Treasury amends and clarifies consumer credit provisions: Treasury has made two statutory instruments:
- one amends the Regulated Activities Order (RAO) to clarify that broking a credit agreement which is an exempt agreement is not itself a regulated activity; and
- the other provides the necessary statutory permission for local authorities to apply for interim permission to carry on consumer credit activities up to 30 September 2014.
Treasury makes FATCA reporting regulations: Among other legislation relating to the US Foreign Account Tax Compliance Act (FATCA), Treasury has made Regulations that take effect from 30 June which require defined "reporting financial institutions" to establish and maintain arrangements designed to identify "reportable accounts". The Regulations set out the due diligence procedures institutions must follow and specify the reporting obligation. (Source: Treasury Makes FATCA Reporting Regulations)