The SEC approved two proposed amendments to FINRA Rule 8312 ("BrokerCheck Disclosure"). The rule changes include disclosing information about member firms and their associated persons, and expanding the categories in civil judicial disclosures. The approved amendment would permanently make available information about a member firm's former associated persons who have been the subject of an investment-related civil action. See: Text of Approved Amendment Regarding Associated Persons; Text of Approved Amendment Regarding Civil Judicial Disclosures. Related news: SEC Solicits Comments on Two

On December 26th, the U.S. Internal Revenue Service published the final version of the FFI Agreement under FATCA to which foreign financial institutions ("FFIs") (other than those located in Model 1 IGA countries) must agree by July 1, 2014, in order to be considered compliant with FATCA. FFIs that do not register with the IRS and agree to an FFI Agreement will be subject to a 30% withholding tax on all payments of U.S. source dividends, interest and other fixed and similar passive types of income commencing on July 1, 2014. A draft version of the FFI Agreement was issued by the IRS in October

The IRS on December 27th reminded foreign financial institutions ("FFIs") that have previously set up a FATCA account and registered for FATCA on the FATCA online registration system that they need to register again after January 1, 2014, to finalize their registration. The status of each such FFI will change to "Registration Incomplete" on December 31. The IRS modified its frequently asked questions ("FAQ") on FATCA registration by adding a new Question 29 explaining how FFIs can finalize their registration beginning on January 1 by logging into their already established FATCA account and

The American Bankers Association and four individual banks brought a lawsuit seeking injunctive relief against the banking regulators, and asserting that the provision of the Volcker Rule's final regulations that requires banking entities to divest themselves of a "commonly held debt instrument known as a 'TruPS-backed CDO'" was in violation of the law in that the instruments constitute debt, rather than equity interests, and are therefore outside the scope of the Volcker Rule. Beyond the substantive legal question, the lawsuit also challenges the procedure by which this particular provision

FINRA issued a notice to provide guidance and remind firms of their responsibilities when recommending a rollover or transfer of assets in an employer-sponsored retirement plan to an Individual Retirement Account ("IRA") or when marketing IRAs and associated services. FINRA stated that a broker-dealer's recommendation for an investor to roll over retirement plan assets to an IRA typically involves securities recommendations subject to FINRA rules. Additionally, FINRA reminded members that a firm's marketing of its IRA services also is subject to FINRA rules. FINRA explained that any