The CFTC issued four separate no-action letters to individual CPOs and CTAs granting relief from reporting requirements. In CFTC Letters 15-06, 15-07 and 15-08, the CFTC granted relief to different CPOs of a commodity pool from the requirement in CFTC Rules 4.7(b)(3) and 4.22(d)(1) that the financial statements in the pool's 2014 annual report be audited. The relief was granted on the condition that the CPOs file an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Rule 4.7(b)(3). In CFTC Letter 15-09, the CFTC granted relief to a CPO of three

The Cayman Islands' Department for International Tax Cooperation ("DITC") announced that it is in the final stages of testing its Automatic Exchange of Information Portal ("Portal"). The Portal will be used by Cayman Islands financial institutions to report FATCA information. The DITC anticipates that the Portal will be opened in early March. Cayman Islands financial institutions are required to register with the DITC through the Portal by March 31, 2015, and report FATCA information with respect to 2014 by May 31, 2015, although the Cayman Islands Cabinet recently approved extending the

SIFMA submitted comments to the IRS on the Qualified Intermediary Agreement (the "QI Agreement"), which the IRS revised previously to address changes brought about by the enactment of the Foreign Account Tax Compliance Act ("FATCA"). SIFMA raised concerns and requested clarifications with respect to various parts of the QI Agreement, including the restrictions imposed on the type of entities that would be eligible for joint account treatment, the application of the QI Agreement to qualified securities lenders, the propriety of requiring cost-basis reporting from non-U.S. payors and the

The SEC suspended trading in 128 inactive penny stock companies to ensure that they don't become sources for pump-and-dump schemes. According to the SEC, the trading suspensions are the latest in a microcap fraud-fighting initiative known as "Operation Shell-Expel," which utilizes technology to scour the over-the-counter marketplace and identify dormant companies ripe for abuse. The SEC explained that once a stock has been suspended from trading, it cannot be relisted unless the company provides updated financial information to prove that it's actually operational. Additionally, it is

The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the SEC and the CFTC (collectively, the "Volcker Agencies") issued an FAQ that clarifies the exemption under the Volcker Rule for certain covered fund activities conducted by foreign banking entities; i.e., solely outside the United States (the "SOTUS Exemption"). Under Section 248.13(b) of the final Volcker Rule, as now clarified by the Volcker Agencies in the FAQ, a foreign banking entity may (through its non-U.S. affiliates only) rely on the SOTUS