The IRS has recently issued for comments a draft Form 8966 ("FATCA Report") that will be used by foreign financial institutions ("FFIs") and certain withholding agents to report information with respect to financial accounts held by non-participating FFIs, passive non-financial foreign entities and specified U.S. persons. No instructions were published with the draft form and the IRS cautioned against reliance on draft forms before they are finalized. See: Draft FATCA Report.

NASAA seeks comments on the proposed amendments to the Model Rule to disqualify advisers from use of the private fund exemption if the adviser or its advisory affiliates are subject to an event that would disqualify an issuer under new Rule 506(d)(1) of SEC Regulation D; this paragraph on "bad actors" was added by the newly adopted JOBS Act rules. The amendments would include a transition from referring to Rule 262 to Rule 506 disqualification language in the Model Rule. NASAA believes that this proposed change will enhance investor protection and serve as a better set of disclosures for use

The IIB has submitted a comment letter to the CFTC regarding the July cross-border Exemptive Order and the Interpretive Guidance and Policy Statement. The letter seeks transitional relief beyond that contained in the order, identifying four key areas that transitional relief was not provided under the Exemptive Order, but for which the IIB sees relief as necessary: (i) the bona fide "foreign branch" test, (ii) guidance regarding U.S. branches of non-U.S. swap dealers and MSPs, (iii) large trader reporting, and (iv) the application of legal entity identifier recordkeeping requirements to

The CFTC has published proposed amendments in the Federal Register regarding regulations to establish additional standards for compliance with the DCO core principles set forth in Section 5b(c)(2) ("Common Provisions Applicable to Registered Entities") of the CEA. Systematically important DCOs and Subpart C DCOs would be required to comply with the requirements applicable to all DCOs. In addition, the Commission is proposing certain delegation provisions and technical clarifications. See: 78 FR 50260. See also: CFTC Publishes Enhanced Risk Management Standards for Systemically Important

The SEC announced that Eun Ah Choi has been named Managing Executive of the Division of Investment Management. Ms. Choi will serve as the Division's point person on a wide range of business, operational and administrative functions, including risk and examinations, business process improvement, human capital management, strategic planning, and industry and financial analyses. See: SEC Press Release.