The week of April 28, 2014 began with actions by the United States and Canada to impose targeted sanctions against additional Russian individuals and entities in connection with the crisis in Ukraine. The following day, the European Union and Japan followed suit (kind of), announcing sanctions against individuals but, significantly, not against entities. The announcement by Japan of sanctions against 23 Russian and Ukrainian individuals was the first of its kind by that country in connection with the situation in Ukraine, although the Japanese government has yet to release the names of the

The SEC announced that Chief Economist and Division of Economic and Risk Analysis Director Craig M. Lewis will leave the agency on May 2, 2014. Mr. Davis will return to his position as the Madison S. Wigginton Professor of Finance at Vanderbilt University's Owen Graduate School of Management. See: SEC Press Release.

The IRS announced that it will treat 2014 and 2015 as a transition period for purposes of IRS enforcement and administration of FATCA. During this period, the IRS will take into account the good faith efforts made by foreign financial institutions ("FFIs"), non-financial foreign entities, and withholding agents to comply with FATCA to modify account opening procedures, apply standards of knowledge under FATCA and identify and register each member of an expanded affiliated group. Notice 2014-33 did not postpone the July 1 start date for FATCA, as some bankers had requested, but it does ease

The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing entitled "Legislative Proposals to Enhance Capital Formation for Small and Emerging Growth Companies, Part II," to discuss drafts of legislation including the Equity Crowdfunding Improvement Act, the Startup Capital Modernization Act, and legislation to direct the SEC to revise its proposed amendments to Reg. D, Form D, and Rule 156 ("Investment Company Sales Literature"). Click here for a summary of the hearing by Delta Strategy Group. See: Committee Memorandum; Equity Crowdfunding

FINRA released a podcast summarizing the latest FINRA notices, compliance resources, and news from April 2014. The podcast highlighted recent regulatory notices and their topics, including: 14-14 and 14-15: FINRA's retrospective rule review and request for comment on the effectiveness and efficiency of its Communications with the Public Rules and Gifts and Gratuities and Non-Cash Compensation Rules; 14-16: Securities Industry/Regulatory Council on Continuing Education Issue Firm Element Advisory Update; 14-17: Governmental Accounting Standards Board Accounting Support Fee; 14-18: New