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You are viewing ARCHIVED CONTENT released online between 1 April 2010 and 24 August 2018 or content that has been selectively archived and is no longer active. Content in this archive is NOT UPDATED, and links may not function.By Sharon Nelson
Legaltech News reported that two recent speeches by Securities and Exchange Commission (SEC) officials probably got the attention of every chief compliance officer (CCO).
In the first, SEC Chief of Staff Andrew J. Donohue indicated that the SEC will continue to bring enforcement actions against CCOs for not addressing compliance issues, including cybersecurity. Donohue tempered his remarks by reiterating SEC Chair Mary Jo White’s position that the SEC does “not bring cases based on second guessing compliance officers’ good faith judgments.” However, Donohue challenged compliance professionals to be “pro-active” in their work and pointed to three recent SEC enforcement actions against CCOs on the ground that they failed to implement compliance programs reasonably tailored to the specific needs of their firms.
Read the complete article at: SEC May Target CCOs on Cybersecurity