The CFTC solicited comment on collections of information provided for by CFTC Rules Part 40 ("Provisions Common to Registered Entities") regarding registered entities. The request for comment was published in the Federal Register. Part 40 generally requires that markets provide an explanation and analysis when seeking to implement new products, rules, and rule amendments, including changes to product terms and conditions. The CFTC is soliciting comments on: whether the proposed collection of information is necessary for the proper performance of the functions of the CFTC, including whether the

SEC Commissioners Luis Aguilar and Daniel Gallagher issued a joint statement pushing for the SEC to modernize its transfer agent rules, asserting that "there are critical reforms requiring immediate action." According to the Commissioners, the SEC has not "significantly" revised its transfer agent rules in almost thirty years. The Commissioners indicated that the Division of Trading and Markets has been working on a concept release seeking public comment on possible updates and improvements to the regulatory framework for transfer agents; however, the Commissioners are of the view that a

SEC Commissioner Kara Stein delivered remarks at Meet the Market, North America, urging the industry to accelerate the incorporation and acceptance of the legal entity identifier ("LEI") and advocating for the further development of an approach to standardizing and interpreting data. According to Commissioner Stein, greater use of LEI "could increase profits while mitigating market risks." She reported that over 360,000 LEIs have been issued in 191 countries, and encouraged the industry to help accelerate this growth. She cited two recent SEC rulemakings that incorporate the use of LEI: (i)

The IRS issued additional guidance on Form 8966 ("FATCA Report"). The guidance provides that taxpayers that submit an extension request by June 29, 2015 will receive an automatic 90-day extension to file their FATCA Reports. Foreign financial institutions generally must file a FATCA Report with respect to their U.S. account holders. The FATCA Report, taking into account automatic extensions, will be considered timely filed if filed by June 30, 2015. An extension request must be filed separately for each filing ( e.g., a sponsor must file a separate extension request for each sponsored entity)

The MSRB issued a regulatory notice requesting comment on a proposal to amend MSRB Rule A-3 ("Membership on the Board"), which would modify the application of the standard of independence for the one public member of its Board of Directors designated to be representative of institutional or retail investors in municipal securities. The proposal modifies only the standard of independence that applies to applicants for the investor representative position on the Board to allow the Board to undertake additional analysis to ensure that applicants for the investor representative role do not have