Welcome back to the Compliance in Context Podcast! On today’s show, we welcome in Brian Rubin to discuss the current state of CCO liability and revisit the NSCP Firm and CCO Liability Framework and review its impact on the investment management industry nearly two years after its original publication. In our Headlines section, we look at recent data collected on the growth of the accredited investor population and review the SEC’s denial of a Coinbase petition for digital asset rulemaking. And finally, we’ll wrap up today’s show with another installment of What’s On My Mind, where we review how a recent Supreme Court hearing could signal the end of SEC administrative proceedings as we know it.
 
Show
Headlines

Review of the accredited investor definition
SEC denial of Coinbase petition

 
Interview with Brian Rubin

When does the Commission typically bring enforcement actions against compliance personnel?
Are compliance officers on the front line?
Are compliance officers responsible for implementing and executing policies and procedures?
Do compliance officers need to become experts of everything?
What is a wholesale failure?
Did Grewal cite any examples of CCOs being charged for purely compliance-related failures?
Are there other instructive examples of CCO liability cases?
What was the SEC’s approach to determining CCO liability in the Hamilton case?
How could the SEC have applied the NSCP Framework in the Hamilton case?
How do you see the issue of CCO liability evolving in the future?

 
What’s On My Mind

US Supreme Court case on SEC could have wide impact on agency enforcement.

 
Quotes
11:42 – “I would tend, I think, to slightly take a different perspective than Mr. Grewal and agree with you that I think traditionally, the way most of the time I think about compliance, it's not that it's the front-line supervision. I do think that compliance, just in as much as they are another person at the firm who should engage in practice compliance. Compliance as a functional area inside a firm may have dedicated professionals that live within it, but everybody at the firm should practice compliance.” – Patrick Hayes 
22:54 – “So, unfortunately, I don't think the phrase wholesale failure helps anybody. a...

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