The U.S. District Court for the Southern District of New York held that certain syndicated loans sold to institutional investors are not "securities" and rejected claims of violations of federal and state securities laws.
IOSCO urged issuers of securities to make "timely and high quality" disclosures, that are entity-specific, about the impact of COVID-19 on an issuer's operating performance, financial position, liquidity, and future prospects.
Several congressional members urged Treasury Secretary Steven Mnuchin to address liquidity challenges facing mortgage servicers in order to prevent an "impending crisis" within the mortgage servicing sector.
SEC Chief Accountant Sagar Teotia identified several areas of accounting and financial reporting that will require "significant judgments and estimates" due to the evolving status of the COVID-19 pandemic.
An American Institute of Certified Public Accountants' Working Group published a practice aid on how to account for and audit digital assets under U.S. generally accepted accounting principles and generally accepted auditing standards.
New York State Department of Financial Services Superintendent Linda A. Lacewell proposed regulation designed to streamline the disclosure processes of confidential supervisory information to legal counsel and independent auditors.
A U.S. District Court held that compliance communications are not protected by attorney-client privilege or the work-product doctrine, and that the SEC can force an investment advisor to produce documentation of such communications.