The CFTC issued an Order filing and settling charges against two companies that produce and trade cotton and other agricultural products for failing to comply with their legal obligation as reportable traders to submit weekly Form 304 Reports that show their call cotton purchases and sales. See: CFTC Order; Press Release.

The National Futures Association ("NFA") announced the results of a survey sent to its members in August 2013 that requested feedback on all of the key areas in which members interact with the NFA. The topics included the NFA's examination process, disclosure document review, Information Center, website, educational resources and various filing systems. According to the NFA, respondents had generally positive feedback but voiced some concerns regarding: a lack of knowledge among NFA examiners about areas of risk and critical issues facing firms; disclosure documents being too detailed

The National Futures Association ("NFA") issued a notice announcing that its annual members' meeting will be held on Thursday, February 20, 2014, at 11:00 a.m. Additionally, the 2013 NFA Annual Review is now available (and linked below). See: NFA Notice I-14-02; NFA Annual Review.

Italy and the United States announced that they signed an Intergovernmental Agreement ("IGA") under FATCA. The Agreement, is based on the Treasury's Model 1A (reciprocal) IGA, where Italian Financial Institutions report information with respect to accounts that are directly or indirectly held by U.S. persons to the Italian Government for automatic transmittal to the IRS. Annex II to the IGA differs significantly from the current Model Annex II that was posted on the Treasury website on November 4, 2013. Apparently, the IGA was initialed in January 2013, but final agreement was delayed while

House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Representative Scott Garrett (R-NJ) wrote a letter to SEC Chair Mary Jo White asking for an explanation for the failure of the SEC to conduct an economic analysis in promulgating the final Volcker Rule. According to the letter, the SEC is required to conduct a detailed analysis of the likely economic consequences of its rules, and "to connect these consequences to efficiency, competition, and capital formation." The letter stated that the Administrative Procedures Act ("APA"), Federal securities laws and subsection 106(f) of