SEC Urged To Look At Big Picture Before Holding CCOs Liable

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By Al Barbarino (January 10, 2022, 9:32 PM EST) — A compliance industry nonprofit group on Monday urged regulators, including the U.S. Securities and Exchange Commission, to focus on the “larger context” of the compliance function at financial firms when making decisions on whether to hold chief compliance officers accountable for violations.

The report from the nonprofit National Society of Compliance Professionals offers regulators nine questions to ask when determining the personal liability of compliance chiefs working at broker-dealers, investment advisers and investment companies — questions that could help mitigate the personal liability of compliance officers.

“We really want to impress upon regulators that, when looking at compliance breaches, they should…

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