Representatives from the SEC and SIFMA released statements on the President's proposed FY 2015 budget. SEC Chair Mary Jo White stated that she is pleased with the President's request for $1.7 billion for the SEC in that it "recognizes the SEC's need for significant additional resources." Additionally, Chair White stated that it is important to point out that the funding "comes from industry transaction fees and does not take money away from other priorities or contribute to the federal deficit." SIFMA CEO and President Kenneth E. Bentsen's statement outlined his concerns with several

The IRS issued a new draft of Form 8966 to be used by foreign financial institutions and withholding agents to report account holder information under FATCA to the IRS. The draft form requires information about the account holder, its status under FATCA, account information and additional information with respect to account holders who are "Specified U.S. Persons." No instructions for this form have been released to date. The IRS also issued a draft of revised Form 1042-S which will be used by U.S. withholding agents and certain Foreign Financial Institutions to report payments to, and

The IRS published a revised Form W-8BEN for use by individuals to establish that they are not U.S. persons and to claim certain treaty benefits. The form and accompanying instructions were modified to reflect reporting obligations under FATCA. Under FATCA, individuals can establish their status as non-U.S. persons by filing a Form W-8BEN with U.S. withholding agents, foreign financial institutions and Non-Financial Foreign Entities. Among other changes, the revised Form W-8BEN now requires individuals to report their date of birth. The IRS also issued a revised Form W-8ECI which is used by

The Isle of Man Counsel of Ministers has ratified the Intergovernmental Agreement ("IGA") under FATCA that was signed by the Isle of Man and the United States on December 13, 2013. See generally: Cabinet FATCA Materials (accessible to Cabinet subscribers only). Related news: FATCA IGAs Signed by Guernsey, Jersey and Isle of Man (with Link to New FATCA Page) (December 13, 2013).

The House Financial Services Oversight and Investigations Subcommittee held a hearing titled "The Growth of Financial Regulation and Its Impact on International Competitiveness." The hearing discussed the cumulative impact of regulations on financial institutions offering products and services in the U.S. Additionally, the hearing reviewed the extent to which differences between domestic and foreign regulatory regimes make it more difficult for U.S. financial institutions to compete with non-U.S. firms and, in turn, decrease the attractiveness of U.S. financial markets. The following witnesses