Quarterly U.S. Regulatory Roundup – First Quarter 2020

Quarterly U.S. Regulatory Roundup – First Quarter 2020

In the latest edition of the U.S. Regulatory Roundup, Duff & Phelps' Compliance and Regulatory Consulting practice outlines updates, enforcement and judicial actions from the SEC, FINRA, NFA and regulatory news in relation to COVID-19 in the first quarter of 2020.

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

  • SEC Postpones National Compliance Outreach Seminar for Investment Companies and Investment Advisers
  • SEC Proposes Amendments to Modernize and Enhance Financial Disclosures
  • SEC Office of Compliance Inspections and Examinations Publishes Observations on Cyber Security and Resiliency Practices
  • SEC Proposes Improvements to Governance of Market Data Plans
  • SEC Office of Compliance Inspections and Examinations Announces 2020 Examination Priorities
  • Jury Finds Investment Adviser and its Owner Liable for Fraud
  • SEC Charges Russian National for Defrauding Older Investors of Over $26 Million in Phony Certificates of Deposit Scam
  • SEC Obtains Judgment Against Former Chief Compliance Officer of Investment Adviser
  • SEC Charges Husband and Wife with Nearly $1 Billion Ponzi Scheme

Financial Industry Regulatory Authority Update – First Quarter 2020 

  • FINRA Launches New Data on Treasury Securities Trading Volume
  • New Rate for Fees Paid Under Section 31 of the Exchange Act
  • FINRA Promotes Jessica Hopper to Head of Enforcement
  • FINRA Releases 2020 Risk Monitoring and Examination Priority Letter
  • SEC Approves Amendments to FINRA Rules 5130 and 5131 Relating to Equity IPO’s
  • Information Notice: 2020 and First Quarter of 2021 Report Filing Due Dates

National Futures Association Update – First Quarter 2020 

  • Educational Resources, Common Deficiencies and Other Important Regulatory Information for CPO and CTA Members
  • Member Obligations Under NFA Bylaw 1101 and Compliance Rule 2-36(d) with Respect to COPs/CTAs Exempt from Registration
  • NFA’s Swaps Proficiency Requirements Effective January 31, 2020

COVID-19 and U.S. Regulation – First Quarter 2020 

  • SEC Provides Additional Temporary Regulatory Relief and Assistance to Market Participants Affected by COVID-19
  • Coronavirus (COVID-19) Update – Regulatory Relief for IBs
  • SEC Extends Conditional Exemptions from Reporting and Proxy Delivery Requirements for Public Companies, Funds and Investment Advisers Affected by COVID-19
  • Coronavirus (COVID-19) Update – Regulatory Relief for CPOs and CTAs
  • SEC Staff Provides Guidance to Promote Continued Shareholder Engagement, Including at Virtual Annual Meetings, for Companies and Funds Affected by COVID-19

Other Regulatory Matters – First Quarter 2020 

  • California Consumer Protection Act


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