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Should SEC hold securities lawyers accountable for bad advice? (Compliance Week)
Compliance Week, March 7, 2022
Should SEC hold securities lawyers accountable for bad advice?
In June, the New York City Bar Association created a framework for the SEC that set a so-called recklessness standard for the agency to consider when determining whether to charge a CCO for securities law violations that occur at his or her financial services firm. The framework homed in on charging decisions made for actions that do not result from fraud or obstruction on the part of the CCO.
