Every practicing Alternative Investment Fund business is required to appoint a Compliance Officer. This Compliance Officer is responsible for being familiar with all regulatory requirements outlined by the Alternative Investment Fund Managers Directive (AIFMD) and ensuring that their business complies with these standards.
The Compliance Officer plays a critical role in an AiF business. The position requires ongoing dedication to learning, staying up-to-date on changing standards, and being cognizant of potential changes in the future. The regulatory environment is very complicated and acting as a Compliance Officer for an AiF business is no small task.
To do their job correctly, a Compliance Officer must have a complete understanding of the business they represent, internal operations, the way their business functions and how this interacts with the regulatory environment. With all this in mind, they are tasked with identifying any breaches, or the potential for breaches within the business.
How does a Compliance Officer work within an AiF?
A good Compliance Officer has the difficult task of ensuring all new and existing employees are aware of the ethics and standards of operating within an AiF. A business is only truly in compliance if each employee helps to uphold the standards of the AiFMD.
The Compliance Officer is ultimately responsible for all aspects of compliance, including day-to-day supervision and training. They may need to work with every part of the business to be sure systems, the vetting process, administration, filing, and reporting all fall within standards.
The Compliance Officer also works beyond the immediate concerns to help make contingency plans and outline risks that the company may face. Ensuring there are plans in place to face any foreseen risks helps minimise the risk of fraud or breach.
How can we be sure we are complying?
The Compliance Officer role is a large one, and it can be a difficult job no matter how large or small the firm. In small companies, Compliance Officers face limited resources while in large ones, there is more risk with many employees.
Active Optimus Group can help to train Compliance Officers or support AiFs that have no Compliance Officer in place. Our specialist consultants can take the place of a Compliance Officer, offering on-site visits that provide everything an internal Compliance Officer might.
Active Optimus Group is dedicated to compliance. In Malta, financial regulations are closely monitored, and it is crucial for AiFs to have the professional support they need to stay in compliance. Our expertise can help ensure your business is up-to-date and adhering to current regulations and making use of the most innovative compliance processes in the industry.