The UK's HM Treasury published a consultation document seeking views on which additional benchmarks should be brought into the regulatory framework originally implemented for LIBOR. On June 12, 2014, a joint review of the ways in which wholesale financial markets operate was launched by HM Treasury, the Bank of England and the Financial Conduct Authority ("FCA"). The final report is expected in June 2015, but in the near-term, the Chancellor of the Exchequer will consider which additional major benchmarks – across the fixed income, currency and commodity markets – should be brought into the

The NFA issued a Notice to Members indicating that it has made minor changes to the CPO Form PQR that are effective for the quarter ending on September 30, 2014. Additionally, the notice reminded CPOs and CTAs to ensure that Form PQR, Form PR and pool annual reports are filed in a timely manner. Regarding the changes to the CPO Form PQR, the NFA stated, the updated form will be available in the EasyFile system on October 6, 2014, along with an updated PQR template and expanded help text. Additionally, the notice reminded NFA Member CPOs and CTAs to electronically file Forms PQR and PR with the

The MSRB announced that it began its fiscal year for 2015 and that its 21-member Board of Directors convened. Kym Arnone is the new chair of the MSRB Board of Directors and Marcy Edwards is the vice chair. The MSRB also announced the Board's committee assignments. See : MSRB Press Release.

The CFTC announced that it obtained a federal court consent order against an individual for attempting to manipulate the wheat futures market. According to the CFTC, the relevant individual attempted to manipulate the price of the Chicago Board of Trade ("CBOT") #2 Soft Red Winter Wheat Futures Contract during eight different days in October 2009 and entered into fictitious sales and noncompetitive transactions during four days in October 2009. The CFTC found that this individual intended to create a misleading impression of rising liquidity in the marketplace by electronically entering and

The IRS updated its instructions in a supplement to the 2014 general instructions to Form 1099. In the instructions, the IRS explained that if a filer is required to report an account under IRS Code Chapter 4, the filer might be eligible to report the account on Form 1099 instead of Form 8966. According to the instruction supplement, a filer is eligible to file Form 1099 if it is: a participating FFI ("PFFI"), deemed-compliant FFI (other than a Reporting Model 1 FFI) or a Registered Deemed-Compliant FFI ("RDC FFI") (other than a Reporting Model 1 FFI) that is required to report a U.S. account