DOJ charges Texas business owner for filing fraudulent PPP applications. OCIE highlights compliance deficiencies of investment advisers managing private funds.  Banking regulators provide guidance to examiners on Covid-19 risk management assessments. SEC Chief Accountant urges high-quality financial reporting during the pandemic. CFTC amends NFA individual application registration form.

UK to propose legislation on LIBOR "tough legacy" contracts. SEC Division of Corporation Finance issues additional disclosure guidance on COVID-19. SEC officials provide update on equity market structure modernization. SEC extends relief to funds and advisers from in-person board meeting obligations.

Summary: DOJ charges CEO for submitting false information in Paycheck Protection Program loan applications. Supreme Court rules ill-gotten gains are always at risk. Survey shows progress on LIBOR transition despite Covid-19 challenges. President Trump to nominate SEC Chair Clayton as U.S. Attorney for SDNY. FINRA seeks temporary deadlines extension, and OFAC authorizes wind down of transactions with certain Venezuelan entities.

SEC officials debate approaches to small business capital formation. The Fed publishes uniform fraud classification model for the payments industry. FINRA aligns suitability and compensation rules with SEC Regulation Best Interest. The Consumer Financial Protection Bureau establish a pilot advisory opinion program to address regulatory ambiguity.

SEC OCIE provides detail on LIBOR-related examinations. A swap dealer settles CFTC reporting. An insurance company settles SEC charges for unsupported loss estimates. A broker-dealer settles FINRA charges for net capital maintenance failures.

SEC commissioners address municipal securities disclosure practices. ARRC requests relief relating to CCP discounting transition. Amended AML compliance guidance for FCMs and IBs now effective. SEC grants broker-dealer registration exemption to muni advisors. A broker-dealer settles FINRA charges for late TRACE reporting. SEC names new enforcement division associate director.

D.C. Circuit vacates SEC pilot program for NMS stocks. House financial services committee considers proposed legislation on cybersecurity. SEC Chair Jay Clayton confirms Regulation Best Interest implementation date. FINRA issues June disciplinary report.

NFA and AIMA react to CFTC data collection proposal. A broker-dealer settles FINRA charges for Reg SHO violations. NFA extends recordkeeping compliance relief for members.

EC proposes amendments to EMIR on third-country CCPs. SEC grants relief to CAT participants from certain reporting requirements.

President Trump authorizes sanctions against the International Criminal Court. MSRB answers more questions on COVID-19 regulatory relief. Firm settles FINRA charges for failing to supervise suitability recommendations on UITs. CFTC awards whistleblower approximately $6 million. FINRA proposes extended relief for staff.