SEC Chair White Outlines Enforcement Priorities, Says SEC Isn't Chasing CCOs

SEC Chair Mary Jo White discussed the purpose of the annual Broker-Dealer Compliance Outreach Program. She stated that the program is intended to offer insights into the SEC's initiatives and priorities.

Chair White emphasized the importance of transparency and discussed past and recent risk alerts that were released by the Office of Compliance Inspections and Examinations. Chair White delineated her examination priorities for the next year. They included the following: fee structures, suitability, order-routing conflicts, recidivist representatives, microcap activity, excessive trading, transfer agent activity, retirement savings, the protection of retail investors: cybersecurity, anti-money laundering, firm and branch office supervision, and sales practices.

Regarding others' concerns that the SEC might target chief compliance officers in its enforcement actions, Chair White said this: "We do not bring cases based on second-guessing compliance officers' good faith judgments, but rather when their actions or inactions cross a clear line [and] deserve sanction."

See: Chair White's Speech.