At a PLI conference on February 13, 2013, acting Enforcement Director George Canellos stated that the SEC is working on a number of cases involving the role of so-called gatekeepers, including attorneys, accountants and compliance professionals, who act “irresponsibly” in facilitating violations of the securities laws. Under Section 929P of the Dodd-Frank Act, the SEC now has authority to fine individuals who “cause” violations that they do not themselves commit. A sanction that can be imposed on the basis of negligent, rather than intentional, misconduct and called the procedural changes stemming from Section 929P as a “very important” new form of secondary liability for gatekeepers.