The SEC announced that Adam Storch, the SEC Enforcement Division's Chief Operating Officer, and Geoffrey Aronow, the chief counsel and senior policy advisor in the Office of International Affairs, will leave the SEC. Mr. Storch served in the position since its creation in 2009, and Mr. Aronow joined the agency in January 2013. See: SEC Press Release on Adam Storch; SEC Press Release on Geoffrey Aronow.

Just days before the July 1 implementation date for FATCA, two countries, Saudi Arabia and China, reached agreements "in substance" with the United States with respect to an Intergovernmental Agreement ("IGA") to implement FATCA. Both countries agreed to a Model 1 type of agreement under which Chinese and Saudi financial institutions will be required to report information about accounts held directly or indirectly by U.S. persons to their respective home taxing authority, which will forward such information on to the U.S. IRS. It is unclear whether such agreements are reciprocal. Dominica

The CFTC Division of Market Oversight issued a time-limited extension of the relief previously provided in CFTC Letter 13-41. The relief relates to reporting certain identifying information regarding counterparties in specific jurisdictions. The CFTC is extending the expiration of the relief provided in Letter 13-41, without modification to the original terms and conditions, until the earlier of: (i) the reporting party no longer holding the requisite reasonable belief regarding the privacy law consequences of reporting; or (ii) 12:01 a.m. EST on January 16, 2015. CFTC Letter 13-41 provided

The CFTC announced a 30-day extension of the comment period for the proposed rulemakings on position limits for physical commodity derivatives and aggregation of positions. The CFTC previously extended the comment period deadlines for the proposals until July 3, 2014. To provide commenters with sufficient time to respond to questions raised and points made at the June 19, 2014 roundtable on the two rulemakings, the CFTC is further extending the comment period for 30 days from the date of its publication in the Federal Register. The Position Limits Proposal establishes speculative position

On Wednesday, June 25, New York Attorney General Eric Schneiderman filed civil fraud charges against Barclays Capital, Inc. and Barclays PLC (collectively, "Barclays") regarding its dark pool, "Barclays LX." The complaint alleges that, in an effort to increase the market share of Barclays LX, Barclays made "false statements to its clients and the investing public about how, and for whose benefit, Barclays operates its dark pool." The allegations include: intentionally excluding information about the dark pool's then-largest participant (a high-frequency trading ("HFT") firm that Barclays knew