SEC Official Calls On Firms To Empower Compliance Chiefs

Law360 (November 20, 2020, 10:35 PM EST) -- The director of the U.S. Securities and Exchange Commission's Office of Compliance Inspections and Examinations has urged investment firms to empower their chief compliance officers, and warned that regulators notice when firms take a "check-the-box" approach to the position.

Peter Driscoll said in a virtual speech for the agency's National Compliance Outreach program Thursday that examiners take note when companies hire someone for the role of CCO but don't support or empower them, adding that firms sometimes put responsibility on the CCO when an employee or officer has failed to follow a company policy or procedure.

Examiners also see when a...

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