A Securities and Exchange Commission rule older than many of today’s registered investment advisers is rising swiftly on the SEC’s hit parade. After a few years of moderate enforcement and minimal fines, the SEC is putting a major emphasis on compliance with the Custody Rule. High-profile enforcement actions, with large penalties for relatively small violations, seem to be the current operating model.
The SEC is bearing down hard on chief compliance officers. CCOs need to be vigilant about their firms’ regulatory compliance to keep their companies out of hot water, but it doesn’t end there. Personal liability for firm compliance failures, instituted to make sure those CCOs had skin in the game, is real and damaging.
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