An investment adviser settled SEC charges for failing to disclose that: (i) the adviser's parent company paid a teachers' union-owned for-profit entity to promote the adviser's services to teachers; and (ii) the adviser received financial benefits as a direct result of investment recommendations that were more expensive than other options available to clients.
SEC Chair Jay Clayton, Division of Corporation Finance Director William Hinman, Division of Investment Management Director Dalia Blass and Division of Trading and Markets Director Brett Redfearn provided updates on the SEC's various pandemic relief measures.
The Treasury Department issued an interim final rule that "establishes a fee for parties filing a formal written notice of a transaction for review by the Committee on Foreign Investment in the United States.”
A CFTC proposal to apply federal speculative position limits to 25 "core referenced futures contracts" - including futures and options linked to those contracts and economically equivalent swaps - was published in the Federal Register.
SEC Office of Credit Ratings Director Jessica Kane highlighted developments in the regulation of nationally recognized statistical rating organizations and solicited feedback on current disclosure obligations.
The Congressional Research Service provided an overview of the current authority of the Committee on Foreign Investment in the United States following the recent implementation of the Foreign Investment Risk Review Modernization Act.
The SEC charged an investment advisory firm and two of its investment advisers with violating their fiduciary duty and defrauding clients by failing to disclose significant financial conflicts of interest.
In a 3-2 vote, the CFTC proposed applying federal speculative position limits to 25 "core referenced futures contracts," including futures and options linked to those contracts and economically equivalent swaps.
The SEC approved amendments to provide additional exemptions under FINRA rules governing restrictions on the purchase and sale of initial equity public offerings and new issue allocations and distributions.