The IRS issued technical corrections to two sets of regulations relating to FATCA. The first set provides a variety of corrections to the final and temporary regulations issued under FATCA on March 6, 2014, and relates to information reporting by foreign financial institutions ("FFIs") on U.S. accounts and on withholding on certain payments to FFIs. The second set corrects final and temporary regulations that were also issued on March 6, 2014 to coordinate regulations relating to income tax withholding, information reporting and backup withholding to the FATCA regulations. The corrections are

The withdrawal of proposed FINRA Rule 2243 on disclosure and reporting obligations related to recruitment practices was published in the Federal Register. The proposed rule was published for public comment on March 28, 2014. The SEC received 189 comments on the proposal. Lofchie Comment: FINRA is expected to resubmit a revised version of the rule after reviewing the comments. See: 79 FR 36855. Related news: SIFMA Submits Comments to the SEC on FINRA's Proposal on Disclosure and Reporting Obligations Related to Recruitment Practices (April 17, 2014); FINRA-Proposed Rule Regarding Disclosure and

The Electronic Filing Depository Committee of NASAA (the "Committee") announced that it is seeking comments on a proposed model rule to require the electronic filing of Form D and other state securities registration filing materials. NASAA is developing an electronic filing system ("EFD") that will facilitate the electronic filing of Form D for Rule 506 offerings with its U.S. member juris dictions. The current scheduled deployment date for the EFD system is November 2014. While the EFD system initially will be limited to Form D filings for Regulation D, Rule 506 offerings, NASAA expects that

FINRA proposed a rule change to delete the FINRA Rule 6500 Series, which governs the operation of the OTC Bulletin Board ("OTCBB") service, and cease operation of the OTCBB. FINRA would continue to centralize last-sale transaction reporting through the FINRA OTC Reporting Facility ("ORF") and, therefore, continue to operate a system that collects and disseminates transaction information on, and provides the widespread dissemination of reliable and accurate last-sale information with respect to, OTC equity securities, including penny stocks. In place of operating the OTCBB, FINRA would instead

FINRA issued a regulatory notice regarding the SEC approval of amendments to the FINRA Customer and Industry Codes of Arbitration Procedure. The amendments provide that any document filed with FINRA that contains an individual's Social Security number, taxpayer identification number or financial account number must be redacted to include only the last four digits of these numbers. According to the regulatory notice, the amendments are effective on July 28, 2014 for all documents filed with FINRA on or after the effective date. The text of the amendments is provided in the regulatory notice