- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The liability of chief compliance officers is top of mind with U.S. compliance professionals, thanks in part to the action (and inaction) of the Department of Justice (DOJ) and Securities and Exchange Commission (SEC).
Compliance professionals responding to Compliance Week’s fourth annual “Inside the Mind of the CCO” survey were asked their opinion regarding the DOJ’s new requirement CCOs certify, along with the chief executive officer, a company’s compliance program is reasonably designed and implemented to help detect and prevent violations of the law at the end of the term of an agreement with the agency. A total of 254 respondents were also asked to weigh in on the SEC’s unwillingness to implement a CCO liability framework.
Of the compliance professionals who answered the survey question, 59 percent said the DOJ’s new CCO certification requirement is a positive development for the profession. The remainder said it was not.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Trial Membership
First week free, then $499 for an annual Membership
Cancel anytime within the trial period.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
SEC Commissioner Mark Uyeda 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.
Scott Hulsey, partner at Barnes & Thornburg, former federal prosecutor, and a former chief compliance officer, discusses with Compliance Week how CCOs should respond to the Department of Justice’s recent policy changes regarding corporate crime.
The Department of Justice is considering issuing new guidance regarding companies’ record-keeping obligations for employees’ use of personal cell phones to conduct corporate business, as well as executive compensation clawback policies.
The Financial Crimes Enforcement Network finalized a rule to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.
The Financial Conduct Authority will implement a series of rules to minimize instances of “greenwashing” in the U.K. market.
The Securities and Exchange Commission moved quickly to adopt an unfulfilled mandate of the Dodd-Frank Act to prevent the sale of certain securities if there is a conflict of interest.
