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The Financial Industry Regulatory Authority issued a regulatory notice clarifying the scope of supervisory liability under FINRA Rule 3110 of a broker-dealer’s chief compliance officer (CCO) (Regulatory Notice).1 FINRA’s Head of Enforcement, Jessica Hopper, stated that CCOs “play an important role in facilitating compliance …. That does not automatically make them supervisors, subject to FINRA’s supervisory requirements.”2 The Regulatory Notice was issued on March 17, 2022, and is intended to clarify the circumstances under which a CCO will be held liable under FINRA Rule 3110.