The Office of Financial Research ("OFR") issued a working paper titled, "Shadow Banking: The Money View," which presents an accounting framework for measuring the sources and uses of short-term funding in the global financial ecosystem. The paper is accompanied by a map that tracks short-term funding flows from their ultimate sources to their ultimate uses, and across the hierarchy of short-term instruments issued by the sovereign, banks and shadow banks globally. See: OFR Working Paper: Shadow Banking: The Money View.

In on-line commentary, University of Houston finance professor Craig Pirrong discussed the ongoing conflict between the United States and EU regarding derivatives regulatory policy, and the consequences of the United States and EU not accepting each other's clearing rules as equivalent. According to Mr. Pirrong, what makes this issue especially pressing is the upcoming December 2014 deadline for the EU to recognize U.S. central counterparty clearing houses ("CCPs") as equivalent. Mr. Pirrong stated that, if this does not happen, European banks that use a U.S. CCP will face a substantially

The U.S. Treasury Department ("Treasury") released the text of the FATCA Intergovernmental Agreement ("IGA") entered into between the United States and the British Virgin Islands ("BVI") on June 30, 2014, as well as the text of the IGA signed by Israel and the United States, also on June 30, 2014. Both IGAs contain alternative procedures in Annex I that reflect the six-month transition rule announced in Notice 2014-33 that permits Foreign Financial Institutions ("FFIs") to treat new accounts opened by entities between July 1, 2014 and December 31, 2014 as "pre-existing accounts," providing

The SEC Office of the Investor Advocate ("OIA") issued its Annual Report on Objectives for FY 2015, which contains a summary of the OIA's primary objectives for FY 2015, beginning October 1, 2014.

SIFMA provided comments to the Office of Minority and Women Inclusion ("OMWI"), requesting coordination and uniformity in establishing standards under Dodd-Frank Section 342. Section 342 requires agencies, including the SEC, FDIC, Office of the Comptroller of the Currency, U.S. Treasury Department and others, to develop standards including: "assessing the diversity policies and practices of entities regulated by the agency"; and a determination by the Director as to "whether an agency contractor, and, as applicable, a subcontractor has failed to make a good faith effort to include minorities