The Board of Governors of the Federal Reserve System, FDIC, and Office of the Comptroller of the Currency (the "Agencies") jointly issued an Addendum to the "Interagency Policy Statement on Income Tax Allocation in a Holding Company". The Addendum was issued to ensure that insured depository institutions ("IDIs") in a consolidated group maintain an appropriate relationship regarding the payment of taxes and treatment of tax refunds. The Addendum instructs IDIs and their holding companies to review and revise their tax allocation agreements and ensure that the agreements expressly acknowledge

FINRA filed with the SEC proposed amendments to FINRA Rule 4240 ("Margin Requirements for Credit Default Swaps") to extend the current rule requirements until July 17, 2015. In the absence of an extension, the rule would expire July 17, 2014. See: Text of the Proposed Rule Change.

The CFTC announced the appointment of Gretchen Lowe as Principal Deputy Director and Chief Counsel in the CFTC Division of Enforcement (the "Division"). Ms. Lowe was Acting Director of the Division until the recent appointment of Aitan Goelman as Director. Prior to her appointment as Acting Director, Ms. Lowe was the Chief Counsel of the Division. See: CFTC Press Release.

ESMA published its latest updated Q&As regarding the implementation of EMIR. In particular, the updated Q&As address the reporting of collateral and outstanding positions, among other topics. See: Updated ESMA Q&As.

On June 21, 2014, Canada imposed sanctions on 11 individuals and one entity in connection with the ongoing unrest in Ukraine. (Canada's announcements are available here and here.) Each of the individuals and the entity, Feodosia, were previously designated for sanctions by the European Union on May 13, 2014. (Feodosia reportedly is a Crimean subsidiary of Naftogaz, Ukraine's state-owned oil and gas company, and is now in the possession of the territory's Russian administration.) A full list of individuals and entities sanctioned in connection with Ukraine is available here. The designations