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Aguilar Sounds Off on CCO Liability Again

Matt Kelly | August 11, 2015

More shots fired this week in the continuing war of words at the Securities and Exchange Commission about whether the SEC is unfairly taking enforcement action against chief compliance officers.

This time, Commissioner Luis Aguilar again defended the agency (as he has done several times this spring) with a statement published Monday calling for the SEC to be more clear in its enforcement orders—so people will not get the wrong impression that the agency is looking to scalp CCOs as part of its enforcement regime.

“When a Commission enforcement action involves a violation by the CCO, there is no doubt that the larger CCO community will take notice and try to learn as much as possible about the behavior that resulted in the Commission’s enforcement action,” Aguilar said. “Therefore, the importance of clarity in commission orders, especially the ones involving CCOs,...

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