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New NASD proposal seeks to promote an enduring compliance culture.(Simply Certifiable)
In June, NASD announced it was requesting comment on proposed rule amendments requiring Chief Executive Officers (CEOs) and Chief Compliance Officers (CCOs) to jointly certify annually that their member firms have adequate compliance and supervisory policies and procedures in place. If needed, member firms would designate a CCO. This new certification process will require approval from the Securities and Exchange Commission.
The proposed certification is designed to improve investor protection by ensuring that senior management increases its attention on their firm's compliance and supervisory systems and by developing regular interaction between business and compliance officers.
"NASD is proposing these integral changes to ensure that investor interests are given the highest priority by senior executives by having them focus directly on the compliance function of their firms," says NASD Chairman and CEO Robert Glauber. "By elevating the status of the Chief Compliance Officer and by compelling significant consultation between senior business and compliance officers, this certification will greatly strengthen the ethical culture of ...
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...2009-US SEC: SEC to Hold National Seminar for Chief Compliance Officers(C)1994-2009 M2 COMMUNICATIONS RDATE:09112009...registration for its CCOutreach National Seminar to help chief compliance officers (CCOs) at investment advisers, investment...
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Source: HighBeam Research, New NASD proposal seeks to promote an enduring compliance...