Quarterly U.S. Regulatory Roundup - Third Quarter 2020

COVID-19 Resources

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

For a detailed synopsis of the recent news and publications issued by the Financial Conduct Authority (FCA), read our June 2020 Regulatory Focus. 

U.S. Securities and Exchange Commission (SEC) Update – Third Quarter 2020

 
• SEC Adopts Amendments to Exemptive Applications Procedures
• SEC Proposes Amendments to Update Form 13F for Institutional Investment Managers; Amend Reporting Threshold to Reflect Today’s Equities Markets
• Risk Alert: Cybersecurity – Ransomware
• SEC Adopts Rule Amendments to Provide Investors Using Proxy Voting Advice More Transparent, Accurate and Complete Information
• SEC & FDIC Adopt Final Rule on the Orderly Liquidation of Covered Broker-Dealers under Title II of the Dodd-Frank Act
• SEC Enforcement Division and the Department of Justice Publish a Second Edition “Resource Guide to the U.S. Foreign Corrupt Practices Act”
• SEC Announces Creation of the Event and Emerging Risk Examination Team in the Office of Compliance Inspections and Examinations and the Appointment of Adam D. Storch as Associate Director
• Risk Alert: Select COVID-19 Compliance Risks and Considerations for Broker-Dealers and Investment Advisers
• SEC Proposes New Rule Under Regulation S-T
• SEC Modernizes the Accredited Investor Definition
• SEC Adopts Rule Amendments to Modernize Disclosures of Business, Legal Proceedings, and Risk Factors Under Regulation S-K
• Risk Alert: Cybersecurity: Safeguarding Client Accounts against Credential Compromise

Financial Industry Regulatory Authority (FINRA) Update – Third Quarter 2020 

 
• FINRA Provides Guidance on Retail Communications Concerning Private Placement Offerings
• FINRA Announces Updates to the Interpretations of FINRA’s Margin Rule Regarding Control and Restricted Securities and Consolidation of Accounts
• FINRA Amends Arbitration Codes to Apply Minimum Fees to Requests for Expungement of Customer Dispute Information
• FINRA Encourages Firms to Notify FINRA if They Engage in Activities Related to Digital Assets 
• Proposed Rule Change to Further Extend the Expiration Date of the Temporary Amendments Set Forth in SR-FINRA-2020-015
• FINRA Introduces Mandatory Multi-Factor Authentication (MFA) to Access Various FINRA Applications
• FINRA Alerts Firms to Use of Fake FINRA Domain Name
• Fraudsters Using Registered Representatives Names to Establish Imposter Websites

National Futures Association (NFA) Update – Third Quarter 2020 

 
• CFTC Encourages Standardized Approaches to Assessing Cybersecurity Preparedness, Including the FSSCC Cybersecurity Profile
• NFA Proposed Amendments to NFA Interpretive Notice 9053 (Forex Transactions)

Enforcement Matters – Third Quarter 2020 

 
• Final Regulations for the California Consumer Privacy Act
• SEC Charges New Jersey Man and His Private Company with Fraud
• SEC Charges Pharmaceutical Company with FCPA Violations
• CFTC Charges Florida Man for Attempting to Fraudulently Profit From COVID-19
• SEC Charges Lobbyist with Defrauding Investors
• SEC Charges Former IT Manager of a Biotech Company with Insider Trading
• SEC Charges Affiliated Investment Advisers for Material Misstatements Concerning Payments Received
• SEC Charges Private Equity Firm with Misallocation of Costs and Expenses
• SEC Charges Broker-Dealer for Failure to Implement Written Supervisory Procedures
• SEC Charges Former Principal of Investment Adviser with Data Manipulation and Valuation Fraud
• SEC Obtains Final Judgment Against Former Investment Banker for Insider Trading