Since the SEC brought several enforcement actions against CCOs in 2014 and 2015, the CCO community has believed that it is being unfairly targeted by the SEC. In response to those concerns, the New York City Bar Association (Association), in conjunction with the American Investment Council; the Association for Corporate Growth; and the Securities Industry and Financial Markets Association, released a report (Framework) that reflects the Association’s belief that the “creation of a formalized regulatory framework describing nonbinding factors for the SEC to consider in determining whether to charge a CCO is a crucial next step to providing the enforcement clarity CCOs seek.” This second article in a two-part series reviews CCO liability in general and the Framework specifically, through the eyes of current and former CCOs, as well as a former SEC Enforcement Division official. The first article explained the reasoning for the Framework and provided an overview of its components, as well as two additional proposals by the Association. See “How CCOs Can Avoid Personal Liability for Organizations’ Compliance Failures” (Feb. 9, 2021); and “NYC Bar Report on CCO Liability Calls for More Regulatory Guidance, Transparency and Cooperation” (May 19, 2020).