This advisory reminds employee benefit plan sponsors and plan personnel of the upcoming June 30, 2011, deadline for filing 2010 FBAR information statements.
On January 26, 2011, the CFTC proposed eliminating the exemptions from Commodity Pool Operator (CPO) registration contained in Rules 4.13(a)(3) and 4.13(a)(4), which are the principal exemptions relied on by hedge fund managers who trade futures.
The Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") recently released final regulations (the "Final Regulations") under the Bank Secrecy Act concerning the Report of Foreign Bank and Financial Accounts (or "FBAR") that is required to be filed with the Treasury by June 30 of each year.
Under the SEC's Release 34-61050, published in December 2009, additional disclosure and conflict of interest requirements were imposed on nationally recognized statistical rating organizations (NRSROs) in the United States.
During the week of February 23, 2009, the Department of Labor continued to support the facilitation of liquidity for auction rate securities (ARS) held by retirement plans and IRAs through ERISA prohibited transaction exemptions.
On November 7, 2008, the Department of Labor proposed four individual prohibited transaction exemptions, requested by broker-dealers, that would facilitate liquidity for ERISA plans or IRAs holding auction rate securities (ARS) for which the Dutch auction process has failed.