SEC Commissioner Uyeda Warns of Increased Compliance Burdens Driven by Rapid Rulemaking

SEC Commissioner Mark T. Uyeda addressed the increasingly difficult challenges faced by compliance professionals resulting from the high volume of SEC rulemaking and "rapid succession of compliance dates."

In an address before the National Society of Compliance Professionals National Conference, Mr. Uyeda highlighted the unusually high level of rulemaking activity in recent years, which, he said, places a significant burden on compliance professionals tasked with understanding and implementing new rules. He cited a host of significant new rules, noting the rapid succession of implementation dates. He argued that the SEC's compliance deadlines are often too close together, leaving firms with little time to adequately prepare and implement necessary changes. He urged a more "thoughtful" approach to implementation, particularly as to smaller firms that may have resource constraints.

Mr. Uyeda also advocated for a recognition of good faith efforts by compliance professionals to alleviate concerns about potential liability. He argued the need to develop a clearer framework on CCO liability.