The text of the FATCA IGA Agreement between the United States and the Republic of Chile that was signed on March 5, 2014 is now available. As previously indicated, it is a Model 2 form of IGA whereby Chile agrees to "direct and enable" all Reporting Chilean Financial Institutions to register on the FATCA registration website by July 1, 2014, and to comply with the requirements of an FFI Agreement with respect to due diligence, reporting and withholding. Under the terms of the IGA and the FFI Agreement, Reporting Chilean Financial Institutions will provide account information directly to the U

The CFTC and the Financial Services Agency of Japan ("JFSA") signed a Memorandum of Cooperation ("MOC") regarding the cooperation and exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and Japan. The MOC was signed by CFTC Acting Chairman Mark Wetjen and JFSA Commissioner Ryutaro Hatanaka. Its scope includes markets and organized trading platforms, central counterparties, trade repositories, and intermediaries, dealers and other market participants. See: MOC Related to the Supervision of Cross-Border Covered

FINRA filed with the SEC a proposed rule change to adopt FINRA Rule 2243, which would establish disclosure and reporting obligations related to member recruitment practices when a representative changes firms and attempts to recruit certain customers from the representative's prior firm. The required disclosures would include information as to any increases in compensation that might be received by the representative, as well as any potential injury that might be suffered by a client whose assets were transferred. The latter includes fees to close the client's account at the prior firm and

The SEC announced a new cooperation initiative out of its Division of Enforcement ("DOE") to encourage the issuers and underwriters of municipal securities to self-report certain violations of the federal securities laws rather than wait for their violations to be detected. Under the new initiative titled the Municipalities Continuing Disclosure Cooperation ("MCDC") Initiative, the SEC Enforcement Division will recommend standardized, favorable settlement terms to municipal issuers and underwriters who self-report that they have made inaccurate statements in bond offerings about their prior

The CFTC Division of Market Oversight ("DMO") certified Bloomberg SEF LLC's ("Bloomberg") self-certification of certain interest rate swap and credit default swap ("CDS") contracts that have been made available to trade ("MAT Determinations"). The CFTC stated that this self-certification involves only certain IRS and CDS contracts made available to trade via earlier determinations that were self-certified on January 16, 2014, January 22, 2014 and January 27, 2014, respectively. Additionally, the CFTC stated that swaps subject to MAT Determinations, whether offered by trueEx or any other swap