SEC Commissioner Luis A. Aguilar recently issued a statement in response to the remarks by SEC Commissioner Daniel M. Gallagher regarding liability of chief compliance officers (CCOs).  See “SEC Commissioner Speaks Out Against Trend Toward Strict Liability for Compliance Personnel,” Hedge Fund Law Report, Vol. 8, No. 25 (Jun. 25, 2015).  In his remarks, Aguilar attempted to dispel the impression held by the CCO community that the SEC has taken too harsh an enforcement stance against CCOs.  Toward that end, Aguilar examined SEC actions against CCOs; discussed the function and enforcement of Rule 206(4)-7 under the Investment Advisers Act of 1940; and advocated for robust support of compliance programs by companies’ senior leadership.  This article summarizes Aguilar’s statement.  For additional insight from SEC officials, see “Acting OCIE Director Discusses the Office’s Focus on Private Equity Managers and Emphasizes the Importance of Disclosure by Advisers,” Hedge Fund Law Report, Vol. 8, No. 21 (May 28, 2015); and “Conflicts Remain an Overarching Concern for the SEC’s Asset Management Unit,” Hedge Fund Law Report, Vol. 8, No. 10 (Mar. 12, 2015).