The CFTC announced that it enhanced the CFTC Portal to allow market participants, including designated contract markets, swap execution facilities ("SEFs") and swap data repositories, to submit event-specific reports to the CFTC electronically in order to comply with rules that require market participants to report to the agency in a timely and confidential manner. The CFTC Portal Project was launched in September 2012 as an electronic mechanism to support Dodd-Frank and the requirements for electronic submissions. Since its inception, the CFTC has added features to allow electronic

The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing entitled "Legislative Proposals to Enhance Capital Formation for Small and Emerging Growth Companies, Part II," to discuss drafts of legislation including the Equity Crowdfunding Improvement Act, the Startup Capital Modernization Act, and legislation to direct the SEC to revise its proposed amendments to Reg. D, Form D, and Rule 156 ("Investment Company Sales Literature"). Click here for a summary of the hearing by Delta Strategy Group. See: Committee Memorandum; Equity Crowdfunding

The IRS announced that it will treat 2014 and 2015 as a transition period for purposes of IRS enforcement and administration of FATCA. During this period, the IRS will take into account the good faith efforts made by foreign financial institutions ("FFIs"), non-financial foreign entities, and withholding agents to comply with FATCA to modify account opening procedures, apply standards of knowledge under FATCA and identify and register each member of an expanded affiliated group. Notice 2014-33 did not postpone the July 1 start date for FATCA, as some bankers had requested, but it does ease

The U.S. Treasury Department ("Treasury") released the text of the Intergovernmental Agreement ("IGA") under FATCA with Austria that was signed on April 29th. The IGA is a Model 2 Form of Agreement whereby Austria directs and enables its financial institutions to register with the U.S. IRS under FATCA and to comply with the terms of an FFI Agreement with the United States, including with respect to due diligence, reporting and withholding. Under the Model 2 IGA, Austrian Financial Institutions will report information with respect to accounts held directly or indirectly by U.S. persons directly

FINRA released a podcast summarizing the latest FINRA notices, compliance resources, and news from April 2014. The podcast highlighted recent regulatory notices and their topics, including: 14-14 and 14-15: FINRA's retrospective rule review and request for comment on the effectiveness and efficiency of its Communications with the Public Rules and Gifts and Gratuities and Non-Cash Compensation Rules; 14-16: Securities Industry/Regulatory Council on Continuing Education Issue Firm Element Advisory Update; 14-17: Governmental Accounting Standards Board Accounting Support Fee; 14-18: New