Compliance Officers in the SEC Crosshairs (Boehme quoted)

Compliance Officers in the SEC Crosshairs

Melissa Klein Aguilar – Compliance Week – December 07, 2010

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The Securities and Exchange Commission’s sweeping insider-trading probe of Wall Street is looking squarely at corporate policies for guarding material, non-public information. Compliance officers should know what that means: The SEC is looking at you.

Inadequate policies in that area recently landed two affiliated New York-based asset management firms and their former chief compliance officer in hot water with the agency. In administrative proceedings against investment adviser Buckingham Capital Management and its broker-dealer parent company, Buckingham Research Group, the SEC said the firms “failed to establish, maintain, and enforce written policies and procedures reasonably designed to prevent misuse of material, non-public  . . .

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