SEC Director, Division of Investment Management, Norm Champ delivered a speech in which he discussed investment adviser regulation during the legal and compliance forum on institutional advisory services.

This report addresses the questions posed by Commissioners Aguilar, Paredes, and Gallagher in a September 17 memo to Chairman Schapiro and Director Lewis regarding money market funds. The Commissioners’ specific questions can be grouped into three categories: (i) The first category addresses the causes of investor redemptions of prime money market fund shares and purchases of Treasury money market fund shares during the 2008 financial crisis. (ii) The second category of Commissioner questions covers the efficacy of the 2010 money market fund reforms in three general areas: fund characteristics

The SEC announced the completion of its 18th Annual International Enforcement Institute (held this past November), which hosted 161 officials from foreign stock exchanges and other regulatory and law enforcement agencies. The Institute also featured presentations on topics such as insider trading and other market abuses, market intelligence and surveillance, investigative techniques, anti-money laundering initiatives, and optimal remedies for violations. Click here to learn more (links externally to SEC website).

The Irish Finance Minister announced on December 5 that Ireland had concluded an Intergovernmental Agreement ("IGA") with the United States with respect to FATCA. Neither the text of the IGA, nor any details of the IGA have been released to date, other than that the IGA is a Model I government-to-government agreement. FATCA IGAs have been initialed or signed to date by the United Kingdom, Denmark, Mexico, Spain, Switzerland and Ireland. There is no official statement or document as of yet.

SIFMA's Asset Management Group (AMG) submitted the attached comments to the CFTC supporting ISDA's request to defer compliance dates for external business conduct requirements and other information collection rules. SIFMA AMG further states that it agrees with ISDA that the CFTC should provide such an extension through an interim final rule, rather than a no-action letter, to alleviate market concerns regarding the potential for private rights of action. Click here to view letter in full (links externally to SIFMA website).