The SEC renewed its Advisory Committee on Small and Emerging Companies, which focuses on interests and priorities of small businesses and smaller public companies. The Committee is charged with providing recommendations to the SEC regarding rules, regulations and policies as they relate to emerging companies with less than $250 million in public market capitalization. See: Notice of Renewal; SEC Press Release. Related News: SEC Advisory Committee Releases Recommendations for Small Businesses (March 28, 2013).

The SEC filed fraud charges against a husband and wife in Texas for stealing funds from foreign investors under the guise of offering an investment opportunity to create U.S. jobs and a path to U.S. residency. The complaint alleges that Marco and Bebe Ramirez and three companies they own have fraudulently raised at least $5 million from investors by falsely promising that the money would be invested as part of the EB-5 Immigrant Investor Pilot Program. The EB-5 program enables foreign investors to make their investments either directly in a business or through EB-5 "regional centers" that are

The SEC announced an award of more than $14 million to a whistleblower whose information led to an SEC enforcement action which recovered substantial investor funds. The whistleblower, who does not wish to be identified, provided information and assistance that allowed the SEC bring an enforcement action against perpetrators and secure investor funds less than six months after receiving the whistleblower's tip. The award is the largest made by the SEC's whistleblower program to date. See: SEC Press Release; SEC Order Determining Whistleblower Award Claim.

The SEC published the proposed amendments requiring public companies to disclose the ratio of the compensation of its CEO to the median compensation of all of its employees around the world in the Federal Register. Comments on the proposed rule should be submitted by December 2, 2013. See: 78 FR 60559. Related News: SEC Proposes Rule for Pay Ratio Disclosure (with Lofchie Comment) (September 18, 2013).

The Swiss Government announced that it has entered into an agreement with the United States to amend the Intergovernmental Agreement ("IGA") between Switzerland and the United States to reflect the extension of FATCA deadlines announced by the United States in July 12, 2013. The Swiss IGA that was signed on February 14, 2013, reflected the original January 1, 2014, effective date for FATCA withholding and registration. In July 2013, the United States postponed the effective date for most obligations under FATCA to July 1, 2014. This amendment changes the effective dates of the IGA and its