The Federal Reserve, FDIC and OCC (collectively, the "federal banking regulators") have submitted for comment a proposed joint supplemental guidance on income tax allocation agreements involving holding companies and insured depository institutions ("IDIs"). The proposed guidance is intended to supplement an interagency policy statement on income tax allocation issued by the federal banking regulators in 1998, which provided that a holding company receiving a tax refund from a taxing authority obtain such funds as agent for its subsidiary IDIs and affiliates. The proposed guidance would

The SEC, the Board of Governors of the Federal Reserve System ("FRB"), the Consumer Financial Protection Bureau ("CFPB"), the FDIC, the National Credit Union Administration ("NCUA") and the Office of the Comptroller of the Currency ("OCC") have announced an extension of the comment period for the joint proposed policy statement for assessing diversity policies and practices. The comment period is extended until February 7, 2014. The extension is being provided to allow the public more time to analyze the issues and prepare comments. See: SEC Press Release; Interagency Policy Statement. See

The CFTC Division of Clearing and Risk has issued an extension of a time-limited no-action relief to Japan Securities Clearing Corporation ("JSCC") and its qualifying participants and affiliates. In the extension of CFTC Letter 12-56, the CFTC states that it will not recommend enforcement action against: JSCC with respect to registering as a derivatives clearing organization ("DCO") pursuant to the requirements of section 5b(a) of the CEA; or a qualified clearing participant of JSCC, or a parent or affiliate of a JSCC qualified clearing participant, subject to the Japanese clearing requirement

The CFTC published a correction to Table 10 ("Open Interest and Calculated Limits by Core Futures Referenced Contract, January 1, 2011 to December 31, 2012") of the Position Limits for Derivatives proposed rule. The correction is immediately effective. See: 78 FR 76787. See also: Full CFTC Regulatory Calendar (accessible to Cabinet Subscribers only). Related news: CFTC Issues Proposed Position Limits Rule (Fed. Reg.) (December 12, 2013).

SIFMA has submitted comments to the IRS and the U.S. Treasury Office of International Tax Counsel regarding Notice 2013-69, which provides guidance to foreign financial institutions ("FFIs") entering into FFI agreements with the IRS which are to be treated as participating FFIs ("PFFIs"). In the letter, SIFMA recommended that the IRS provide further guidance regarding the diligence procedures necessary to validate the status of direct reporting non-financial foreign entities ("NFFEs") and sponsored direct reporting NFFEs. Under Notice 2013-69, the Treasury and the IRS created these two new