- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-10-18T14:31:00
A second commissioner at the Securities and Exchange Commission (SEC) called for the agency to establish a framework that would describe scenarios in which a chief compliance officer would be held liable for securities law violations made by their firm.
In a speech delivered Monday at an industry event, SEC Commissioner Mark Uyeda urged regulators to “clearly describe the circumstances under which a CCO will be held liable for a firm’s violations of the federal securities laws.”
He noted the SEC’s lack of a CCO liability framework “has been the source of a great deal of concern” for compliance officers, particularly given the flood of new regulations the commission has either implemented, approved, or placed in its pipeline.
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Despite significant issues outside the control of most chief compliance officers, some regulators have signaled more individual liability cases are to be expected. Will accepting the wrong job, in hindsight, make it your last?
Hester Peirce of the Securities and Exchange Commission said the agency should form an advisory committee comprised of chief compliance officers as part of a wide-ranging critique of the agency’s efforts to engage with the public.
The Securities and Exchange Commission announced Mark Uyeda will serve a second term as commissioner through 2028.
Massachusetts-based technology company Circor International settled charges with the Securities and Exchange Commission regarding deficient internal accounting controls without paying a fine.
Broker-dealer Nationwide Planning Associates and two affiliated investment advisers impeded potential whistleblowers from reporting misconduct to the Securities and Exchange Commission and have agreed to settle the charges for a combined $240,000.
Six credit rating agencies will pay $49 million in fines to the Securities and Exchange Commission for allowing their employees to communicate on company business using nonapproved communication channels like Whats App and WeChat.
