SEC Commissioner Piwowar delivered remarks to the U.S. Chamber of Commerce, focusing on a broad range of topics, particularly: (i) priorities for the SEC and (ii) the intrusion of other political interests into the mission of the SEC and (iii) the relationship between the SEC and other regulators, particularly FSOC. Priorities for the SEC: Commissioner Piwowar described five areas that should be the focus of the SEC's efforts to advance its core mission: engage in a comprehensive multi-year review of equity market structure which would consider the effects of high-frequency and algorithmic

The SEC approved a rule change to amend FINRA Rule 6271 ("Registration as an ADF Market Maker or ADF ECN") and Rule 6272 ("Character of Quotations") regarding requirements for members seeking registration as FINRA Alternative Display Facility ("ADF") Market Participants. The SEC approved FINRA's rule proposal to consolidate FINRA Rule 6272 into Rule 6271 and combine the existing requirements that a member must meet to register as an ADF Market Participant. Additionally, the new rule introduces requirements that potential ADF Market Participants must meet to participate on the ADF. See: SEC

Slovenia and the United States have announced that they have initialed a FATCA Intergovernmental Agreement ("IGA") to implement FATCA. The IGA is a Model 1 agreement whereby financial institutions in Slovenia will collect information with respect to U.S. direct and indirect account holders and send such information to the United States. The text of the IGA has not been released to date. See generally: Cabinet FATCA Materials. For more information, please contact Daniel Mulcahy or Mark Howe.

Marjorie Rollinson, IRS Deputy Associate Chief Counsel (International), told the American Bar Association Section on Taxation in Phoenix that long-awaited substantive corrections to the Final FATCA regulations will be issued very shortly. In addition, regulations will soon be released that will coordinate the FATCA reporting requirements with the existing reporting requirements on income tax withholding. Despite rumors (or perhaps hopes) to the contrary, Rollinson said that taxpayers should not expect any further delay in the implementation of FATCA. FATCA withholding is scheduled to commence

The SEC announced that Barbara S. Lorenzen was named the National Associate Director of the SEC Office of Compliance Inspections and Examinations ("OCIE") Clearance and Settlement Program. See: Press Release.