In response to hedge funds' chief compliance officers concerns about being targeted by the SEC for enforcement action in the event of any wrongdoing at their firm, Andrew Ceresney, director of the SEC's Division of Enforcement, suggested CCOs need not fear action in cases where there is no evidence of wrongdoing. In a keynote speech to the National Society of Compliance Professionals 2015 National Conference, he said that enforcement "actions punish misconduct that falls outside the bounds of the work that nearly all (CCOs) do on a daily basis; do not involve the exercise of good faith judgments; and are consistent with the partnership we have developed to foster compliance with the laws."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
