Welcome back to The Securities Compliance Podcast. In today’s special episode, we welcome in SEC Commissioner Hester M. Peirce for an in-depth conversation focusing on the controversial topic of Chief Compliance Officer (CCO) liability.  In addition, we discuss the role of outsourced CCOs, the new Marketing Rule, and broker-dealer custody of digital asset securities and cryptocurrencies. She also spoke about the new presidential administration, which will bring in a new SEC Chair and Head of Enforcement, and whether she anticipates a slowdown in dialogue that’s taken place between the regulators and the industry. 

 

Interview  

Discussing the motivation to help move the conversation on CCO liability forward

Biggest takeaway from the NSCP CCO Liability survey

Concerns over whether personal liability will be imposed in cases of simple negligence

Thoughts on outsourced Chief Compliance Officers

Discussing the impact of a new Administration, SEC Chair, and Head of Enforcement

Thoughts on the new SEC Marketing Rule including key takeaways

Review the SEC request allowing limited purpose BDs to custody “digital asset securities”

Focus areas for Commissioner Peirce in 2021

Career advice for new compliance professionals

 

Quotes: 

“And I think the compliance people at a firm play a really important role in being a bridge and saying to the operational people at the firm, the people who are providing the advice, or doing the day-