On March 31, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance (the Division) issued two new Compliance and Disclosure Interpretations (C&DIs) related to compliance with Rule 12b-25 in connection with the SEC’s conditional relief order (the Order) that was issued in the wake of the Coronavirus Disease 2019 (COVID-19). Continue Reading SEC Division of Corporation Finance Issues New C&DIs about the SEC’s Conditional Relief Order and Compliance with Rule 12b-25

On April 2, the five regulators responsible for Section 13 of the Bank Holding Company Act of 1956 (the Volcker Rule) issued a joint release (Joint Release) announcing that they will consider comments submitted before May 1 in connection with their proposal to modify the Volcker Rule’s general prohibition on banking entities investing in or sponsoring hedge funds or private equity funds. The original comment period was set to expire on April 1. (For a discussion of this proposal, please refer to the January 31, 2020 edition of Corporate and Financial Weekly Digest.)

This extension is intended to provide interested persons more time to analyze the issues related to the proposal and prepare their comments in light of potential disruptions resulting from the COVID-19 pandemic.

The text of the Joint Release is available here.

On March 31, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission (CFTC) issued Staff Letter No. 20-12 (Letter), announcing temporary no-action relief (Relief) that allows certain non-US entities, that are exempt from registration with the CFTC as introducing brokers pursuant to CFTC Regulation 30.5 (Foreign Brokers), and which are affiliates of futures commission merchants (FCMs) registered with the CFTC, to handle US order flow under certain conditions. Continue Reading CFTC Provides Relief to Certain Foreign Affiliates of FCMs in Response to COVID-19

On March 31, the UK’s Financial Conduct Authority (FCA) published an updated version of its statement on short selling bans and reporting (the Statement). Continue Reading FCA Updates Statement on Short Selling Bans and Reporting During the Covid-19 Pandemic

On March 26, the UK’s Financial Conduct Authority (FCA) published a statement on its expectations of FCA solo-regulated firms in light of the Covid-19 pandemic (the Statement). Continue Reading FCA Outlines Financial Resilience Expectations for FCA Solo-Regulated Firms During Covid-19 Pandemic

On March 26, the UK’s Financial Conduct Authority (FCA) published a statement of policy announcing temporary relief to listed companies that are required to publish audited annual financial reports pursuant to DTR 4.1 (the Statement). Continue Reading FCA Publishes Statement on Delays to Audited Annual Financial Reports

On March 27, the European Central Bank published a recommendation on dividend distributions and share buy-backs during the Covid-19 pandemic (the Recommendation). Continue Reading ECB Publishes Recommendation on Dividend Distributions During Covid-19 Pandemic