The update to the Comptroller's
Handbook highlights the Office of the
Comptroller of the Currency's enhanced expectations regarding
the overall risk management of collective investment fund activity
and provides insight into areas of current regulatory
concern.
The Office of the Comptroller of the Currency (OCC) recently
released a long-awaited update to the Asset Management series of
its Comptroller's Handbook on collective investment
funds (CIF Handbook).1 The CIF Handbook revises the 2005
version and provides detailed guidance on the expectations of the
OCC regarding the offering and administration of collective
investment funds (CIFs)—including common trust funds for
fiduciary assets, employee benefit plan collective funds, and other
pooled investment funds operated under the OCC's fiduciary
activities regulations—by national banks and federal savings
associations. The CIF Handbook is drafted as guidance to examiners,
but it is an essential reference tool for
