On April 29, Senators Carl Levin (D-MI) and John McCain (R-AZ) urged the Obama Administration to stay negotiations on a FATCA Intergovernmental Agreement ("IGA") with Russia until Russia ends its actions directed against Ukraine. Russia is among several nations that have not yet reached an agreement in substance with the United States over FATCA. Other economically-significant countries without FATCA agreements include China, Singapore and Saudi Arabia. Banks and other financial institutions in non-IGA countries that fail to register and enter into an FFI Agreement with the IRS face a 30%

The North American Securities Administrators Association ("NASAA") released an Informed Investor Advisory on virtual currency. The NASAA Advisory addressed a variety of subjects of which investors should be aware when investing in virtual currency. These included: the definition of virtual currency; risks associated with virtual currency; virtual currency as an investment; and schemes involving virtual currency. See: Informed Investor Alert. Related news: NASAA and CSBS Release Guidance on Virtual Currency (April 23, 2014).

The FINRA-proposed rule change that relates to revisions of the Series 26 Examination Program was published in the Federal Register. The proposed revisions, which are effective immediately, update the testing material to reflect changes to the laws, rules and regulations covered by the examination. In addition, the proposed revisions incorporate the functions and associated tasks performed currently by an Investment Company and Variable Contracts Products Principal. Comments must be submitted by May 20, 2014. See: 79 FR 24047. Related news: FINRA-Proposed Rule Change to Revise the Series 26

The CFTC announced that the United States District Court for the Northern District of Illinois issued a consent Order against a CFTC-registered floor trader and floor broker, settling charges that he exceeded speculative position limits in live and feeder cattle futures contracts. The Order found that the floor trader and broker held an aggregate live cattle futures net long position that totaled 620 contracts, exceeding the speculative position limits by 70 contracts, as well as aggregate futures equivalent net short positions in feeder futures contracts that exceeded the speculative position

Belgium and Australia have become the most recent countries to sign an Intergovernmental Agreement ("IGA") under FATCA with the United States. Both agreements are Model 1A form IGAs under which financial institutions in Australia or Belgium, as the case may be, will provide information about U.S. Reportable Accounts to its local tax authority, which will automatically forward such information to the U.S. IRS. In return, the United States promises to forward information currently reported under Chapter 3 of the Internal Revenue Code with respect to accounts held by Belgium or Australian