In his keynote remarks before the ICI 2014 Securities Law Developments Conference, SEC Division of Investment Management (the "Division") Director Norm Champ discussed the Division's top 10 lessons learned and points to remember from 2014. Recognize the Division's progress to "fulfill its basic purpose as a vehicle to diversify the small investors' risk." Investor protection remains critically important. Director Champ explained that the SEC must get in front of industry developments rather than reacting when unanticipated issues manifest. Open communication with the public is imperative

The United States signed Model 1-style Intergovernmental Agreements ("IGAs") with the Singapore, Bulgaria, Cyprus and Moldova. According to the U.S. Treasury Department ("Treasury"), 52 jurisdictions have signed an IGA with the United States. An additional 60 countries have "agreed in substance" to the terms of either a Model 1 or Model 2 form of IGA, including Greece, the Philippines and Kazakhstan. The IRS and the Treasury announced recently that any IGA which was agreed to in substance would be considered in effect until signed, unless the Treasury and the IRS concluded that the partner

In a blog post titled " Regulators, Finally Getting a Clue," University of Houston finance professor Craig Pirrong discussed the disappearance of liquidity in the bond and stock markets. According to Mr. Pirrong, global regulators are "concerned, and apparently mystified," by this phenomenon and worry "that banks are scaling back costly market making functions" that could leave investors stranded. Mr. Pirrong quotes IOSCO Secretary General David Wright as saying that there has been a "Houdini" disappearance of market makers in general and that "it's partly caused by some regulation." According

The IRS issued final regulations under Section 6038D requiring individuals that are U.S. citizens and residents to file copies of Form 8938 with their tax return to report their interest in "specified foreign financial assets," such as foreign financial accounts, stocks, bonds, and other financial instruments and contracts issued by non-U.S. persons, to the extent that the value of such assets exceeds the applicable threshold amount. The regulations finalize Temporary Regulations issued in 2011 that would have expired at the end of 2014. Proposed regulations addressing the application of these

At the New York Times Dealbook Opportunities for Tomorrow Conference, SEC Chair Mary Jo White discussed the regulation of the asset management industry. According to Chair White, the asset management industry has grown significantly and is becoming a vital part of the U.S. economy. It creates new products and investment strategies to meet the demands of its "increasingly diverse population of investors." To regulate asset management, Chair White stated, three of the most significant tools provided by the Investment Company Act and Advisers Act must be used. They are as follows: (i) controls on