The MSRB is seeking comment on a proposal to consolidate guidance for municipal securities dealers who deal with experienced investors called sophisticated municipal market professionals ("SMMPs"). Essentially, the rule would define which investors are deemed to be SMMPs and clarify the extent to which reduced obligations are owed to SMMPs. Comments on the proposed SMMP rules should be submitted no later than June 12, 2013. View notice in full here (links externally to MSRB website).
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Bermuda Finance Minister E.T. Richards has announced that Bermuda has opted to negotiate and enter into a Model 2 Intergovernmental Agreement ("IGA") with the United States. Under Model 2, Bermuda will agree to direct and enable all Bermuda financial institutions to agree with the terms of a FATCA agreement with the United States and report, directly to the U.S., IRS information on accounts held at, and equity and debt interests in, such financial institutions as are directly or indirectly owned by U.S. persons. This differs from Model 1, where such information is reported to the local
The CFTC's Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a no-action letter that provides swap dealers ("SDs") with relief from the requirement that they provide a pre-trade mid-market mark ("PTM") as otherwise prescribed under CFTC Rule 23.431 ("Disclosures of Material Information"). The letter extends relief previously granted by the CFTC in letter 12-42 (December 6, 2012), as reported in our news story of that date. The relief is available with respect to physically settled FX swaps forwards with not more than a year, and vanilla options with a maturity of not more than
The SEC voted unanimously to propose rules and interpretive guidance for parties to cross-border security-based swap transactions. In addition to the rules that would be applicable to swap dealers, the proposal also would apply to the various participants in swap market infrastructure, including exchanges, swap data repositories and clearing corporations. The proposal sets out, among other things, which entities would be "U.S. persons," which regulatory requirements apply when a transaction occurs partially within and without the U.S. The proposed rules also set forth a plan for reliance on