The IRS has recently released aninternal memorandum dated August 30, 2012 setting forth the IRS's position with respect to partnership structures that allocate historic rehabilitation credits. These credits were enacted by Congress to encourage investment in rehabilitation of historic buildings. Similar credits are available for investment in wind, solar and other renewable energy projects. In many cases the developer of these projects cannot efficiently use such credits because of a lack of tax capacity and often partners with profitable companies (sometimes referred to as "tax equity")

The FDIC published in the Federal Register a Notice of Proposed Rulemaking (NPR) to clarify that deposits in foreign branches of U.S. banks are not eligible for deposit insurance, although they may qualify as deposits for the purpose of national depositor preference. Comments Due: April 22, 2013. Click here to view FDIC letter in full (links externally to FDIC website). Related News Item: FDIC Approves Proposed Rule on the Definition of Insured Deposit at Foreign Branches of U.S. Banks - Rule Would Clarify That These Deposits Are Not Insured by the FDIC (with Cammarn Comment).

MFA published a comment letter it submitted in response to HM Treasury's Consultation Paper on the AIFMD. The letter focuses on the following key principles: encouraging consistent application of any transition period to EU and Non-EU managers; and supporting HM Treasury's decision not to impose additional rules on marketing, beyond those required by the AIFMD. Click hereto view letter in full (links externally to MFA website).

The SEC published a request for assistance in determining whether to make new rules for broker-dealers and investment advisers when they provide personalized investment advice about securities to retail customer. Among the specific topics as to which the SEC has requested information are the following: Types of retail customers who use broker-dealers for advice vs. those who use investment advisers. Types of services and information and types of service providers available to retail customers. Costs of providing services to retail customers, particularly personalized services. Information

The North American Securities Administrators Association ("NASAA") will release its 2013 Legislative Agenda for the 113th Congress, outlining the specific legislation it will seek to enable policymakers to promote investor confidence in U.S. capital markets by striking the most reasonable balance between advancing capital formation and protecting investors. Lofchie Comment: It will be interesting to see what NASAA has to say about the JOBS Act and an SRO for investment advisers. Click hereto learn more (links externally to NASAA website).