Rule 38a-1(a)(4)(iii), the annual report addresses (A) the operation of the policies and procedures of the fund and each investment adviser, principal underwriter, administrator, and transfer agent of the fund, any material changes made to those policies and procedures since the date of the last report, and any material changes to the policies and procedures recommended as a result of the annual review; and (B) each Material Compliance Matter (as defined in Rule 38a-1(e)(2)) that occurred since the date of the last report. The review includes a review of the policies and procedures, interviews of key personnel, obtaining certifications, conducting rolling site visits of service providers, reviewing internal and/or third-party compliance and internal control reports, reviewing cited regulatory deficiencies and/or exam results, noting observed risks, and testing implementation.
We provide a detailed written report of our annual compliance program review. The report includes a comprehensive testing matrix accompanied by a written report discussing the most significant issues. The report also describes remediation efforts with respect to prior years’ findings. We then discuss the report with the Board at an in-person meeting.
We create, implement, and follow a detailed compliance calendar and project plan to ensure the timely completion of all compliance activities by all relevant parties.
The CCO attends all Board meetings and reports material compliance issues to the Board. The CCO also meets separately with the independent trustees, upon request. The CCO will also review certifications of various service providers and make a series of written compliance certifications.
We assist with the compliance and documentation of the required Liquidity Risk Management Program.
We will manage the Trust’s AML program, including serving as the AML compliance officer.
We ensure that all relevant personnel and service providers receive and understand the compliance policies and procedures, obtain certifications with respect thereto, and obtain quarterly compliance certifications.
We conduct an on-site due diligence review of the operations of each adviser and sub-adviser at least once every 24 months and conduct a phone due diligence for the interim fiscal years.
We conduct annual reviews of the compliance infrastructure of all 38a-1 service providers including the administrator and the distributor.
We work with other fund service providers (e.g., fund counsel, administrator) to resolve regulatory issues.
We provide real-time advice and guidance to management or the Board with respect to compliance and regulatory questions.
We manage all processes under the Trust’s code of ethics including obtaining certifications, cross-checking personal trading account records, and preclearing transactions. We also recommend discipline where appropriate.
We review all fund marketing materials for compliance with SEC and FINRA rules.
We manage regulatory exams conducted by the SEC. This includes assembling materials in response to requests, interfacing with the exam staff, and preparing a written response to deficiencies.
We review compliance disclosure contained in any SEC filings including the registration statement.
We offer training sessions on topics and to personnel designated by management or the Board.
We deploy our CyberSecure process (with Align Cybersecurity) to assess your cybersecurity policies and governance framework and your IT architecture, network and related technologies. The CyberSecure process also includes written recommendations and recommended policies.