The Bank of New York Mellon, The Northern Trust Company and the State Street Bank and Trust Company ("banks") have asked IRS Commissioner John Koskinen to postpone the effective date of FATCA until January 1, 2015, in order to "enable a successful launch of FATCA." Koskinen announced on March 25 that FATCA would become effective on July 1, 2014, and that there would be no further delay of FATCA. In a joint letter to the IRS Commissioner, the banks asked him to reconsider that decision because, despite relentless efforts by the financial services industry, "it is simply not possible to

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued two no-action letters to the CPOs of commodity pools regarding annual report filing requirements. In Letter 14-56, the DSIO provided exemptions from CFTC Rule 4.7(b)(3) ("Exemption from Certain Part 4 Requirements for Commodity Pool Operators with Respect to Offerings to Qualified Eligible Persons and for Commodity Trading Advisors with Respect to Advising Qualified Eligible Persons") and CFTC Rule 4.22(d) ("Reporting to Pool Participants") which require that the CPO distribute and file a certified Annual Report within

The CFTC Division of Clearing and Risk ("DCR") issued a no-action letter providing temporary relief to New York Portfolio Clearing ("NYPC"), in connection with the transfer and winding down of its business, which NYPC expects to complete in June 2014. The DCR will refrain from taking enforcement action against NYPC if it does not: obtain new acknowledgment letters from its depositories in the form prescribed by CFTC Rule 1.20(g)(4) ("Futures Customer Funds to Be Segregated and Separately Accounted for"); maintain liquid financial assets equal to at least six months' operating costs after April

The SEC filed insider trading charges against a former accounting manager at Nvidia Corp. who allegedly tipped a friend with confidential information, which set in motion a chain of tipping and illegal trading among a network of traders at various hedge funds. In the complaint, the SEC alleges that Chris Choi tipped his friend, Hyung Lim, with nonpublic information about Nvidia's financial performance in advance of the technology company's quarterly earnings announcements in 2009 and 2010. Mr. Lim is alleged to have then relayed the information to a fellow poker player, Danny Kuo, who was a

The SEC announced that Mauri L. Osheroff, associate director for regulatory policy in the Division of Corporation Finance, will retire after nearly 40 years at the Commission. See: SEC Press Release.