The SEC announced that Robert W. Cook, Director of the SEC's Division of Trading and Markets, plans to leave the agency, but will remain with the Commission for a transitional period in order to help ensure continuity in the Division's functions. Lofchie Comment: From working with Robert when we were both at Cleary Gottlieb, I know what a knowledgeable lawyer and solid individual he is. Click here to view press release in full and to learn more about Robert Cook's accomplishments and activities at the SEC (links externally to SEC website).

Manal Corwin, Assistant Secretary of Treasury for International Affairs, announced on December 4 at an International Fiscal Association conference in New York City that final regulations under FATCA will grandfather from withholding obligations issued or entered into prior to January 1, 2014, as well as any collateral supporting such obligations. Previously, IRS Announcement 2012-42 had grandfathered obligations, that pay U.S. source income issued or entered into prior to January 1, 2013. Corwin also stated that collateral in pools that support grandfathered obligations and obligations that do

The Spanish Ministry of Finance has announced that Spain and the United States have initialed an Intergovernmental Agreement ("IGA") under FATCA based on the reciprocal Model I government-to-government form. A copy of the IGA has not yet been released. The Swiss State Secretariat for International Affairs has announced that Switzerland and the United States had initialed an IGA based on the Model II Form IGA. Under Model II, foreign financial institutions report account information directly to the U.S. IRS at the direction of the foreign government, supplemented by requests from the U.S. to

Market Regulation is issuing this Exchange Notice to provide guidance on the use of electronic systems in connection with block trading. ICE Futures U.S. Rule 4.07 permits the execution of privately negotiated trades which meet the requirements set out in the Rule regarding eligible parties, pricing and reporting. Effective Date: December 20, 2012. View Notice in full here (links externally to ICE website).

ICE Futures U.S. released an updated FAQ on block trades. See link below. View FAQ in full here (links externally to ICE website).