In response to legislation introduced by Representative Tom Price (R-GA) that would make clear that foreign governments have no authority to tax securities transactions that are between U.S. persons and that occur within the United States, SIFMA released the attached statement of support. Lofchie Comment: What I find interesting about this is not the tax issue per se, but rather the general question of extra-territorial authority. For example, the EU has recently issued regulations that purport to prevent U.S. persons acting within the United States from entering into short-sale transactions

The SEC Division of Trading and Markets granted no-action relief to Options Clearing Corporation (OCC) under Section 19(g)(1)(C) of the Exchange Act under the following conditions: if OCC waives the applicability of certain of its By-Laws and Rules as well as permits Broadridge Securities Processing Solutions, LLC ("BSPS") to continue to act as a Managing Clearing Member while it transfers its activities to an affiliate. View letter in full here (links externally to SEC website).

Financial Services Committee Chairman Spencer Bachus announced the committee’s hearing schedule for the first two weeks of December. Each meeting (the first as to derivatives and the second as to Volcker) will become final only when the official notice is distributed. Additional information about each hearing, as well as a list of witnesses, to come. Click here for more information.

The House Subcommittee on Financial Institutions and Consumer Credit and Subcommittee on Insurance, Housing, and Community Opportunity held a joint hearing entitled "Examining the Impact of the Proposed Rules to Implement Basel III Capital Standards". The Committee heard testimony from witnesses that included Michael Gibson, a Director of the Division of Banking Supervision and Regulation at the Federal Reserve; John Lyons, Chief National Bank Examiner at the OCC; and George French, Deputy Director of Policy of the Division of Risk Management Supervision at the FDIC. The written testimony

Mexico became the third country to sign a FATCA intergovernmental agreement (“IGA”) with the United States on November 19. The Mexican IGA is a reciprocal agreement based on the Model I government-to-government approach under which financial institutions in Mexico will report information required by FATCA to the Mexican government which will automatically forward such information to the U.S. IRS. Annex II to the IGA excludes from FATCA reporting Mexican governmental organizations and insurance institutions for pension and survival as defined in Article 159, fraction IV of the Mexican Social