The House Financial Services Committee scheduled a markup on June 19, 2014 of two bills regarding the authority and transparency of the Financial Stability Oversight Council ("FSOC"). Bills that are being considered include: H.R. ____, which would suspend for six months the ability of FSOC to make a determination that a nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System ("FRB") and subjected to heightened prudential standards; and H.R. 4387, the "FSOC Transparency and Accountability Act," which would amend Dodd-Frank Section 111 to subject

Senator Sherrod Brown (D-OH), Chair of the Banking Subcommittee on Financial Institutions and Consumer Protection, sent a letter to SEC Chair White urging the SEC to stop granting exemptions from certain securities laws to financial institutions subject to civil or criminal settlements or enforcement actions. Under the exemptions, financial institutions with civil or criminal settlements or enforcement are able to maintain certain "privileges" through waivers, which include acting as investment advisors to mutual funds and serving as well-known seasoned issuers of securities. Senator Brown

FINRA released the first podcast of a two-part series regarding individual retirement account ("IRA") rollovers. The podcast discusses firms' responsibilities, including suitability concerns, when recommending a rollover into an IRA, marketing IRAs and other related services. FINRA explained that 401ks are the largest source of IRA contributions and will be a focus of FINRA examiners in 2014. Although IRA recommendations themselves are not subject to FINRA suitability rules, the podcast explained, other FINRA Rules do apply. These include the requirement of fair dealing with customers, just

FINRA filed a proposed rule change with the SEC to amend FINRA Rule 2360 ("Options") regarding procedures for expiring standardized equity options to harmonize its rules with those of the Options Clearing Corporation and other options exchanges. Specifically, the rule would change the expiration date for most standardized options contracts to the third Friday of the expiration month instead of the Saturday following the third Friday. See: Text of Proposed Rule Change.

Seven additional countries reached an agreement in substance with the United States as to the terms of an Intergovernmental Agreement ("IGA") under FATCA. Antigua and Barbuda, Belarus, Georgia, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines have all agreed to terms with the United States with respect to a Model 1 form of IGA. Additionally, Paraguay has reached an agreement in substance with respect to a Model 2 form of IGA. This brings the total number of countries with either signed IGAs or agreements in substance to 78. Agreements in substance that are reached prior to