The North American Securities Administrators Association ("NASAA") issued an investor advisory to remind investors of the importance of understanding the distinctions between the various types of financial professionals, and to provide basic information on their obligations to investors. The advisory focuses on the following types of financial services professions: Broker-Dealer Agents Investment Adviser Representatives Financial Planners The investor advisory also provides questions to ask your financial professional and warning signs to watch for. The advisory is part of NASAA's Informed

CFTC Commissioner Bart Chilton provided the keynote address at the April 30th Technology Advisory Committee. In his speech, Commissioner Chilton emphasized the "categorical" importance of getting all the Dodd-Frank rules in place in an "appropriate manner." He stressed this point through what he asserted was the lack of sufficient regulation of (i) "Massive Passives" (traders responsible for the "financialization" of commodity markets), and (ii) "Cheetahs" (high frequency traders). Commissioner Chilton further discussed the need for an "End-User Bill of Rights" (first proposed last month)

CFTC Chairman Gary Gensler delivered a statement before the Technology Advisory Committee regarding the need for financial systems and rules to remain resilient in the face of technological changes. Chairman Gensler discussed the use of modern technology to sort and search data in an accessible place, noting that the CFTC has worked with self-regulatory organizations about direct electronic access to bank accounts and custodial statements. Gensler also discussed finalizing (i) a concept release on "testing and supervision, which is about risk controls and system safeguards for automatic

The IRS has announced that, beginning December 31, 2013, the Qualified Intermediary ("QI"), Withholding Foreign Partnership ("WP") and Withholding Foreign Trust ("WT") Agreements, under which certain foreign financial institutions agree to act as withholding agents with respect to U.S. taxes, will be expanded to incorporate such financial institutions' obligations under FATCA. As a result, existing QI, WP and WT agreements currently in effect will expire on December 31, 2013. The IRS indicated that the revised agreements are expected to be published no later than July 15, 2013. Foreign

MFA and AIMA submitted a joint letter to the Australian Treasury with comments on the draft Investment Manager Regime legislation (IMR 3) in which the agencies expressed support for the Australian government's objectives of encouraging foreign investment in Australia by providing clarity with respect to the tax treatment of foreign investment funds investing in Australian securities. MFA and AIMA also suggested amendments to the draft legislation that they believe are necessary for the IMR 3 to achieve these objectives. Specifically, MFA and AIMA encouraged the Australian Treasury to, among