Which policy is not specifically required under the Compliance Program Rule?

The correct answer highlights that oversight of adviser-third party relationships is not specifically required under the Compliance Program Rule. This rule, which governs the compliance programs of investment advisers, emphasizes the need for a comprehensive approach to ensure adherence to regulatory standards and to protect investors.

The requirements typically include aspects such as portfolio management processes, which involve how investment strategies are developed and executed, ensuring transparency and adherence to the adviser's fiduciary duty. Additionally, trading practices and best execution obligations are critical components to safeguard against potential trading inefficiencies or conflicts of interest. The accuracy of disclosures made to investors is equally paramount, as it directly impacts investor understanding and trust.

While oversight of third-party relationships is important for good governance and risk management, the Compliance Program Rule does not explicitly mandate this as a core component. Instead, it focuses on ensuring that key processes and practices are in place to uphold compliance with regulatory obligations and to protect investor interests. As a result, option B stands out as the policy not expressly required by the Compliance Program Rule.