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.
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.
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.
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.
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.