Quarterly U.S. Regulatory Roundup - Second Quarter 2020

COVID-19 Resources

• Duff & Phelps COVID-19 Resource Center
• SEC COVID-19 Frequently Asked Questions
• FINRA COVID-19 Task Force

 

U.S. Securities and Exchange Commission Update – Second Quarter 2020

• COVID-19 Market Monitoring Group – Update and Current Efforts
• SEC Adopts Offering Reforms for Business Development Companies and Registered Closed-End Funds
• Risk Alert: Examinations Focusing on Regulation Best Interest and Form CRS
• SEC Proposes Fund Valuation Practice Modernization
• SEC Adopts Amendments to Financial Disclosures about Acquired and Disposed Businesses
• SEC Adopts Temporary Amendments to Regulation Crowdfunding
• Risk Alert: Examination Initiative: LIBOR Transition Preparedness
• SEC Extends Relief for Fund Board Virtual Meetings
• Risk Alert: Observations from Examinations of Investment Advisers Managing Private Funds

 

Financial Industry Regulatory Authority Update – Second Quarter 2020

• FINRA Amends Arbitration Code to Expand Options Available to Customers if a Firm or Associated Person Is or Becomes Inactive
• FINRA Issues Guidance on Protecting Senior Investors
• FINRA Regulatory Notice 20-13: FINRA Reminds Firms to Beware of Fraud During the Coronavirus (COVID-19) Pandemic
• FINRA Regulatory Notice 20-14: Sales Practice Obligations with Respect to Oil-Linked Exchange-Traded Products
• Frequently Asked Questions About Advertising Regulation
• FINRA Regulatory Notice 20-18: FINRA Amends Its Suitability, Non-Cash Compensation and Capital Acquisition Broker (CAB) Rules in Response to Regulation Best Interest

 

National Futures Association Update – Second Quarter 2020

• CFTC Issues COVID-19 Customer Advisory on Fee Scams
• Amendments to NFA Compliance Rule 2-29 and Related Interpretive Notice Now Effective
• Notice I-20-21: Increase in Fraudulent Phishing Emails Warrants Member Vigilance

 

Enforcement Matters – Second Quarter 2020

• SEC Charged Husband and Wife in Insider Trading Scheme
• SEC Charged Multinational Financial Corporation with Providing Misleading Information to Retail Clients
• CFTC Files Charges in $20 Million International Binary Options and Digital Asset Fraud Scheme
• SEC Charged Former Registered Representative with Defrauding Investors
• SEC Charged Investment Adviser Representative for Conducting Fraudulent “Cherry-Picking” Scheme
• SEC Charged Private Equity Firm with Compliance Failures
• SEC Awards Almost $2 Million to Whistleblower