The U.S. Department of Treasury posted to its website revised versions of Annex II to both the Model 1 and Model 2 IGAs. Annex II to the IGAs contains a description of exempt beneficial owners, deemed-compliant foreign financial institutions, and financial accounts excluded from FATCA reporting. The newest versions of Annex II, dated May 28, 2013, contain only slight modifications from the versions posted on the Treasury's website on May 9, 2013. The primary change in the new versions is to make clear that the special rules applicable to Investment Entities to avoid duplicative reporting are

The text of the Intergovernmental Agreement ("IGA") under FATCA between Germany and the United States was released by Germany on May 31, 2013, following approval of the IGA by the German Cabinet. As previously disclosed, the IGA is a reciprocal Model 1 IGA under which German financial institutions will report information with respect to financial accounts held directly or indirectly by U.S. persons to the German government for automatic transmittal of such information to the United States. The text of the base IGA is essentially identical to the latest version of Model 1A (Reciprocal)

The CFTC is adopting regulations, to implement Dodd-Frank Section 727 ("Public reporting of swap transaction data"), that define the criteria for grouping swaps into separate swap categories and establish methodologies for setting appropriate minimum block sizes for each swap category. In addition, the CFTC is adopting further measures – regulations to prevent the public disclosure of the identities, business transactions and market positions of swaps market participants. Effective Date : July 30, 2013. See : 78 FR 32866.

SEC Commissioner Elisse B. Walter delivered a keynote speech at the 32nd Annual SEC and Financial Reporting Institute Conference. In her speech, Walter discussed: The need for high-quality financial reporting regarding the development of accounting standards to accurately reflect the underlying economics of transactions and to set a standard that expresses a transaction's economics in a way that informs investors and resonates with them; FASB/IASB Convergence Projects, the significant progress of which Walter states is, a positive development towards common standards which will effectively

SEC Chief Accountant Paul Beswick delivered remarks at the 32nd Annual SEC and Financial Reporting Institute Conference. Beswick discussed the following: Importance of having a strong IASB in the U.S., and the SEC's role; Successful implementation of an accounting standard; PCAOB accomplishments; and Internal Controls and the new COSO Framework. Beswick went on to explain the ways in which he believes the IASB provides a strong and independent accounting standard. He discussed factors in a successful implementation between the FASB and IASB's high-priority convergence projects. Beswick further