CFTC Chairman Gary Gensler delivered a statement before the Technology Advisory Committee regarding the need for financial systems and rules to remain resilient in the face of technological changes. Chairman Gensler discussed the use of modern technology to sort and search data in an accessible place, noting that the CFTC has worked with self-regulatory organizations about direct electronic access to bank accounts and custodial statements. Gensler also discussed finalizing (i) a concept release on "testing and supervision, which is about risk controls and system safeguards for automatic

CFTC Commissioner Scott O'Malia provided the opening remarks at the April 30th Technology Advisory Committee. In his remarks, O'Malia stated that the main focus of the advisory meeting was swap data reporting and big data, but also commented on large trader swaps reporting under the CFTC's Part 20 Rules. O'Malia further noted that updates would be provided on a customer protection technology solution and CFTC Rules 1.73 ("Clearing Futures Commission Merchant Risk Management") and 1.74 ("Futures Commission Merchant Acceptance for Clearing"). Finally, the Commissioner commented on the recent

The IRS has announced that, beginning December 31, 2013, the Qualified Intermediary ("QI"), Withholding Foreign Partnership ("WP") and Withholding Foreign Trust ("WT") Agreements, under which certain foreign financial institutions agree to act as withholding agents with respect to U.S. taxes, will be expanded to incorporate such financial institutions' obligations under FATCA. As a result, existing QI, WP and WT agreements currently in effect will expire on December 31, 2013. The IRS indicated that the revised agreements are expected to be published no later than July 15, 2013. Foreign

The SEC charged that the City of Victorville, CA, a city official, the Southern California Logistics Airport Authority, and Kinsell, Newcomb DeDios ("KND"), the underwriter of the Airport Authority's bonds, defrauded investors by inflating valuations of property securing an April 2008 municipal bond offering. Victorville Assistant City Manager and former Director of Economic Development Keith C. Metzler, KND owner J. Jeffrey Kinsell, and KND Vice President Janees L. Williams were responsible for false and misleading statements made in the Airport Authority's 2008 bond offering, the SEC alleged

MFA and AIMA submitted a joint letter to the Australian Treasury with comments on the draft Investment Manager Regime legislation (IMR 3) in which the agencies expressed support for the Australian government's objectives of encouraging foreign investment in Australia by providing clarity with respect to the tax treatment of foreign investment funds investing in Australian securities. MFA and AIMA also suggested amendments to the draft legislation that they believe are necessary for the IMR 3 to achieve these objectives. Specifically, MFA and AIMA encouraged the Australian Treasury to, among