Quarterly U.S. Regulatory Roundup – Second 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.

COVID-19 Resources

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