The SEC granted a number of Exchange Act rule exemptions to a registered open-end management investment company that operates as an Exchange Traded Fund ("ETF") of ETFs. In particular, the SEC granted exemptions from Exchange Act Rule 10b-17 ("Untimely Announcements of Record Dates") and Rule 101 ("Activities by Distribution Participants") and Rule 102 ("Activities by Issuers and Selling Security Holders During a Distribution") of Regulation M to various entities involved with the issued shares (the "Shares"). The SEC granted a conditional exemption from Rule 10b-17 because market participants

The Swiss Federal Council announced on October 8, 2014 that it will start negotiations with the United States on a Model 1-type Intergovernmental Agreement ("IGA") under FATCA. The new IGA would replace the Model 2 agreement that was signed by Switzerland and the United States in February 2013. Under a Model 1-style IGA, financial institutions in Switzerland would provide information about accounts held directly or indirectly by United States persons to the Swiss taxing authority, which will automatically forward such information on to the Internal Revenue Service ("IRS"). Under the Model 2

The Board of Directors of North American Securities Administrators Association ("NASAA") announced that it is extending the public comment period on a proposed model rule and guidance requiring investment advisers to create and implement written procedures to address business continuity and succession planning under the Uniform Securities Act of 1956 and under the Uniform Securities Act of 2002. Comments must be submitted by November 1, 2014. See : NASAA Press Release.

MFA sent a letter to the United Kingdom Financial Conduct Authority ("FCA") regarding a Discussion Paper on research and dealing commission arrangements. In the Discussion Paper, the FCA expressed support for the European Securities and Markets Authority ("ESMA") proposals involving MiFID II Level 2 measures. The FCA advocated for an approach that would "unbundle" research from dealing commission arrangements on an EU-wide basis, with the exception of "the most generic, widely available research." In the letter, MFA stated that it disagrees with the FCA and ESMA's proposed approach, explaining

The joint final rule issued by the Office of the Comptroller of the Currency ("OCC"), the Board of Governors of the Federal Reserve System ("FRB") and the Federal Deposit Insurance Corporation ("FDIC") that implements a minimum liquidity coverage ratio ("LCR") requirement for certain large bank holding companies, savings and loan holding companies, and depository institutions was published in the Federal Register. The effective date for the newly adopted and amended rules set forth in this release is January 1, 2015. Click here to view our original story on the final rules. For further