The actions show a tendency by the agency to punish compliance officers for violations of an SEC rule, known as 206(4)-7, that requires firms to write and implement compliance programs, according to Mr. Gallagher.
As a result, the SEC is “sending a troubling message that CCOs should not take ownership of their firm’s compliance policies and procedures … or worse, that CCOs should opt for less comprehensive policies and procedures,” Mr. Gallagher wrote.
via SEC’s Gallagher says agency unfairly cracks down on compliance officers — InvestmentNews
