If the Securities and Exchange Commission’s goal is to set up a model compliance program for its own operations, it’s going about it the wrong way.
The agency announced last week the appointment of Kathleen M. Griffin, a former senior compliance officer from Putnam Investments, to the new position of chief compliance officer. But she is not empowered to conduct the type of oversight that’s typically required of someone with that title, say compliance professionals.
Griffin will head a new compliance unit within the SEC’s Office of Ethics Counsel that will monitor securities holdings and transactions by agency employees, the agency said. Such limited powers contrast with the broad, independent authority that is often vested in an organization’s chief compliance officer.
SEC’s “World Class” Compliance Falls Short - Financial Adviser - WSJ
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