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.
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.
The Federal Reserve Board adopted an interim final rule to extend an exception that modified Federal Reserve Act Section 22 and FRB Regulation O ("Loans to Executive Officers, Directors and Principal Shareholders of Member Banks").
The New York Department of Financial Services reminded banking institutions of recent amendments to the New York Community Reinvestment Act that require additional information on activities with respect to minority- and women-owned businesses.
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.
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 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.