Chief Compliance Officers Prepare for Closer SEC scrutiny


SEC officials say nothing has changed about the way they view chief compliance officers at money management firms, but CCO groups say members are feeling vulnerable and are bracing for more scrutiny and possible enforcement actions in 2016.

..Mr. Gallagher voiced concern over what he saw an agency trend of holding chief compliance officers liable in situations that considers Monday morning quarterback judgments of how things could have been handled differently.

“We need these folks in there, trying their best, not just running away because they’re concerned about liability. To disincentive this is really wrong,” Mr. Gallagher, now president of Washington-based financial services consultant Patomak Global Partners, said in an interview. 

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