Denmark and the United States signed a reciprocal intergovernmental agreement ("IGA") and separate Memorandum of Understanding on November 15, 2012, to implement the Foreign Account Tax Compliance Act ("FATCA"). Denmark's IGA is based on the Model 1 form of IGA released by the United States in July and reflects a government-to-government approach under which Danish financial institutions will provide certain information, with respect to U.S. Reportable Accounts to the Danish government, which will be sent on to the U.S. government automatically. Denmark is the second country to sign a FATCA

The SEC charged the hedge fund advisory firm CR Intrinsic Investors LLC, its former portfolio manager, and a medical consultant for an expert network firm for their roles in a $276 million insider trading scheme involving a clinical trial for an Alzheimer's drug being jointly developed by two pharmaceutical companies. According to the SEC, the gains alleged to have been generated in this scheme make it the largest insider trading case ever charged by the SEC. View complaint in full here (links externally to SEC website). See also: Press Release; SEC Director Khuzami's Remarks

The SEC sanctioned two investment advisory firms for impeding examinations conducted by SEC staff. First, the investigation found that Evens Barthelemy and his New York-based firm Barthelemy Group LLC, misled SEC examiners by inflating the firm’s claimed assets under management (AUM) tenfold in an apparent attempt to show that the firm was eligible for SEC registration. Second, the SEC found that Seth Richard Freeman and his San Francisco-area firm, EM Capital, delayed nearly 18 months in producing books and records related to the firm’s mutual fund advisory business. Both firms agreed to

The CFTC announced that a firm registered as an FCM/CPO/CTA will pay a $220,000 civil monetary penalty and $3,475 in disgorgement to settle charges that it exceeded spot-month-position limits in corn futures and failed to supervise its traders diligently. Cross-Reference(s): CFTC Rule 150.2 [Position Limits] and 166.3 [Supervision]. View Order in full here (links externally to CFTC website). See also: Press Release.

CFTC Chairman Gary Gensler delivered a speech on the CFTC's Financial Report for Fiscal Year 2012 and the current progress of the swaps market regulation. Gensler stated that, as the CFTC has shifted to the implementation of rules and direct oversight of the swaps market, the CFTC is in need of more resources. Gensler asserted that swap regulation is bringing, or will soon bring, substantial benefits to the public. Chairman Gensler said he believes that swaps into central clearing will lower the risk of a highly interconnected financial system. Chairman Gensler stated that the CFTC is moving