A broker-dealer settled FINRA charges for failing to (i) transmit required reportable order events to the Order Audit Trail System and (ii) include complete and accurate information in required quarterly reports.
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 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 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 SEC adopted amendments to the definitions of "accelerated filer" and "large accelerated filer" under Exchange Act registration and reporting rules. The amendments reduce costs for certain lower-revenue companies.
FINRA commenced a retrospective review of reporting requirements on "specified events, internal conclusions of violations, and quarterly statistical and summary information regarding written customer complaints."