The Investment Company Institute, SIFMA and several other Trade Associations have written to the Internal Revenue Service ("IRS") and the Central Board of Direct Taxes of India ("CBDT") about current issues regarding India's taxation of cross-border trade and investment and the India-U.S. bilateral tax relationship. Essentially, the trade associations stated that Indian tax authorities and Indian Revenue authorities’ rapidly evolving policy views on transfer pricing, permanent establishments and other issues, and the assertion of such views in current disputes, are "impeding the proper

Federal Reserve Governor Daniel K. Tarullo gave a speech discussing the cross-border effects of the financial crisis, existing efforts to strengthen international regulatory cooperation, and the next steps toward advancing global financial stability. As to the causes of the financial crisis, Governor Tarullo pointed to (i) insufficiently high capital charges and a capital system that favored off-balance sheet activities such as the establishment of structured investment vehicles and (ii) a system of oversight that relied less on regulation than it did on supervision. He also discussed "shadow

Representatives of Newedge discussed with the CFTC staff questions regarding eligible collateral, capital charges for uncollateralized trades and calculation methods for margin and capital charges for SDs. Newedge expressed special interest in the approval processes for the use of risk models, and whether they are internal, third party, or DCO-linked. Staff informed Newedge that these issues are still undecided, pending coordination efforts with other regulatory bodies. Click here to view CFTC Staff and all visitors and organizations present (links externally to CFTC website).

Attached is an Energy Metro Desk article describing the views of CFTC Commissioner Bart Chilton with respect to the market influence of high-speed traders and the need to change (make tougher) the CEA's standard on manipulation. Click here to view the article in full. The attached is an excerpt from the most recent issue of Energy Metro Desk, which is published bi-weekly by Scudder Publishing Group, an energy trade news publishing company based in the Washington, D.C. metropolitan area. Those interested in learning more about the Energy Metro Desk may do so by linking to www.energymetro.com or

The MSRB has moved its electronic library of political contribution disclosures made by municipal securities dealers to the Electronic Municipal Market Access (EMMA®) website to locate them alongside other municipal market disclosures and data. View Press Release in full here (links externally to MSRB website).