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Compliance in a regulatory context has been a prevalent business concern for many years but has become even more important to financial entities since the Sarbanes-Oxley Act (SOX). SOX was enacted in response to the Enron and WorldCom financial scandals to protect shareholders and the general public from accounting errors and fraudulent practices. As compliance has increasingly become a concern of corporate management, corporations have turned to specialized compliance software and consultancies, and a new job title, the Chief Compliance Officer (CCO). [1]

Compliance and the Dodd-Frank Act[edit]

On July 16, 2010, the Wall Street Reform and Consumer Protection Act (Dodd-Frank) was signed into law. Among the provisions was a requirement that the CFTC enact certain compliance rules. At its open meeting on February 23, 2012, the commission issued final rules on business conduct standards for swap entities, which, among other things, established procedures, policies, and requirements for the Chief Compliance Officer (CCO) employed by swap dealers, major swap participants, and futures commission merchants.


  1. What is Compliance?.