- 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.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
