The CFPB issued a bulletin announcing that the Agency will propose certain limited adjustments to its rule on international money transfers, as well as a brief extension of the date the rule would become effective. According to the CFPB, the proposed changes are intended to address what should happen if a consumer provides an incorrect account number for a transfer, as well as how remittance providers must disclose certain third-party fees and foreign taxes. Click here to learn more about the proposed changes (links externally to CFPB website).

The MSRB is updating dealers on the status of a new requirement for brokers, dealers and municipal securities dealers (collectively “dealers”) to report for inter-dealer transactions the contractual dollar price at which the transaction was executed. The MSRB will announce the new implementation date in a notice published on the MSRB website at least 10 business days in advance of the new implementation date, which shall be no later than March 29, 2013. View Notice in full here (links externally to MSRB website).

The CFTC issued its first rule specifying the types of swaps required to be cleared by a registered DCO. Under Dodd-Frank, the CFTC is required to determine which swaps must be cleared. The rule represents the first exercise by the CFTC of that authority and applies only to certain credit default swaps (CDS) and interest rate swaps cleared by CME, ICE Clear Credit, ICE Clear Europe and LCH.Clearnet Ltd. Under the rule, market participants will be required to submit a swap that is identified in the rule for clearing by a DCO as soon as technologically practicable and no later than the end of

In a joint letter, the Canadian Bankers Association and the Investment Industry Association of Canada have requested the U.S. Treasury to grandfather swaps and other obligations issued prior to January 1, 2014 from FATCA withholding. Under current Treasury guidance, obligations issued on or after January 1, 2013 would not be grandfathered when FATCA withholding begins in 2014. The Canadians alternatively asked, that if Treasury was unwilling to provide an across-the-board extension of grandfathering, that such extension at least be available for obligations entered into under existing Master

NFA submitted the attached letter to the CFTC requesting approval to amend NFA Financial Requirements Section 4 regarding the use of technology to monitor FCM segregation compliance. Click here to view proposed amendments (links externally to NFA website).