The IRS has announced that it will amend recently issued Temporary Regulations to make clear that U.S. persons that own stock of a Passive Foreign Investment Company ("PFIC") through a tax-exempt organization or account are not "shareholders" of the PFIC. Section 1291 of the Code imposes a special tax and interest charge on a U.S. person that is a shareholder of a PFIC that receives an "excess distribution" or recognizes gain from the sale or other disposition of PFIC stock. A non-U.S. corporation is a PFIC if either 75% or more of its gross income is passive or 50% or more of its assets are

FINRA published in the Federal Register a proposed rule to adopt FINRA Rule 4553 ("Fees for ATS Data") that would establish a fee schedule for professional access to alternative trading system ("ATS") volume information published by FINRA on its website. Under the proposed rule, a year's subscription for professionals would cost $12,000; for vendors, $18,000. Nonprofessionals would be provided with a non-downloadable version of the volume information at no cost. See : 79 FR 21324. Related news : FINRA Proposes Rule to Adopt Rule 4553 to Establish a Fee Schedule for ATS Volume Information

FINRA filed revisions with the SEC to the content outline and selection specifications for the Investment Company and Variable Contracts Products Principal (Series 26) examination program. The proposed revisions would update the material to reflect changes to the laws, rules and regulations covered by the examination. In addition, the proposed revisions incorporate the functions and associated tasks currently performed by an Investment Company and Variable Contracts Products Principal. Se e: Text of Proposed Rule Change.

FINRA published in the Federal Register proposed amendments to multiple FINRA Rules with the SEC in order to revise the reporting and market participant identifier ("MPID") requirements applicable to alternative trading systems ("ATSs"). The amendments would revise FINRA Rules 4552 ("Alternative Trading Systems - Trading Information for Securities Executed within the Alternative Trading System"), 6160 ("Multiple MPIDs for Trade Reporting Facility Participants"), 6170 ("Primary and Additional MPIDs for Alternative Display Facility Participants"), 6480 ("Multiple MPIDs for Quoting and Trading in

The Managed Funds Association ("MFA") submitted comments to the National Futures Association ("NFA") in response to its Notice to Members regarding "CPO/CTA Capital Requirement and Customer Protection Measures." In the letter, MFA expressed concern over the NFA-proposed capital requirements, stating that it cannot support the requirements. Among other reasons, MFA cited the following: the new requirements would not ensure greater protection of customer funds; substantial regulatory protections already exist; and new capital requirements would be costly and complicated to implement and monitor