The Federal Financial Institutions Examination Council encouraged financial institutions to ease pressure on borrowers as initial loan accommodations in response to the COVID-19 pandemic near their end.
President Trump's threatened Executive Order "banning" social media application TikTok prompted Microsoft to announce that it would "continue discussions to explore a purchase of TikTok in the United States."
FINRA published an FAQ concerning broker-dealer personnel hosting a virtual entertainment event or video meeting with employees of institutional customers or third-party broker-dealers where food and beverage will be provided.
OFAC designated a Chinese company and two individuals to the Specially Designated Nationals and Blocked Persons List. The designations were linked to human rights abuse in the Xinjiang Uyghur Autonomous Region.
FinCEN alerted financial institutions to indicators of COVID-19-related cybercrime. The alert concerns (i) the exploitation of remote platforms, particularly against financial and healthcare systems, (ii) phishing, malware and extortion schemes, and (iii) business email compromise fraud.
A broker-dealer settled FINRA charges for failing to establish, document, and maintain a system of risk management controls and supervisory procedures to manage the financial risks of its direct market access business activity.
An SEC-proposed rule amending Form 13F to (i) modernize its data reporting framework, (ii) update the instructions for confidential treatment requests and (iii) raise the reporting threshold for institutional investment managers from $100 million to $3.5 billion was published in the Federal Register.
SEC Division of Investment Management Director Dalia Blass said the Division will be making recommendations on outstanding proposals concerning (i) fund of funds arrangements, (ii) funds' use of derivatives, (iii) fund valuation practices and (iv) investment adviser solicitation and advertising. She also highlighted initiatives to enhance public access to private markets.
The CFTC Market Risk Advisory Committee approved recommendations for the scheduled October 2020 shift to the Secured Overnight Financing Rate for central counterparties discounting and price alignment interest at certain clearinghouses.
The New York State Department of Financial Services urged the DOL to reconsider a proposed amendment that requires plan fiduciaries to recommend investments based solely on financial considerations, arguing that the amendment would discourage the consideration of environmental, social and governance-related investments.