SIFMA has asked the U.S. Treasury Department (the "Treasury") to defer withholding under FATCA from its scheduled January 1, 2014 effective date until January 2015, because "there is a growing and widespread realization" that the financial industry will not be ready for FATCA withholding by January 2014, resulting in a "substantial amount of over-withholding" that will likely have "severe adverse consequences" for the financial markets. SIFMA noted that key FATCA forms and instructions, including revised Form W-8s, have not been issued in final form, making it nearly impossible for financial

The SEC announced that Elaine C. Greenberg, Chief of the Enforcement Division's Municipal Securities and Public Pensions Unit and Associate Director of the Philadelphia Regional Office, is leaving the agency at the end of July after more than 25 years of service. Under Ms. Greenberg's leadership of the unit, the SEC has brought actions including In the Matter of State of New Jersey and In the Matter of State of Illinois, the first and second SEC enforcement actions against states. Ms. Greenberg was also involved in the SEC's Report on the Municipal Securities Market, as well as rulemaking

Commissioner Wetjen delivered a speech at the FIA and FOA International Derivatives Expo discussing the global scope of the CFTC and the implementation of Dodd-Frank overseas. The Commissioner's speech focused on the final implementation of Dodd-Frank in the coming weeks, especially the legislation's cross-border policy. In his rema rks, he outlined the main objectives which he believes the CFTC must reach through cross-border guidance and relief: The CFTC's Cross-Border Policy Must Protect the U.S. Taxpayer and Financial System: The Commissioner stated that the financial crisis taught global

CFTC Chairman Gary Gensler testified at the CFTC's 2014 fiscal year ("FY") budget hearing along with SEC Chairman Mary Jo White. According to his testimony, Chairman Gensler stated that this hearing occurred at an historic time in the markets because the CFTC now oversees not only futures markets, but also swap markets, and has completed 90 percent of the swap market reform rules required under Dodd-Frank. Mr. Gensler's testimony focused on five areas that are included in the CFTC's 2014 FY budget: Registration and Product Reviews; Examinations; Surveillance and Data; Enforcement; and

The United Kingdom and the United States have entered into an Exchange of Notes agreeing to replace Annex II to the FATCA Intergovernmental Agreement ("IGA"). The IGA was originally entered into between the United States and the United Kingdom on September 12, 2012, and was the first IGA signed by the United States. Annex II lists the institutions and accounts that the United States and the United Kingdom have agreed to treat as "exempt beneficial owners" or "deemed-compliant" financial institutions and products that are exempt from all or most of the reporting and other requirements under