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: April 24, 2020
    Temporary No-Action Relief for Principal or Associated Person Listings/Registrations.  CFTC staff have provided temporary no-action relief for any newly listed principals of registrants and any applicants for associated person registration from providing a fingerprint card with his or her Form 8-R, subject to certain conditions. This relief extends through the earlier of (i) July 23, 2020, or (ii) until the National Futures Association notifies the public that it has resumed processing fingerprints.

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

Securities and Exchange Commission (SEC)

  • Most Recent Development: April 24, 2020
    The Division of Investment Management Updates its COVID-19 FAQs.  The staff of the Division of Investment Management updated its COVID-19-related FAQs to address how institutional investment managers should contact the staff regarding Form 13F questions or concerns related to impacts of COVID-19 on operations or compliance (see question I.2).

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

Financial Conduct Authority (FCA)

  • Most Recent Development: May 14, 2020
    FCA Statement on the UK Corporate Insolvency and Governance Bill. The FCA published a statement commenting on certain impacts on the financial services sector of the planned Corporate Insolvency and Governance Bill (which aims to help businesses affected by the COVID-19 pandemic). The FCA notes that certain measures will not be available for some financial services firms and contracts, including company moratoriums, the suspension of ipso facto (termination) clauses and the temporary suspension of wrongful trading provisions.  

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

The European Securities and Markets Authority (ESMA)

  • Most Recent Development: May 20 2020
    ESMA Calls for Transparency on the Effects of COVID-19 in Half-Yearly Financial Reports. ESMA published a statement addressing the impact of the COVID-19 pandemic on the half-yearly financial reports of listed issuers. ESMA recommended, amongst other things, that such issuers should make use of the time permitted under their respective national laws to ensure their reports contain relevant, up-to-date and reliable information.

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

Financial Industry Regulatory Authority (FINRA)

  • Most Recent Development: May 15, 2020
    Updated FAQs on COVID-19 Regulatory Relief.. FINRA has updated its COVID-19 FAQ webpage to address questions relating to (i) Form U4 information verification requirements and (ii) a temporary extension of time for operations professionals who have not yet passed the appropriate examination.

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

National Futures Association (NFA)

Other Regulatory

  • Most Recent Development: May 19, 2020
    NEW!  BoE Publishes Update on the Contingent Term Repo Facility (“CTRF”) The BoE confirmed that it will discontinue three-month CTRF operations at the end of May 2020, but will continue to offer one-month term CTRF operations on a weekly basis until the end of June 2020.

    For the full list of the Other Regulatory COVID-19 related actions click here  (Other 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