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ARTICLE · 23 OCTOBER 2013

SEC Supervisory Liability FAQs

McGuireWoods LLP
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On Sept. 30, the staff of the SEC’s Division of Trading and Markets published answers to eight Frequently Asked Questions (FAQs) concerning supervisory liability for compliance and legal personnel at broker-dealers.

United StatesCorporate/Commercial Law
Anitra Cassas
Anitra Cassas
Louis Greenstein
Louis Greenstein
Fred Isaf
Fred Isaf
David Pankey
David Pankey
Samantha E. Thompson
Samantha E. Thompson

On Sept. 30, the staff of the SEC's Division of Trading and Markets published answers to eight Frequently Asked Questions (FAQs) concerning supervisory liability for compliance and legal personnel at broker-dealers.

The FAQs follow a speech last year by Commissioner Daniel Gallagher concerning the Urban case, discussed below, in which he acknowledged the need for the SEC to offer guidance so that those overseeing compliance "won't be afraid to be zealous because they'll be tagged as a supervisor." The FAQs, in attempting to clarify when compliance and legal personnel function as supervisors and thereby become subject to potential liability for failure to supervise, reiterate the familiar refrain for determining supervisory status:

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