The UK's HM Treasury published a consultation document seeking views on which additional benchmarks should be brought into the regulatory framework originally implemented for LIBOR. On June 12, 2014, a joint review of the ways in which wholesale financial markets operate was launched by HM Treasury, the Bank of England and the Financial Conduct Authority ("FCA"). The final report is expected in June 2015, but in the near-term, the Chancellor of the Exchequer will consider which additional major benchmarks – across the fixed income, currency and commodity markets – should be brought into the

At the National Association of Plan Advisors, SEC Commissioner Michael Piwowar delivered remarks in which he discussed the debate over the appropriate standard of care for those who provide investment advice to retail investors. According to Commissioner Piwowar, the SEC issued a study that found investors to be confused about the titles, duties and fees of broker-dealers and investment advisers. The study recommends that regulators impose a "uniform fiduciary duty" so that a client being given investment advice would receive the same standard of care whether the advice came from a broker

The NFA issued a Notice to Members indicating that it has made minor changes to the CPO Form PQR that are effective for the quarter ending on September 30, 2014. Additionally, the notice reminded CPOs and CTAs to ensure that Form PQR, Form PR and pool annual reports are filed in a timely manner. Regarding the changes to the CPO Form PQR, the NFA stated, the updated form will be available in the EasyFile system on October 6, 2014, along with an updated PQR template and expanded help text. Additionally, the notice reminded NFA Member CPOs and CTAs to electronically file Forms PQR and PR with the

The Financial Stability Board ("FSB") released the final version of its report on foreign exchange ("FX") rate benchmarks. In conjunction with this report, IOSCO published a report reviewing the implementation of its Principles for Financial Benchmarks with regard to the administrator of the rate, WM/Reuters 4 p.m. Closing Spot Rate ("WMR"). The FSB report sets out a number of recommendations to reform the FX markets and benchmark rates that have been identified as preeminent by market participants, including the WMR. The recommendations fall into the following broad categories: the

The IRS updated its instructions in a supplement to the 2014 general instructions to Form 1099. In the instructions, the IRS explained that if a filer is required to report an account under IRS Code Chapter 4, the filer might be eligible to report the account on Form 1099 instead of Form 8966. According to the instruction supplement, a filer is eligible to file Form 1099 if it is: a participating FFI ("PFFI"), deemed-compliant FFI (other than a Reporting Model 1 FFI) or a Registered Deemed-Compliant FFI ("RDC FFI") (other than a Reporting Model 1 FFI) that is required to report a U.S. account