Role of the compliance officer (CO)?

Role of the compliance officer (CO)?

All companies must nominate a Compliance-attorney, who is responsible for reporting to the board of directors and supervisory bodies according to § 33 Abs. 1 Satz 2 Nr. 5 according to the Securities Act (Wertpapierhandelsgesetzes).

As regarding the guarantor role of the CO and its obligations, the German Supreme Court (BGH-Bundesgerichtshof) in its judgment of 17 July 2009 argues and finds that the CO in the sense of § 13 I StGB in regarding its function in the company is obliged to prevent any future criminal offenses and threats committed by members of the board and other management bodies.

„CO in the sense of § 13 I StGB in regarding its function in the company is obliged to prevent any future criminal offenses and threats committed by members of the board and other management bodies.”
Compliance Officers Are Just Regulatory Folks.
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