The IRS announced that it has finalized the format for automatically exchanging FATCA data with countries that have entered into an Intergovernmental Agreement ("IGA") with the United States to exchange account information on accounts owned or held directly or indirectly by U.S. persons. According to the IRS, the Intergovernmental FATCA XML Schema (version 1.1), which was posted on the IRS FATCA web site on December 19, is a standard format developed in close cooperation with the OECD using elements from existing reporting schemas used by OECD and the European Union in order to reduce the

On December 18, the Kingdom of the Netherlands and the United States signed a Model 1A (Reciprocal) Intergovernmental Agreement ("IGA") under FATCA. Under the terms of the IGA, beginning in September 2015, the Dutch Tax and Customs Administration will automatically exchange data with the U.S. Internal Revenue Service with respect to bank and financial accounts and interests in Dutch financial institutions that are owned directly or indirectly by U.S. persons, and the U.S. will transmit similar information with respect to Dutch taxpayers to the Dutch tax authorities. Annex II to the IGA

FINRA announced that it has fined a member for operational deficiencies primarily related to its enhanced lending program. See: FINRA Action Letter; FINRA Press Release.

FINRA has announced that, beginning with the monthly FOCUS Report due on February 26, 2014 (covering the January 31, 2014, reporting period), it is updating specified reporting schedules under the eFOCUS system to incorporate several of the new financial reporting requirements which the CFTC has adopted. Each member firm that is a futures commission merchant ("FCM") must file the updated schedules as part of its monthly FOCUS Reports. The modified version of the FOCUS Report Part II and Part II CSE, which will include the updated CFTC schedules, will be available through FINRA's eFOCUS system

The CFTC has approved NFA Compliance Rule 2-49 ("Swap Dealers and Major Swap Participants Regulations"), which provides the NFA with increased oversight and enforcement ability in order to meet enforcement requirements. The new rule provides that any violation by a swap dealer ("SD"), major swap participant ("MSP") or "Member" pursuant to CFTC Rule 3.3 ("Chief Compliance Officer") or any of the applicable CFTC Part 23 Rules ("Swap Dealers and Major Swap Participants") would also be deemed a violation of an NFA requirement. In determining whether a Member violated NFA Compliance Rule 2-49, the