SEC Sends Warning To Compliance Chiefs With BlackRock Fine

Law360, New York (April 22, 2015, 4:15 PM EDT) -- In sanctioning a former compliance boss at BlackRock Advisors LLC, the U.S. Securities and Exchange Commission has made it clear that chief compliance officers are not immune to their firms' failings, and they too can face career-damaging penalties if they fail to police known conflicts of interest, experts say.

On Monday, the SEC leveled a $12 million penalty against BlackRock Inc.’s advisory unit over what it described as a breach of fiduciary duty when the firm failed to disclose conflicts of interests posed by a prominent...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.