The DOL proposed a new class exemption for investment advice fiduciaries from certain prohibited transaction rules under ERISA and the Internal Revenue Code.
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.
A correction to an SEC final rule establishing recordkeeping and financial reporting requirements for security-based swap dealers was published in the Federal Register.
A broker-dealer settled SEC charges for misleading clients as to trade execution services and transaction costs in the broker-dealer's retail wrap fee program.
A broker-dealer settled FINRA charges for failing to amend its Form 4 Registration and Transfer Application and failing to maintain a supervisory system designed to ensure timely disclosure of reportable events.
The SEC Division of Investment Management extended the hours during which registered investment companies and business development companies can submit their EDGAR filings.
OFAC urged persons subject to U.S. sanctions, including financial institutions and other businesses, to notify OFAC of any anticipated delays in meeting certain regulatory reporting deadlines due to COVID-19.
The MSRB requested immediate authorization from the SEC to provide extended regulatory relief to firms due to COVID-19-related disruptions to "normal business operations."
The SEC Office of Compliance Inspections and Examinations described the scope and content of initial examinations for Regulation Best Interest and Form CRS .
The SEC Division of Corporation Finance issued a new Compliance and Disclosure Interpretation that clarifies relief provided to registrants from filing deadline requirements.
The New York Attorney General proposed revisions to registration requirements in order to "streamline and enhance" supervision of the securities industry in New York.
SEC Chair Jay Clayton announced that the SEC will not delay the June 30, 2020 compliance date for Regulation Best Interest despite the COVID-19 pandemic.
The SEC Division of Corporation Finance issued two new Compliance and Disclosure Interpretations that clarify recent Exchange Act reporting extensions.
An SEC Order providing temporary exemptive relief for certain investment funds and advisers from filing requirements and in-person board meeting requirements was published in the Federal Register.
The SEC adopted a temporary final rule to provide certain relief relating to Form ID Notarizations, Regulation A and Regulation Crowdfunding requirements, and Form MA filings.
NFA provided regulatory relief to independent introducing brokers by extending the deadlines for filing financial reports. The relief was extended to address compliance issues caused by COVID-19.
The SEC extended (i) the filing periods included in previous conditional reporting relief from specific filing obligations, and (ii) certain regulatory relief provided previously for funds and investment advisers whose operations may have been impacted by COVID-19.
The CFTC Division of Swap Dealer and Intermediary Oversight issued no-action relief to provide CFTC-registered CPOs with additional time to comply with reporting requirements in light of the challenges posed by COVID-19.
