Investors Remain Front of Mind at the SEC: Approach to Allocation of Resources, Oversight and Rulemaking; Implementation of Regulation Best Interest and Form CRS (SEC Release)In the Matter of LendingClub Corporation (TSSB Consent Order)Department of Justice and Department of Health and Human Services Partner to Distribute More Than Half a Million Medical Supplies Confiscated from Price Gougers (DOJ Release)Giant Social-Distancing-Self-Isolation Cosmopolitan Anti-Covid19 CocktailThere will be a re-calibration in New York after coronavirus, realty expert says / Scott Rechler, CEO and chairman of RXR Realty, joins "Squawk Box" to discuss how the real estate industry is being affect by the coronavirus outbreak (CNBC)
Over 57 million American households are invested in our securities markets. The interests of these individuals-our long-term Main Street investors-are the lens through which we evaluate whether we are effectively advancing the SEC's mission. The 4,500 women and men of the SEC are committed to these investors and the integrity of our markets. The uncertainties caused by COVID-19 have not changed our perspective or commitment.
Our general approach in these unprecedented circumstances is premised on putting health and safety first, as well as our firm message that the law continues to apply. We continue to allocate our resources in the best interests of investors and our capital markets, with investor protection and market integrity front of mind. Recognizing that challenges may impact the timing of certain filings, we also are keenly focused on ensuring that issuers and other registrants continue to provide material information to investors, including information related to the current and expected effects of COVID-19, as promptly as practicable. In this regard, we have reminded public companies and other persons to continue to evaluate their obligations to make materially accurate and complete disclosures in accordance with the federal securities laws. And Commission staff provided guidance to assist issuers as they consider their disclosure obligations in connection with their assessment of the potential effects of COVID-19 on their operations.It is my intent to continue to apply this pragmatic, flexible, facts-and-circumstances approach to our allocation of resources and actions during this uncertain period, taking into account the advice and expertise of my fellow Commissioners and our staff, as well as the views of market participants. In light of the dynamic nature of current circumstances, our allocation of resources may change. In addition, we expect to provide similar, targeted relief, and make similar adjustments to timeframes, where necessary or appropriate. Importantly, we continue to encourage engagement from market participants, including, in particular, investors. For example, at my request, the Investor Advisory Committee will hold a meeting today to discuss, in part, the impact of COVID-19 on investors.
Over the past ten months, the Commission and the staff have engaged extensively with broker-dealers, investment advisers, retail investors and other market participants, as well as FINRA and other regulatory partners, regarding the implementation of Reg BI and Form CRS. We believe firms with account relationships comprising a substantial majority of retail investor assets have made considerable progress in (1) adjusting their business practices, (2) supplementing and modifying their policies and procedures, and (3) otherwise aligning their operations and preparing for the requirements of Reg BI and the obligation to file and begin delivering Form CRS.Based on that engagement -- and because the continued implementation of these conduct and transparency initiatives, individually and collectively, will significantly benefit Main Street investors -- we believe that the June 30, 2020 compliance date for Reg BI and other requirements, including the requirement to file and begin delivering Form CRS, remains appropriate.
The FBI discovered the supplies during an enforcement operation by the Department of Justice's COVID-19 Hoarding and Price Gouging Task Force on March 30 and alerted HHS which used its authority under Defense Production Act (DPA) to order that the supplies be immediately furnished to the United States. In addition to the N95 respirator masks, the supplies found included 598,000 medical grade gloves and 130,000 surgical masks, procedure masks, N100 masks, surgical gowns, disinfectant towels, particulate filters, bottles of hand sanitizer, and bottles of spray disinfectant.
The FAO Food Price Index, a global gauge of prices, dropped 4.3% in March, the United Nations' Food & Agriculture Organization said Thursday. That's the steepest decline since August 2015. Food costs fell as government restrictions on freedom of movement exacerbated demand destruction for oil, which pressures biofuels consumption. Biofuels are a key source of demand for sugar and vegetable oils.