A Touch Of Solace For Broker-Dealer Compliance Personnel

Law360, New York (November 7, 2013, 4:00 PM EST) -- On September 30, the staff of the U.S. Securities and Exchange Commission's Division of Trading and Markets addressed an issue of great interest to the compliance and legal community concerning the circumstances under which the compliance and legal staffs of broker-dealers may be viewed as “supervisors” and thus face liability under securities laws for failing to supervise firm employees.[1]

The guidance, which appears in the form of responses to frequently asked questions, seems to confirm the industry’s long-held view that supervisory liability does not attach unless...
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