Quarterly U.S. Regulatory Roundup – First Quarter 2020

Quarterly U.S. Regulatory Roundup – Third 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 and NFA and regulatory news in relation to COVID-19 in the third quarter of 2020. .

COVID-19 Resources


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 


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