The IRS announced new streamlined compliance procedures for U.S. citizens and residents who failed to disclose their offshore accounts and understated their taxable income in prior years, greatly expanding the availability of procedures for Americans who reside in the United States or offshore. The original streamlined procedures announced in 2012 were available only to nonresidents whose unpaid tax liabilities in any year were $1,500 or less. The new procedures (i) extend to U.S. taxpayers residing in the United States, (ii) eliminate the $1,500 tax cap and (iii) eliminate the risk-assessment

FINRA Executive Vice President and Chief Information Officer Steven J. Randich delivered a presentation at the SIFMA Tech 2014 Conference regarding FINRA technology updates and developments in securities regulation. Mr. Randich explained that FINRA's technology is "vital" to protecting investors and is also important because of its ability to oversee and monitor firms, detect fraud and keep investors informed. Mr. Randich noted that FINRA's CARDS technology is an important development that will allow FINRA to conduct ongoing "birds-eye-view surveillance," which Mr. Randich said will complement

FINRA filed a proposed rule change with the SEC to amend the Code of Arbitration Procedure for Customer Disputes and the Code of Arbitration Procedure for Industry Disputes. The rule change proposes to amend the definitions of "non-public" arbitrator and "public" arbitrator. The amendments would, among other things, provide that persons who worked in the financial industry for any length of time during their careers would always be classified as non-public arbitrators, and persons who represented investors or the financial industry as a significant part of their business also would be

The SEC announced that Cicely LaMothe has been named Associate Director within the agency's Division of Corporation Finance. In her new position, Ms. LaMothe will oversee the division's disclosure program under the leadership of deputy director Shelley Parratt. Ms. LaMothe joined the Division of Corporation Finance in 2002 and has served since November 2013 as the acting assistant director of its Office of Real Estate and Commodities. See: SEC Press Release.

Conyers Dill Pearman issued a client alert regarding the Contracts (Rights of Third Parties) Law ("the Law"). The Law, which was published and became immediately effective on May 21, 2014, allows for the enforcement of contractual rights by a third party. Additionally, the Law permits a variation in the preexisting position under Cayman Islands law based upon the common law doctrine of privity of contract. The alert from Conyers provides an overview of, among other things, the rights of a third party, the limitations on the third party, the variation and rescission of a contract, and defenses