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- W43542246 abstract "Although the importance of internal systems geared to ensure a firm’s compliance with applicable law and regulation is widely acknowledged, as is the visibility of major compliance failures in scandal-ridden financial-services firms, the roles and status of compliance personnel are relatively unexamined by scholars. Focusing specifically on the position of Chief Compliance Officer (CCO), this Article explores the functions performed by a CCO as well as circumstances that may strengthen or limit a CCO’s effectiveness, including the implications of legal doctrine and regulation. The Article argues that a CCO’s position is distinct, drawing comparisons with the position of a firm’s general counsel or Chief Legal Officer (CLO) to illustrate. Additionally, situated within a firm, a CCO is responsible for compliance systems that the firm itself designs and implements. To be sure, internal compliance systems and personnel may be characterized as supplements to or substitutes for external regulation, whether imposed ex ante to deter problematic conduct or ex post through the imposition of legal and regulatory penalties for misconduct. Lines of demarcation between mechanisms of external regulation and internal compliance systems are not identically drawn within the financial services industry as a whole; Morgan Stanley’s transformation in 2008 to a bank holding company from a firm regulated as a securities broker-dealer led, inter alia, to the physical presence of full-time regulatory personnel within the firm. Nonetheless, in general, a CCO’s position differs from those occupied by external gatekeepers such as external auditors or rating agencies; a compliance officer’s approval is not requisite to open a point of entry so that a firm may engage in transactions or other activity. Likewise, a CCO’s position differs in fundamental ways from those of compliance monitors who are imposed on a firm following major lapses in compliance" @default.
- W43542246 created "2016-06-24" @default.
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- W43542246 date "2013-01-01" @default.
- W43542246 modified "2023-10-10" @default.
- W43542246 title "The Crucial but (Potentially) Precarious Position of the Chief Compliance Officer" @default.
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