|  | | 2004 News and Press Releases | | |
HEADLINE NEWS:
SEC Expected To Put CCOS To Acid Test
Staff Writer
Money Management Executive. December 6, 2004
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EXCERPT: Barely has the ink dried on what many in the industry, admittedly, are calling the single most important new fund regulation of 2004 and already PricewaterhouseCoopers is predicting a new tsunami wave of sanctions, within months not years, against these newly appointed chief compliance officers that will define the boundaries of industry practice. "Everyone in the industry is waiting for the first SEC enforcement case to be brought against a chief compliance officer or a board member because, quite frankly, that is going to set a practice and set the standard in the industry," said Anthony S. Evangelista, a PricewaterhouseCoopers partner and director of the regulatory compliance practice of its investment management industry group.
"That first enforcement case will happen," he added. "The SEC has cast around in the water, and they are already fishing around. They are calling registrants and asking questions." Lloyd E. "Chip" Voneiff, a national leader in PricewaterhouseCoopers' investment management industry group, agreed that enforcement action is inevitable. "We are months rather than years away from our first enforcement case," he said. "This is an all-new model. No one expects this to be perfect." |
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