CCO Policies & Procedures SEC Self Audit. New for 2008-Rule 206(4)-7 under the Investment Advisers Act of 1940 requires SEC-registered advisers to adopt and implement written compliance policies and procedures. Rule 206(4)-7 also provides guidance for constructing a vigorous and effective compliance program and requires an annual audit of policies and procedures.NCS has designed this 34 page self-audit document to assist Chief Compliance Officers in satisfying their firms’ compliance obligations under Rule 206(4)-7.