We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

SEC Too Tough On Compliance Officers, Gallagher Says

Law360, New York (June 18, 2015, 5:16 PM EDT) -- Outgoing U.S. Securities and Exchange Commission member Daniel Gallagher said Thursday that the agency is taking too harsh of an enforcement stance against chief compliance officers, treating them too much like management and not like the gatekeepers they are.

The Republican commissioner, who is set to leave the SEC as soon as his replacement is found, issued a public statement explaining why he recently settled two SEC enforcement actions that involved violations by CCOs of the Investment Advisers Act Rule 206(4)-7.

The first, announced in April,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.