Financial market regulators continue to address various regulatory issues arising from the ongoing COVID-19 crisis by, for example, granting exemptive relief, issuing temporary orders, and publishing guidance. As a resource to market participants, we have compiled (and will update regularly) all such actions taken by the SEC, CFTC, FINRA, NFA, FCA, and ESMA (as well as certain relevant actions taken by other regulators worldwide, including exchanges, national regulators and other governmental organizations).The listings below are organized by regulator; however, you may find it more useful to sort these regulatory actions based upon your business type, by selecting one of the links set forth at the bottom of the page.

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Regulatory Actions and Developments
(sorted by regulator):

Commodity Futures Trading Commission (CFTC)

  • Most Recent Development: May 28, 2020
    Further Extension of Relief for Margin Requirements for Uncleared Swaps.  The CFTC voted to approve an interim final rule which contains a one-year deferral of the compliance date, from September 1, 2020 to September 1, 2021, by which certain swap entities must post and collect initial margin with counterparties that are swap dealers, major swap participants, or financial end users with material swaps exposure. 

    For the full list of the CFTC's COVID-19 related actions click here 

Securities and Exchange Commission (SEC)

Financial Conduct Authority (FCA)

  • Most Recent Development: July 10, 2020
    FCA Consultation on Extending the Implementation Deadlines for the Certification Regime and Conduct Rules. To ensure the deadlines for the Senior Managers and Certification Regime remain consistent, the FCA is consulting on extending the following deadlines from December 9, 2020 to March 31, 2021: (i) the date the Conduct Rules come into force, (ii) the deadline for submission of information about Directory Persons to the FS Register, and (iii) changing references in the rules to the deadline for assessing Certified Persons as fit and proper as such deadline has already been delayed by HM Treasury until March 31, 2021.

    For the full list of FCA's COVID-19 related actions click here 

The European Securities and Markets Authority (ESMA)

  • Most Recent Development: July 28 2020
    NEW ESMA Statement on its Intention to Postpone the CSDR Settlement Discipline Regime . At the request of the European Commission, ESMA confirms in this statement that it is working on a proposal to delay the entry into force of the Central Securities Depositories Regulation (“CSDR”) settlement discipline regime until February 1, 2022 due to the impact of the COVID-19 pandemic.

    For the full list of the ESMA's COVID-19 related actions click here 

Financial Industry Regulatory Authority (FINRA)

  • Most Recent Development: May 28, 2020
    Special Alert on Remote Work and Remote Supervision. FINRA has issued a special alert advising member broker-dealers of practices implemented by firms operating in a remote work environment during the COVID-19 pandemic.  Among other things, the special alert addresses general supervision, trading supervision, supervision of communications with customers and branch inspections..

    For the full list of FINRA's COVID-19 related actions click here 

National Futures Association (NFA)

  • Most Recent Development: June 12, 2020
    Extension of Temporary Relief.  Consistent with no-action relief granted by the CFTC in CFTC Letter No. 20-19, NFA has extended through September 30, 2020 the regulatory relief previously granted to futures commission merchants, introducing brokers, swap dealers and forex dealers relating to timestamping and oral communications recordkeeping.

    For the full list of the NFA's COVID-19 related actions click here 

Other Regulatory

  • Most Recent Development: July 28, 2020
    NEW PRA Statement on Dividend Payments and Share Buybacks Beyond 2020 The PRA confirms that it will undertake an assessment by the end of this year of firms’ post-2020 distribution plans in respect of dividend payments and share buybacks.

    For the full list of the Other Regulatory COVID-19 related actions click here  (additional NEW items)

Regulatory Actions and Development by Client Type
(Click on client type to access all relevant regulatory actions)

US Centric:

Alternative Trading System

Insured Depository Institution

Broker-Dealer

Introducing Broker

Clearing Agency

Investment Adviser

Clearing Member

Investment Company

CPO

Municipal Adviser

CTA

National Securities Exchange

Crypto Trader

Private Fund/Hedge Fund

DCM/SEF

Proprietary Trader

DCO

Retail Forex Dealer

FCM

Single Dealer Platform

Floor Broker

Swap Dealer

Foreign Broker

Transfer Agent


EU/UK Centric:

EU/UK AIFs

EU/UK Proprietary Trading Firms

EU/UK CCPs

EU/UK Trade Repositories

EU/UK Credit Institutions

EU/UK Trading Venues

EU/UK Fund Managers

EU/UK UCITS

EU/UK Investment Firms