The Information Reporting Program Advisory Committee ("IRPAC"), an outside advisory committee appointed by the IRS which is composed of leading individuals representing various segments of the information reporting community to advise the IRS with respect to information reporting issues, has recommended that FATCA withholding be postponed for another six months until January 1, 2015. The original start date for FATCA, January 1, 2013, was postponed to July 1, 2013, by the IRS in Notice 2013-43. IRPAC's call to postpone FATCA is based on their concern that final guidance on FATCA has not yet

The Senate held a hearing to consider the President's nomination of John Koskinen for IRS Commissioner. Chair Max Baucus and Ranking Member Orrin Hatch both expressed support of the nomination. See: Video of the Hearing. See also: Statement from Chair Baucus; Statement from Hatch; Witness Testimony of Koskinen.

FINRA has released a podcast which highlights new and updated topics intended to help firms develop their firm element training programs. FINRA has included several investor advisories regarding options such as designating an additional index for calculating conventional equity option position limits. Additionally, FINRA noted that the SEC approved its Limit Up/Limit Down Plan, which addresses market volatility. FINRA explained that it has modified its trade reporting rules, which require member firms to report OTC transactions in equities to FINRA "as soon as practical" but no later than 10

The FDIC's Advisory Committee on Systemic Resolution is scheduled to meet on December 11, 2013, to discuss and receive updates on Dodd-Frank Title I ("Financial Stability") and bankruptcy of a systemically important financial institution, Title II ("Orderly Liquidation Authority") authorities for the resolution of Systemically Important Financial Institutions by the FDIC, Moody's recent action on U.S. bank holding companies, and international coordination on the resolution of global systemically important financial institutions. See: FDIC Press Release; Agenda for the Meeting.

The Asset Management Group of SIFMA ("SIFMA AMG") and the Managed Funds Association ("MFA") have submitted comments to the CFTC requesting interpretive guidance and relief on the application of CFTC Rule 1.35(a) ("Records of Commodity, Interest and Related Cash or Forward Transactions") to asset managers. SIFMA AMG and the MFA request that the CFTC guidance and relief take one of the following forms (expressed in order of preference): exempt Asset Managers that participate on swap execution facilities ("SEFs") from the oral and written recordkeeping requirements; suspend and repropose the Rule