The IRS recently issued amendments to the final regulations under FATCA that were originally published on January 28, 2013 ("Final Regulations"). These amendments are described by the IRS as corrections or clarifications to the Final Regulations. However, while most of the amendments are indeed minor, there are a few substantive clarifications. For example, under the Final Regulations, a foreign fund or other foreign financial institution ("FFI") can be "deemed compliant" if it is sponsored by another entity (such as a fund manager or general partner) that agrees to perform for the sponsored

The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing titled, "Examining the SEC's Money Market Fund Rule Proposal." The hearing focused on the Securities and Exchange Commission's ("SEC") June 5, 2013, rule proposal to reform the regulation of money market mutual funds ("MMMFs"). The proposal focuses on three options: a floating net asset value ("NAV") for institutional prime funds, the adoption of a "fees and gates" alternative, or a combination of the two. The following witnesses testified: The Honorable Steven N. McCoy, Treasurer

The Managed Funds Association ("MFA") released the latest edition of the Policy Brief Newsletter. The Policy Brief focuses on advocacy efforts and industry news. Highlights of the newsletter include: MFA and AIMA joint letter to the CFTC regarding the Commission's cross-border exemptive order; Basel Committee on Banking Supervision and IOSCO's final framework for minimum margin requirements; and EU AIFMD implementation update. (See links below; these highlights were previously covered in the Cabinet news). See: Click here for MFA Policy Brief. See also: MFA and AIMA Submit Letter to CFTC on

The Investment Company Institute ("ICI") submitted comments regarding the SEC-proposed amendments to the rules and related requirements that govern money market funds ("MMFs"), most notably Investment Company Act Rule 2a-7 ("Money Market Funds"). The ICI commented on number of topics within the SEC MMF proposals, generally including: agreeing with the SEC that structural reforms to government and tax-exempt MMFs should not be applied; recommending that the SEC expand the circumstances under which a board may impose a liquidity fee or temporarily suspend redemptions to cover situations in which

IOSCO held its Annual Conference in Luxembourg to discuss how to advance work on global regulatory reform and the identification of emerging risks in securities markets. The meetings covered topics including: how to move forward with work requested by the G20 on issues for securities market, including OTC derivatives, financial benchmarks, credit rating agencies, and shadow banking; how to proactively identify emerging risks; how to promote the finance of long-term investment through capital markets in areas such as corporate bond markets, securitization, SME finance, Islamic Finance, and