In response to an SEC request for comments, SIFMA was critical of existing rules related to the collection of municipal securities information provided for in Exchange Act Rule 15c2-12 (the "Rule"). SIFMA voiced its ongoing concern that, even though issuer policies and procedures were enhanced in the wake of the SEC's Municipalities Continuing Disclosure Cooperation Initiative, "fundamental flaws exist with regard to the structure of the Rule." The letter also criticized "gross inaccuracies of the SEC's time estimates for compliance with the Rule and the failure of the SEC to estimate the Rule

The MSRB announced that Robert Fippinger has been named Chief Legal Officer. Mr. Fippinger will oversee all legal and external affairs. Se e: Press Release.

MFA President and CEO Richard H. Baker issued a statement applauding the European Commission's proposal for a Capital Markets Union. The proposal is intended to minimize impediments to cross-border investments in the European Union, develop a more diversified financial system by complementing bank financing and provide greater investment incentives in the region. See: MFA Statement; Proposal for Capital Markets Union.

Federal Reserve Board ("FRB") Governor Jerome H. Powell discussed financial stability reforms and cautioned against supervisory interventions that "lean against" the credit cycle. The Governor delivered his remarks at the Stern School of Business of New York University. According to Mr. Powell, the agenda for financial stability reform that relates to global systemically important banks ("G-SIBs"), financial market infrastructure and money markets is well developed. With regard to G-SIBs, Mr. Powell discussed higher capital requirements, liquidity regulation and stress testing, and noted that

The IRS issued draft Publication 5190 titled "International Data Exchange Services (IDES) User Guide". The guide provides screen shots and explanations intended to assist users who have enrolled in IDES (including financial institutions, direct reporting NFFEs, U.S. withholding agents and global tax authorities) to convey FATCA-related information through the IDES system. See: FATCA Specialty Page (available to Cabinet subscribers only).