In Regulatory Notice 22‑10, FINRA clarified that a CCO’s role is fundamentally advisory – not supervisory. A FINRA member’s president or CEO is primarily responsible for the firm’s compliance with supervisory and other requirements. Thus, FINRA will not bring an enforcement action against a CCO unless a firm has “expressly or impliedly designated its CCO as having supervisory responsibility.” This article examines two 2026 FINRA settlements with broker-dealer CCOs who were alleged to have violated assigned responsibilities. One enforcement proceeding arose out of a broker-dealer’s alleged violation of the SEC’s Regulation Best Interest as a result of certain securities sales by its registered representatives. The other involved the alleged filing of a false undertaking with FINRA and failing to preserve electronic communications relevant to the collapse of a “banking as a service” platform provider and its affiliated broker-dealer. See “FINRA Clarifies Stance on CCO Supervisory Liability” (Apr. 28, 2022).