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.
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.
The staff of the SEC Division of Investment Management withdrew 2010 guidance which reviewed the permissibility of an SEC-registered, closed-end fund determining to opt in to a control share acquisition statute authorized under state law.
The CFPB extended the comment deadline an additional 60 days on a supplemental rule proposal to amend certain requirements on the collection of time-barred debts. The new comment deadline is August 4, 2020.
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.
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.