What's the Implication of Outsourcing "Roles"?

The last ten years have been rough for the mutual fund industry. Market timing and late trading scandals in 2003 led to a substantially more demanding regulatory environment, including the adoption of the rule requiring funds to designate a compliance officer and implement a comprehensive compliance program, which presented fund boards with the tools for overseeing compliance and explicitly assigned them responsibilities relating to the compliance function. The Sarbanes-Oxley legislation...
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