COVID-19 Update

• SEC Division of Investment Management Coronavirus (COVID-19) Response FAQs
• SEC Provides Temporary, Conditional Relief for Business Development Companies Making Investments in Small and Medium-Sized Businesses

Rules and Regulations

• SEC Proposes to Modernize Framework for Fund Valuation Practices
• SEC Adopts Offering Reforms for Business Development Companies and Registered Closed-End Funds
• SEC Adopts Rule Permitting Simplified Prospectus Summaries for Variable Annuities and Variable Life Insurance Contracts

Industry Update

• OCIE Publishes Risk Alerts Providing Advance Information Regarding Inspections for Compliance with Regulation Best Interest and Form CRS

Litigation

• SEC Settles with Investment Adviser for Alleged Undisclosed Conflicts of Interest Regarding In-House Operations Fees
• SEC Settles with Investment Adviser for Alleged Advertising Omissions
• SEC Obtains Partial Summary Judgment Against Investment Adviser and Principal