The SEC announced that Public Company Accounting Oversight Board members Steven B. Harris and Jay D. Hanson have been reappointed for five-year terms. Mr. Harris is reappointed to a second term ending Oct. 24, 2017, and Mr. Hanson is reappointed to a second term ending Oct. 24, 2018. Click here to learn more (links externally to SEC website).

SIFMA, ISDA and the MFA released a joint survey of buy-side members on the CFTC's proposed Swap Execution Facility ("SEF") rule. The rule, as proposed, requires buyers to submit a request for a price quote (RFQ) from a minimum of five sellers. Timothy Cameron, head of SIFMA's Asset Management Group, stated the CFTC's proposed rule was too restrictive, removing discretion from asset managers and decreasing liquidity in SEF swaps. The results of the survey include the following: 84% of respondents indicated that the RFQ rule would result in increased transactions costs; 82% anticipated spread

The IRS has recently released aninternal memorandum dated August 30, 2012 setting forth the IRS's position with respect to partnership structures that allocate historic rehabilitation credits. These credits were enacted by Congress to encourage investment in rehabilitation of historic buildings. Similar credits are available for investment in wind, solar and other renewable energy projects. In many cases the developer of these projects cannot efficiently use such credits because of a lack of tax capacity and often partners with profitable companies (sometimes referred to as "tax equity")

MFA published a comment letter it submitted in response to HM Treasury's Consultation Paper on the AIFMD. The letter focuses on the following key principles: encouraging consistent application of any transition period to EU and Non-EU managers; and supporting HM Treasury's decision not to impose additional rules on marketing, beyond those required by the AIFMD. Click hereto view letter in full (links externally to MFA website).

The Treasury Department has confirmed that Manal Corwin, Deputy Assistant Secretary for International Tax Affairs, has resigned. Ms. Corwin has led the Government's team in negotiating FATCA Intergovernmental Agreements with several countries as well as the recent finalization of FATCA Regulations.