The IRS issued Notice 2014-59 to make clear that the transition relief it provided from new FATCA due diligence rules for accounts opened by entities between July 1, 2014 and December 31, 2014 (the "Transition Window") also applies to due diligence and reporting rules under Sections 1441, 1442 and 6049 of the Internal Revenue Code. IRS issued Notice 2014-59 to announce its intention to amend the Temporary Regulations published on March 6, 2014. The Temporary Regulations modified the existing due diligence rules, which have been applicable with respect to normal income tax withholding and

The Financial Stability Board ("FSB") published a Regulatory Framework for Haircuts on Non-Centrally Cleared Securities Financing Transactions (the "Framework"). The Framework comprises a fundamental part of the FSB's policy recommendations to address shadow banking risks in relation to securities financing transactions, and takes into account comments received on the consultative proposals issued on August 29, 2013, as well as the results of a two-stage quantitative impact study. According to the FSB, the Framework aims to limit the buildup of excessive leverage outside the banking system and

The Chicago Mercantile Exchange Group ("CME Group") announced that it is reducing its workforce by about five percent, or roughly 150 positions, as part of its recent restructuring effort. According to the press release, a majority of the eliminations will come from technology, along with positions in corporate and administrative functions. CME Chairman Terry Duffy explained that, due to the advent of new technologies, the CME must make changes to its structure. New efficiencies created by CME will decrease costs, reduce management layers and "ensure the company's long-term continued growth."

The SEC Order instituting proceedings to determine whether to approve a FINRA-proposed rule change relating to quotation requirements for unlisted equity securities and deletion of rules related to the OTC Bulletin Board Service was published in the Federal Register. The proposed rule change would adopt rules that: govern the treatment of quotations in OTC equity securities by member inter-dealer quotation systems and address "fair and non-discriminatory access" to such systems; require member inter-dealer quotation systems to provide FINRA with a written description of quotation-related data

SIFMA provided feedback on the Federal Housing Finance Agency's ("FHFA") Request for Input ("RFI") regarding the alignment of the operations of Fannie Mae and Freddie Mac (together, "GSEs") and whether to direct the GSEs to issue a single form of mortgage-backed security ("MBS"). To create a "full understanding of the many granular details of this proposal," SIFMA listed considerations and suggestions in the "general ordering of priority" that it believes should be explored further: FHFA should continue to seek out and address industry feedback; FHFA should be confident that any changes to