The Securities and Exchange Commission recently formed an internal, cross-divisional COVID-19 Market Monitoring Group and is providing more regulatory relief in light of the coronavirus pandemic.
The temporary, senior-level COVID-19 Market Monitoring Group will help the commission and its various divisions and offices in actions and analysis related to the effects of COVID-19 on markets, issuers, and investors, and will respond to requests for information, analysis and assistance from fellow regulators and other public-sector partners.
The group will help the agency coordinate with and support other federal financial agencies such as the President’s Working Group on Financial Markets (PWG), Financial Stability Oversight Council (FSOC) and the Financial Stability Board (FSB).
The agency also issued two exemptive orders to move Consolidated Audit Trail (CAT) to set up a phased CAT reporting timeline for broker-dealers, and permit introducing brokers that meet certain requirements to follow the small broker-dealer reporting timeline.
The first commission order allows for equity and options reporting in phases, taking into account the complexity of reporting events.
In order to address the impact of COVID-19 while preserving progress toward existing milestones, the first exemptive order also allows for a delayed start to CAT reporting conditioned upon compliance with certain other obligations.
These obligations include milestones related to testing and releases of CAT functionality, as well as all other compliance dates for broker-dealer reporting to the CAT.