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Second SEC commissioner stumps for CCO liability framework (Compliance Week)

Compliance Week, October 18, 2023 

Second SEC commissioner stumps for CCO liability framework 

In a speech delivered Monday at an industry event, SEC Commissioner Mark Uyeda urged regulators to ‘clearly describe the circumstances under which a CCO will be held liable for a firm’s violations of the federal securities laws.’ He noted the SEC’s lack of a CCO liability framework ‘has been the source of a great dealof concern’ for compliance officers, particularly given the flood of new regulations thecommission has either implemented, approved, or placed in its pipeline. Uyeda expressed admiration for the CCO liability frameworksproposed by the New York City Bar Association in June 2021 and the National Society of Compliance Professionals (NSCP) in January 2022. 

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