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