The Federal Energy Regulatory Commission ("FERC") announced that it will hold a series of technical conferences to discuss the implications of compliance approaches to the Clean Power Plan proposed rule. The rule was issued by the Environmental Protection Agency ("EPA") on June 2, 2014. The Clean Power Plan requires states to lower the carbon emission intensity of their existing power plants. The proposed rule has been challenged by multiple critics already, including a 12-state coalition led by West Virginia, as well as the Murray Energy Corporation, which argued that the rule exceeds the EPA

The Asset Management Group of SIFMA ("SIFMA AMG") provided comments on the Consultation Paper by the European Securities and Markets Authority ("ESMA") regarding guidelines on the application of C6 and C7 of Annex I of MiFID1. SIFMA AMG responded to a number of questions provided in the ESMA Consultation Paper, including the following: whether it agreed with ESMA's specification that C6 include commodity derivative contracts that "must" be physically settled and contracts that "can" be physically settled; whether there are alternatives for or additions to the proposed examples of "physically

On January 5, 2015, the IRS issued revised Form 1042-S to reflect recent guidance with respect to FATCA. The Form is used by withholding agents to report U.S. source income subject to withholding tax. To reflect recently finalized regulations, the IRS also issued a revised version of Form 8938, which must be filed by certain U.S. persons with their tax returns to report their interests in "specified foreign financial assets," which include foreign financial accounts, as well as their interests in certain stocks, securities and financial interests and contracts issued by non-U.S. issuers

The Board of Governors of the Federal Reserve System ("FRB") announced the appointment of Thomas Laubach as the director of its Division of Monetary Affairs. Mr. Laubach's appointment will become effective on January 11, 2105. See: Press Release.

President Obama announced his intent to nominate Allan R. Landon to serve on the Board of Governors of the Federal Reserve System ("FRB"). Mr. Landon is a Partner in Community BanCapital. He also served as Chair and CEO of the Bank of Hawaii Corporation from 2004 to 2010. See: White House Press Release.