In a Complaint filed in the U.S. District Court for the Southern District of Florida, the SEC alleged that a "purported internet investment adviser firm and its president failed to properly register and to provide books and records for examination.
SEC Chair Jay Clayton and the Office of Municipal Securities Director Rebecca Olsen urged municipal securities issuers to provide improved forward-looking disclosures to investors during the COVID-19 pandemic.
Three investment advisers settled separate charges with the SEC after self-reporting certain failures to disclose conflicts of interest that were the focus of the SEC Enforcement Division's Share Class Selection Disclosure Initiative.
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.
A FINRA proposal to modify its suitability requirements and rules governing non-cash compensation to conform to the stricter standards of Regulation Best Interest was published in the Federal Register.
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.