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Aguilar on CCO Liability Fears: Untwist Your Knickers!

Joe Mont | June 30, 2015

Is the Securities and Exchange Commission cracking down too hard on compliance officers? Jabbing at his colleague Dan Gallagher’s concern of potential enforcement overreach in the investment advisory industry, the message from Commissioner Louis Aguilar this week: “CCOs not under siege.”

On June 18, Gallagher issued a public statement where he elaborated on his dissent in enforcement actions against Blackrock Advisors and SFX Financial Advisory Management Enterprise and compliance personnel at both firms. Among his concerns are that the SEC is overreaching with its application of Rule 206(4)-7 of the Investment Advisers Act. It requires registered...

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