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Previously posted regulatory updates can now be found in our new archive. To enter the archive please click here.
Federal Savings Association Bylaws; Integrity of Directors http://a257.g.akamaitech.net/7/257/2422/14feb20061200/edocket.access.gpo.gov/2006/pdf/E6-2003.pdf TEMPORARY SECTION: REGULATORY AUTHORITIES ISSUANCES RELATING TO HURRICANE KATRINA 2/14/06, FDIC: FIL 15-2006 Hurricane-Related Benefit Fraud Guidance to Financial Institutions on Benefit Fraud Related to Recent Hurricanes FDIC FIL http://www.fdic.gov/news/news/financial/2006/fil06015.pdf OTS CEO Letter #236 http://www.ots.treas.gov/docs/2/25236.pdf FinCEN Advisory http://www.fdic.gov/news/news/financial/2006/fil06015a.html FRB 2/15/06: Reports to Congress Semiannual Monetary Policy Report Full report http://www.federalreserve.gov/boarddocs/hh/2006/february/fullreport.pdf Section 1: Monetary Policy And The Economic Outlook http://www.federalreserve.gov/boarddocs/hh/2006/february/ReportSection1.htm Section 2: Economic and Financial Developments in 2005 and Early 2006 http://www.federalreserve.gov/boarddocs/hh/2006/february/ReportSection2.htm Fed Chairman's Testimony http://www.federalreserve.gov/boarddocs/hh/2006/february/testimony.htm FDIC 2/13/06: FIL-14-2006 Delivery of Financial Institution Letters Electronic Distribution to Become Primary Method http://www.fdic.gov/news/news/financial/2006/FIL-14-2006.pdf OCC 2/13/06: Publication OCC Releases Quarterly Journal, Vol. 24, No. 4 (December 2005) on the Web http://www.occ.treas.gov/qj/qj24-4/qj24-4.pdf OTS 2/14/06: Notice of Proposed Rulemaking Federal Savings Association Bylaws; Integrity of Directors http://www.ots.treas.gov/docs/7/73298.pdf EBSA 2/15/06: Publication Taking the Mystery Out of Retirement Planning http://www.dol.gov/ebsa/publications/NRTOC.html Press Release http://www.dol.gov/ebsa/newsroom/pr021506.html or http://www.dol.gov/opa/media/press/ebsa/EBSA20060274.htm 2/13/06: News Release U.S. Labor Department Sues Former President of Detroit Company To Restore Employee Contributions to 401(k) Plan http://www.dol.gov/ebsa/newsroom/pr021306.html DOL 2/13/06: Amicus Brief filed by DOL In the U.S. Court of Appeals for the Ninth Circuit in the case of Jeffrey H. Beck vs. Pace International Union http://www.dol.gov/sol/media/briefs/Beck(A)-12-15-05.pdf SEC 2/14/06: Press Release SEC v. Lori G. Addison http://www.sec.gov/litigation/litreleases/lr19564.htm 2/13/06: Public Comment Letters on Proposed Rule Executive Compensation and Related Party Disclosure Frank C. Inman, MBA, Fmr. Professor of Economics and Finance, Eugene, Oregon (2/7/06) http://www.sec.gov/rules/proposed/s70306/fcinman3662.htm William L. Livingston, PE (2/12/06) http://www.sec.gov/rules/proposed/s70306/wlivingston021206.htm U.S. TREASURY 2/14/06: Press Release The Honorable John W. Snow Statement on Extension Lower Tax Rate on Capital Gains and Dividends http://www.treas.gov/press/releases/js4048.htm IRS 2/14/06: Press Release IRS Updates Tax Gap Estimates http://www.irs.gov/newsroom/article/0,,id=154496,00.html FinCEN 2/14/06: Guidance FAQ regarding Customer Identification Programs for Futures Commission Merchants and Introducing Brokers http://www.fincen.gov/futures_omnibus_account_qa_final.htm 2/13/06: Publication SAR Activity Review - By The Numbers - Issue 5 http://www.fincen.gov/sars/sars_by_numb_issue5.pdf BIS 2/13/06: Press Release Basel Committee Issues Guidance On Corporate Governance For Banking Organizations http://www.bis.org/press/p060213.htm Guidance: Enhancing Corporate Governance For Banking Organizations, http://www.bis.org/publ/bcbs122.htm NASD 2/15/06: Monthly Publication Disciplinary and Other NASD Actions http://www.nasd.com/web/groups/enforcement/documents/monthly_disciplinary_actions/nasdw_015979.pdf 2/14/06: News Release NASD Orders Diversified Investors Securities to Pay Over $2.2 Million for Facilitating Market Timing http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_015974&ssSourceNodeId=5 ICI 2/13/06: Comment Letter ICI Strongly Supports Proposal Allowing Use of Internet to Deliver Proxy Materials http://www.ici.org/statements/cmltr/06_sec_internet_proxy_com.html SEC Proposal http://www.sec.gov/rules/proposed/34-52926.pdf 2/13/06: Research Report Mutual Fund Shareholders' Use of the Internet http://www.ici.org/new/fm-v15n2.pdf NOTE: New website being added to Alert - THE PENSIONS REGULATOR (United Kingdom - The Pensions Regulator is the new regulator of work-based pension schemes in the UK. Created under the Pensions Act 2004, we have wider powers and a new proactive and risk-focused approach to regulation. Their top priority is to tackle risks to members' benefits - focus their resources on identifying and reducing risks, working with schemes to get them on the right track.) 2/14/06: Press Release Scheme Funding Code Of Practice Comes Into Effect http://www.thepensionsregulator.gov.uk/mediaCentre/pressReleases/pn06/pn06-05.aspx Copy of Code of Ethics http://www.thepensionsregulator.gov.uk/pdf/codeFundingLaid.pdf NEW YORK STOCK EXCHANGE 2/15/06: News Release NYSE Regulation Fines Deutsche Bank Securities $1 Million for Failure to Supervise Handling of Customer Proxies http://www.nyse.com/press/1139915694987.html U.S. HOUSE OF REPRESENTATIVES COMMITTEE ON FINANCIAL SERVICES 2/14/06: Press Release Kelly Subcommittee to Examine OFAC's Role in Blocking WMD Funding http://financialservices.house.gov/News.asp?FormMode=release&ID=761 U.S. SENATE COMMITTEE ON FINANCE 2/14/06: Press Releases from Ranking Minority Member Baucus Remarks On Motion Regarding Capital Gains And Dividends And The AMT http://finance.senate.gov/press/Bpress/2005press/prb021406.pdf Baucus Comments On Upcoming Conference On Tax Reconciliation Legislation http://finance.senate.gov/press/Bpress/2005press/prb021406b.pdf 2/13/06: Press Releases from Ranking Minority Member Floor Statement of U.S. Senator Max Baucus (D-Mont.) Regarding Motions to Instruct on the Tax Reconciliation Bill http://finance.senate.gov/press/Bpress/2005press/prb021306.pdf CONGRESSIONAL BILLS 2/14/06: Introduction of Bill in Senate Finance Committee S 2281 NOTE: The text of this bill is not yet available (NOTE: Bills are generally available from the Government Printing Office a couple of days after they are introduced on the floor of the House or Senate. Delays can occur when there are a large number of bills to prepare or when a very large bill has to be printed.) ABA ABA Capital Markets Seminar for Corporate Trust Professionals DATE: April 23 - 25, 2006 WHERE: InterContinental Hotel, Miami, FL PRICE: $ 890 - $1,485 http://www.aba.com/Conferences+and+Education/ce_capital_markets.htm Registration https://www.aba.com/aba/mem/confreg.asp?EventID=1370&PromoCode=AF06E FEDERAL REGISTER 2/10/06, SEC, PCAOB: Notice Reporting On Whether A Previously Reported Material Weakness Continues To Exist; Auditing Standard Requirements http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/E6-1841.pdf 9/9/06, FRB, FDIC, OCC, OTS: Agency Advisory Interagency Advisory on the Unsafe and Unsound Use of Limitation of Liability Provisions in External Audit Engagement Letters http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/06-1189.pdf FRB 2/10/06: Legal Interpretation Letter (dated November 22, 2005) to The Royal Bank of Scotland Group plc, granting an exemption from section 23A of the Federal Reserve Act and Regulation W http://www.federalreserve.gov/BoardDocs/LegalInt/FederalReserveAct/2005/20051122/default.pdf 2/10/06: Legal Interpretation Letter (Dated October 31, 2005) To Mark Welshimer Permitting Wachovia To Deconsolidate Bluepoint Re Limited http://www.federalreserve.gov/BoardDocs/LegalInt/BHC_ChangeInControl/2005/20051031/default.pdf FDIC 2/9/06: FIL-13-2006 External Audit Engagement Letters Unsafe and Unsound Use of Limitation of Liability Provisions http://www.fdic.gov/news/news/financial/2006/fil06013.html OCC 2/9/06: Bulletin 2006-7 Interagency Advisory on the Unsafe and Unsound Use of Limitation of Liability Provisions in External Audit Engagement Letters - Final Advisory http://www.occ.treas.gov/ftp/bulletin/2006-7.doc Copy of Advisory http://www.occ.treas.gov/fr/fedregister/71fr6847.pdf OTS 2/10/06: CEO Letter 235 Interagency Advisory on the Unsafe Use of Limitation of Liability Provisions in External Audit Engagement Letters http://www.ots.treas.gov/docs/2/25235.pdf PBGC 2/8/06: Press Release PBGC Premiums Rise With Enactment of Budget Reconciliation Bill http://www.pbgc.gov/media/news-archive/2006/pr06-26.html Additional Information http://www.pbgc.gov/practitioners/Whats-New/whatsnew/page15560.html EBSA 2/9/06: News Release Labor Department Legal Action Restores Delinquent Contributions to Toledo Company's Pension Plan http://www.dol.gov/ebsa/newsroom/pr0209a06.html 2/7/06: News Release Labor Department Obtains Appointment of Independent Fiduciary for Abandoned New York 401(k) Plan http://www.dol.gov/ebsa/newsroom/pr0207a06.html 2/7/06: News Release Labor Department Sues Officer of Oakland County Business For Failing to Properly Administer 401(k) Plan http://www.dol.gov/ebsa/newsroom/pr020706.html SEC 2/9/06: Press Release AIG to Pay $800 Million to Settle Securities Fraud Charges by SEC http://www.sec.gov/news/press/2006-19.htm Litigation Release http://www.sec.gov/litigation/litreleases/lr19560.htm 2/9/06: Speech by SEC Chairman Videotaped Remarks at Tax Council Policy Institute http://www.sec.gov/news/speech/spch020906cc.htm 2/9/06: Speech by Mary Ann Gadziala, Associate Director, Office of Compliance Inspections and Examinations before The Bond Market Association's Annual Legal and Compliance Conference The SEC Examination Program: Coordination and Priorities http://www.sec.gov/news/speech/spch020706mag.htm PCAOB 2/8/06: Press Release SEC Approves PCAOB Auditing Standard on Reporting on the Elimination of a Material Weakness http://www.pcaobus.org/News_and_Events/News/2006/02-09.aspx PCAOB-2005-01: Reporting on Whether a Previously Reported Material Weakness Continues to Exist SEC Filing Form 19b-4 http://www.pcaobus.org/Rules/Docket_018/Form_19b-4_Elimination_of_Material_Weakness.pdf PCAOB Release No. 2005-015: Reporting on Whether a Previously Reported Material Weakness Continues to Exist http://www.pcaobus.org/Rules/Docket_018/2005-07-26_Release_2005-015.pdf PCAOB Release No. 2005-002: Proposed Auditing Standard - Reporting on the Elimination of a Material Weakness http://www.pcaobus.org/Rules/Docket_018/2005-03-31_Release_No._2005-002.pdf IRS 2/10/06: Private Letter Rulings Below are links to a number of private letter rulings recently released on the IRS website that may be of interest to tax issues in personal and employee benefit accounts 200606055 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0606055.pdf 200606054 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0606054.pdf 200606053 - Taxability of Beneficiary of Employee's Trust (Time and Manner of Taxation) http://www.irs.gov/pub/irs-wd/0606053.pdf 200606052- Rollover Contributions http://www.irs.gov/pub/irs-wd/0606052.pdf 200606050 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0606050.pdf 200606034 - Time and Manner of Allocation: Extension of Time for Making Certain Elections http://www.irs.gov/pub/irs-wd/0606034.pdf 200606027 - Transfer for Consideration; Persons Treated as Grantors; Determination of Amount of and Recognition of Gain or Loss http://www.irs.gov/pub/irs-wd/0606027.pdf 200606026 - Inadvertent Terminations http://www.irs.gov/pub/irs-wd/0606026.pdf 200606014 - Inadvertent Terminations http://www.irs.gov/pub/irs-wd/0606014.pdf 200606013 - Inadvertent Terminations http://www.irs.gov/pub/irs-wd/0606013.pdf 200606012 - Inadvertent Terminations http://www.irs.gov/pub/irs-wd/0606012.pdf 200606011 - Inadvertent Terminations http://www.irs.gov/pub/irs-wd/0606011.pdf 200606010 - Inadvertent Terminations http://www.irs.gov/pub/irs-wd/0606010.pdf 200606007 - Contribution by Employer to Accident and Health Plans http://www.irs.gov/pub/irs-wd/0606007.pdf 200606006 - Property in Which Decedent had an Interest; Transfers with Retained Life Estate; Revocable Transfers; Valuation of Gifts; Income for Benefit of Grantor; Person Other Than Grantor Treated as Substantial Owner http://www.irs.gov/pub/irs-wd/0606006.pdf 200606002 - Time and Manner of Allocation; Extension of Time for making Certain Elections http://www.irs.gov/pub/irs-wd/0606002.pdf 200606000 - Index for Public Inspections of Written Determinations http://www.irs.gov/pub/irs-wd/0606_idx.pdf 2/9/06: IRS' Employee Plan News - Special Edition The Roth Regs Just Keep Coming! http://www.irs.gov/pub/irs-tege/se_0206.pdf GAO REPORTS 2/9/06: GAO-06-86 Securities and Exchange Commission: Some Progress Made on Strategic Human Capital Management http://www.gao.gov/new.items/d0686.pdf NASD 2/10/06: Notice to Members 06-07 SEC Approves Amendments to Anti-Money Laundering Compliance Program Rule and Adoption of Interpretive Material http://www.nasd.com/web/groups/rules_regs/documents/notice_to_members/nasdw_015967.pdf NEW YORK STOCK EXCHANGE 2/9/06: News Release NYSE Listing Reduces Volatility, Execution Costs and Intermediary Profitability - Study Companies Moving Their Stock to the NYSE from Nasdaq Trade More Efficiently http://www.nyse.com/press/1139483884402.html Copy of Updated Study http://www.nyse.com/pdfs/Nasdaq-67_Transfers_Memo_2-1-2006.pdf 2/9/06: News Release NYSE Regulation Fines Bear, Stearns & Co. Inc. $1.5 Million http://www.nyse.com/press/1139397230229.html Thompson Interactive Your Annual Compliance Review: What the SEC Forgot to Tell You DATE: February 23, 2006 WHERE: Audio Conference , 2:00 - 3:30 PM, EST PRICE: Audio Conference Only $299 CD Only $299 Audio Conference + CD $349 http://www.thompsoninteractive.com/upcoming.asp?topic=grm&id=430&priority=FSSD78846&virtual=sd022306 FEDERAL REGISTER 2/8/06, SEC: Proposed Rule Executive Compensation and Related Party Disclosure http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/06-946.pdf FRB 2/7/06: Order of Prohibition Mayra Cuellar (a former institution-affiliated party of Gulf Bank, Miami, Florida) http://www.federalreserve.gov/BoardDocs/press/enforcement/2006/20060207/attachment.pdf 2/7/06: Banking Structure Financial Holding Companies http://www.federalreserve.gov/generalinfo/fhc/default.htm OCC 2/6/06: News Release Comptroller of the Currency Announces 2006 Workshops for National Community Bank Directors http://www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=YYJY96X.xml Understanding the OCC's Risk Assessment Process http://www.occ.gov/riskassessment.htm Brochure http://www.occ.gov/RMW06%20-%20Final%20Brochure.pdf Credit Risk: A Director's Focus http://www.occ.gov/creditrisk.htm Brochure http://www.occ.gov/Credit_Risk_Brochure.pdf Compliance Risk: What Directors Need to Know http://www.occ.gov/ComplianceRisk.htm Brochure http://www.occ.gov/CMPLBrochure.pdf Register for 1 or all 3 online https://rs184.securehostserver.com/~cmpmeeti/occ06/html/occ06.php SEC 2/8/06: Press Release Accounting Standards: SEC Chairman Cox and EU Commissioner McCreevy Affirm Commitment to Elimination of the Need for Reconciliation Requirements http://www.sec.gov/news/press/2006-17.htm 2/8/06: Administrative Proceeding In the Matter of Morgan Keegan & Co., Inc. http://www.sec.gov/litigation/admin/34-53251.pdf 2/7/06: Remarks by SEC Commissioner Annette L. Nazareth before the The Bond Market Association's Legal and Compliance Conference Price Transparency In The Bond Markets, Markups, And Complex Structured Finance Transactions http://www.sec.gov/news/speech/spch020706aln.htm 2/7/06: Litigation Release SEC v. Bruce E. Snyder, Jr http://www.sec.gov/litigation/litreleases/lr19557.htm 2/6/06: Order Order Approving Proposed Auditing Standard No. 4, Reporting on Whether a Previously Reported Material Weakness Continues to Exist http://www.sec.gov/rules/pcaob/34-53227.pdf 2/6/06: Brief to the Nevada State Supreme Court Amicus Brief in Nanopierce Technologies, Inc., v. DTCC http://www.sec.gov/litigation/briefs/nanopiercesecbrief.pdf U.S. TREASURY 2/8/06: Press Release Treasury Designates UK-Based Individuals, Entities Financing Al Qaida-Affiliated (LIFG) http://www.treas.gov/press/releases/js4016.htm IRS 2/7/06: News Release - IR-2006-025 IRS Announces "Dirty Dozen" Tax Scams for 2006 http://www.irs.gov/newsroom/article/0,,id=154293,00.html 2/6/06: News Release New User Fee Schedule for 2006 http://www.irs.gov/charities/article/0,,id=151893,00.html IR-2005-144 http://www.irs.gov/pub/irs-tege/ir-2005-144.pdf OFAC 2/8/06: Financial Operations Bulletin Executive Order and SDGT Designations http://www.treas.gov/offices/enforcement/ofac/actions/20060208.shtml Alphabetical master list of Specially Designated Nationals and Blocked Persons Updated as of 2/8/06 http://www.treas.gov/offices/enforcement/ofac/sdn/t11sdn.pdf Côte D'ivoire Brochure Updated as of 2/8/06 http://www.treas.gov/offices/enforcement/ofac/programs/coted/coted.pdf NASD 2/8/06: News Release Sanford C. Bernstein & Co., Research Analyst Brad Hintz Fined $550,000 for Violations of Research Analyst Conflict of Interest Rules http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_015940&ssSourceNodeId=5 NEW YORK STOCK EXCHANGE 2/8/06: News Release Monthly Disciplinary Actions - February 2006 http://www.nyse.com/DiscAxn/discAxn_02_2006.html 2/7/06: News Release NYSE Regulation Announces Web-Based Tool for Continuing Education and Training of Securities Industry Professionals http://www.nyse.com/press/1139225044065.html FSA 2/8/06: Newsletter MarketWatch Issue No.15 http://www.fsa.gov.uk/pubs/newsletters/mw_newsletter15.pdf Archive to past issues http://www.fsa.gov.uk/Pages/Library/Other_publications/market/index.shtml 2/7/06: Press Release Sex, Lies And Money. Research Reveals Finance Is The New Taboo http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/010.shtml Website to assist Individuals with Financial Planning http://www.moneylaidbare.info/ 2/7/06: Speech by Callum McCarthy, Chairman, Financial Services Authority A Regulator's View Of The Risks In Current Markets http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2006/0207_cm.shtml CONGRESSIONAL BILLS 2/1/06: S. 1932 (Engrossed Amendment as Agreed to by Senate) Deficit Reduction Act of 2005 Title II: Subtitle B: Deposit Insurance http://thomas.loc.gov/cgi-bin/query/D?c109:4:./temp/~c109KqP9WK:: PDF version: http://www.govtrack.us/data/us/bills.text/109/s1932.pdf HR 4618: Compliance, Examinations, and Inspections Restructuring Act of 2005 http://www.govtrack.us/data/us/bills.text/109/h4618.pdf THE CODING INSTITUTE Is Your AML Program Up To Snuff? Presented by Frederick Curry, III, a senior manager in the AML group at Deloitte and Touche. He has more than 22 years of domestic and international banking experience with an emphasis on operations, compliance and risk management. Fred was also examiner in charge of BSA/AML examinations at a Federal Reserve Bank. DATE: March 22, 2006 WHERE: Webcast/Online, 1:00 PM - 2:30 PM, EST PRICE: $249 - $289 http://codinginstitute.com/conference/conference.cgi?detail=501#order NATIONAL CONSTITUTION CENTER New SEC Hedge Fund Registration Rules: Ensuring Client Compliance DATE: February 28, 2006 WHERE: Live Audio Cast, 1:00 - 2:00 PM EST PRICE: $199 https://www.constitutionconferences.com/main.asp?G=1&E=508&I=1 NASD 2006 Spring Securities Conference DATE: May 17 - 19, 2006 WHERE: The Westin Diplomat Resort & Spa, Hollywood, FL PRICE: Full-Day Pre-Conference ONLY Member rate by April 18: $525 Non-Member rate by April 18: $775 Member rate after April 18: $625 Non-Member rate after April 18: $875 Securities Conference ONLY Member rate by April 18: $ 935 Non-Member rate by April 18: $1,145 Member rate after April 18: $1,135 Non-Member rate after April 18: $1,345 Securities Conference AND Full-Day Pre-Conference Member rate by April 18: $1,300 Non-Member rate by April 18: $1,500 Member rate after April 18: $1,500 Non-Member rate after April 18: $1,700 http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&nodeId=597&ssSourceNodeId=585 Registration http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&nodeId=1214&ssSourceNodeId=597 Small Firm Conference Series DATE March 8, 2006 WHERE: Westin New York at Times Square, NYC, NY PRICE: On or Before February 14, 2006 $ 650 - $1,500 After February 14, 2006 $750 - $1,700 http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_015795&ssSourceNodeId=598 Registration https://guest.cvent.com/EVENTS/Register/IdentityConfirmation.aspx?e=2d6a5a96-8539-44d8-a523-def565f9ffa8 Other Locations: Hollywood, FL o May 17, 2006 Chicago, IL o September 2006 Details about conferences not yet available on website 2/3/06, EBSA: Final Amendment to PTE 75-1, Part II and Part V Exemptions From Prohibitions Respecting Certain Classes of Transactions Involving Employee Benefit Plans and Certain Broker-Dealers, Reporting Dealers and Banks http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/E6-1484.pdf 2/3/06, EBSA: Adoption of Amendment to PTE 84-24 Amendment to Prohibited Transaction Exemption 84-24 (PTE 84-24) For Certain Transactions Involving Insurance Agents and Brokers, Pension Consultants, Insurance Companies, Investment Companies and Investment Company Principal Underwriters http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/E6-1504.pdf 2/3/06, FDIC: FIL-12-2006 Hurricane Katrina Examiner Guidance: Interagency Supervisory Guidance for Institutions Affected by Hurricane Katrina FDIC: http://www.fdic.gov/news/news/financial/2006/fil06012.html OCC 2005-5 http://www.occ.treas.gov/ftp/bulletin/2006-5.doc OTS CEO Letter 234 http://www.ots.treas.gov/docs/2/25234.pdf 2/3/06, FinCEN: Advisory Guidance To Financial Institutions Regarding Hurricane-Related Benefit Fraud http://www.fincen.gov/hurricanebenefitfraud.pdf FFIEC 2/3/06: Interagency Release Federal Financial Regulatory Agencies Issue Interagency Advisory On External Auditor Limitation of Liability Provisions http://www.fdic.gov/news/news/press/2006/pr06011.pdf FRB Press Release http://www.federalreserve.gov/boarddocs/press/bcreg/2006/20060203/default.htm FRB's Copy of Interagency Advisory http://www.federalreserve.gov/boarddocs/press/bcreg/2006/20060203/attachment.pdf FDIC Press Release http://www.fdic.gov/news/news/press/2006/pr06011.html Interagency Advisory http://www.fdic.gov/news/news/press/2006/pr06011.pdf OCC Press Release http://www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=PP9WMUNE.xml Interagency Advisory http://www.occ.treas.gov/ftp/release/2006-10a.pdf OTS Press Release http://www.ots.treas.gov/docs/7/776003.html OTS' Copy of Interagency Advisory http://www.ots.treas.gov/docs/4/480217.pdf FRB 2/2/06: Remarks by Governor Susan Schmidt Bies at the Financial Services Institute, Washington, D.C. The Continuous Challenges of Risk Management http://www.federalreserve.gov/boarddocs/speeches/2006/20060202/default.htm 2/2/06: Supervisory Letter 06-02 Enhancements to the System's Off-Site Bank Surveillance Program http://www.federalreserve.gov/BoardDocs/SRLetters/2006/SR0602.htm EBSA 2/2/06: News Release Labor Department Updates Exemptions Permitting Transactions With Financial Institutions and Insurers http://www.dol.gov/ebsa/newsroom/pr020206.html PTE 75-1 http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/E6-1484.pdf PTE-84-24 http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/E6-1504.pdf 2/1/06: News Release Labor Department Obtains Appointment of Independent Fiduciary for Abandoned Buffalo, N.Y., Retirement Plan http://www.dol.gov/ebsa/newsroom/pr020106.html 1/31/06: News Release Labor Department Sues Owner of Defunct Minnesota Firm To Protect 401(k) Employee Contributions http://www.dol.gov/ebsa/newsroom/pr0131a06.html 1/31/06: News Release U.S. Labor Department Sues to Appoint Independent Trustee for Abandoned White Plains, N.Y., 401(k) Plan http://www.dol.gov/ebsa/newsroom/pr013106.html PBGC 2/3/06: Press Release PBGC Moves to Protect WCI Steel Pension Plan http://www.pbgc.gov/media/news-archive/2006/pr06-23.html SEC 2/3/06: Speech by SEC Commissioner, Cynthia A. Glassman before the ALI-ABA Financial Services Institute 2006 Importance Of Transparency And Effective Disclosure http://www.sec.gov/news/speech/spch020306cag.htm 2/2/06: Administrative Proceeding In the Matter of James G. Lewis And In the Matter of James Y. Lin James G. Lewis Proceeding http://www.sec.gov/litigation/admin/34-53210.pdf James Y. Lin Proceeding http://www.sec.gov/litigation/admin/34-53209.pdf 2/2/06: Litigation Release SEC v. William A. Day http://www.sec.gov/litigation/litreleases/lr19553.htm 2/2/06: Press Release SEC Charges One AIG and Four Gen Re Executives for Aiding in AIG Securities Fraud http://www.sec.gov/news/press/2006-15.htm Litigation Release http://www.sec.gov/litigation/complaints/comp19552.pdf SEC Complaint in the matter http://www.sec.gov/litigation/complaints/comp19552.pdf Remarks by Linda Chatman Thomsen, SEC Director of Enforcement http://www.sec.gov/news/speech/spch020206lct.htm 2/2/06: Notice Notice of Meeting of SEC Advisory Committee on Smaller Public Companies http://www.sec.gov/rules/other/33-8659.pdf 1/31/06: Recent Public Comment Letters SEC's Interpretive Letter Regarding Soft Dollars Memorandum from the Division of Market Regulation regarding a January 6, 2006 meeting with representatives from the Bank of New York, Morgan Lewis & Bockius LLP, ING Investment Management, and Mayer, Brown, Rowe & Maw LLP http://www.sec.gov/rules/interp/s70905/memo013106.pdf Memorandum from the Division of Market Regulation regarding a January 17, 2006 meeting with representatives from Goldman Sachs & Co. http://www.sec.gov/rules/interp/s70905/memo013106a.pdf IRS 2/3/06: Notice 2006-15 Extension Of The June 28, 2005 Safe Harbor Date That Applies To Certain Charitable Remainder Annuity Trusts Or Charitable Remainder Unitrusts http://www.irs.gov/pub/irs-drop/n-06-15.pdf 2/3/06: Private Letter Rulings Below are links to a number of priate letter rulings recently released on the IRS website that may be of interest to tax issues in personal and employee benefit accounts 200605019 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0605019.pdf 200605018 - Limitations on Benefits and Contributions Under Qualified Plans http://www.irs.gov/pub/irs-wd/0605018.pdf 200605017 - Individual Retirement Accounts http://www.irs.gov/pub/irs-wd/0605017.pdf 200605016 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0605016.pdf 200605012 - Exemption from Tax on Contributions, Certain Trusts, etc. (Exempt vs. Non-exempt) http://www.irs.gov/pub/irs-wd/0605012.pdf 200605001 - Transfers for Public, Charitable and Religious Uses; Guaranty Annuity Lead Interest; Reformations of Nonqualifying Interests; Charitable Remainder Trusts; Charitable Remainder Annuity Trust http://www.irs.gov/pub/irs-wd/0605001.pdf 200605000 - Index for Public Inspections of Written Determinations http://www.irs.gov/pub/irs-wd/0605_idx.pdf FinCEN 2/3/06: Guidance (Frequently Asked Questions) Foreign Bank Recertifications http://www.fincen.gov/faqsguidance.pdf 2/3/06: Guidance (Frequently Asked Questions) Registration and De-Registration of Money Services Businesses http://www.fincen.gov/msbregistration_de_registration.pdf ABA 2/1/06: Press Release Deposit Insurance Legislation Clears Last Hurdle http://www.aba.com/Press+Room/020106abastatement.htm ABA Summary of Deposit Insurance Reform http://www.aba.com/Industry+Issues/Dep_Ins_Issue.htm EBRI (Employee Benefit Research Institute) 2/3/06: Press Release "Traditional" Pension Assets Lost Dominance a Decade Ago, IRAs and 401(k)s Have Long Been Dominant http://www.ebri.org/pdf/fastfact_16_RetAssts.3Feb063.pdf U.S. HOUSE OF REPRESENTATIVES COMMITTEE ON FINANCIAL SERVICES 2/2/06: Press Release Oxley Statement on OCC Authorization Letters http://financialservices.house.gov/News.asp?FormMode=release&ID=758 U.S. SENATE COMMITTEE ON FINANCE 2/2/06: Press Release Senate Approves Tax Reconciliation Bill With 2006 Amt Fix; Baucus, Grassley Agreement Extends Tax Cuts For Working Families, Businesses As Well http://finance.senate.gov/press/Bpress/2005press/prb020206a.pdf FEDERAL REGISTER 2/1/06: Notice and Request for Comment Recordkeeping and Confirmation Confirmations for Securities Transactions - 12 CFR 12 http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/E6-1221.pdf EBSA 1/26/06: News Release Labor Department Sues Owners of Fairfield County, Ohio, Business To Restore Delinquent Contributions to Company's 401(k) Plan http://www.dol.gov/ebsa/newsroom/pr0126a06.html 1/26/06: News Release U.S. Labor Department Sues to Appoint Independent Trustee for Abandoned Latham, New York, 401(k) Plan http://www.dol.gov/ebsa/newsroom/pr012606.html SEC 1/31/06: Litigation Release SEC v. Victor J. Menezes http://www.sec.gov/litigation/litreleases/lr19549.htm Complaint http://www.sec.gov/litigation/complaints/comp19549.pdf 1/31/06: Administrative Proceeding In the Matter of Schield Management Company and Marshall L. Schield http://www.sec.gov/litigation/opinions/34-53201.pdf 1/31/06: Public Comment Letters on Proposed Rule Executive Compensation and Related Party Disclosure Les Greenberg, Chairman, Committee of Concerned Shareholders (1/27/06) http://www.sec.gov/rules/proposed/s70306/ccs012706.pdf Link to Other Comment Letters http://www.sec.gov/rules/proposed/s70306.shtml 1/31/06: Speeches and Statements by Chairman Christopher Cox Videotaped Remarks at Corporate Directors Forum http://www.sec.gov/news/speech/spch013106cc.htm 1/30/06: Press Release SEC and Japan Financial Services Agency Announce Terms for Increased Cooperation and Collaboration http://www.sec.gov/news/press/2006-14.htm FinCEN 1/30/06: Press Release Director William J. Fox Departing the Financial Crimes Enforcement Network http://www.fincen.gov/fox_departure.htm ICI 2/1/06: Press Release The Role of IRAs in Americans' Retirement Preparedness http://www.ici.org/new/06_news_ira.html Copy of the Study http://www.ici.org/pdf/fm-v15n1.pdf Exhibit A - Additional Data on IRA Ownership in 2005 http://www.ici.org/new/fm-v15n1_appendix.pdf BIS 2/1/06: Press Release Survey Of Foreign Exchange Settlement Risk http://www.bis.org/press/p060201.htm NASD 2/1/06: News Release NASD Foundation Funds Research to Improve Financial Product Disclosure Information and Calls for Additional Research Proposals http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_015923&ssSourceNodeId=5 1/31/06: News Release NASD Fines Municipal Securities Dealer and its President $100,000 for Failing to Report Gubernatorial and Other Political Contributions http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_015919&ssSourceNodeId=5 FSA 2/1/06: Press Release FSA Sets Out Priorities And Budget For 2006/07 http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/009.shtml Business Plan 2006/07 http://www.fsa.gov.uk/Pages/Library/corporate/Plan/bp2006.shtml 2/1/06: Consultation Paper CP06/2 Regulatory fees and levies 2006/07 http://www.fsa.gov.uk/pubs/cp/cp06_02.pdf Summary http://www.fsa.gov.uk/pubs/cp/cp06_02_newsletter.pdf NEW YORK STOCK EXCHANGE 1/31/06: Press Release NYSE Regulation Announces Settlements with 20 Firms for Systemic Operational Failures and Supervisory Violations http://www.nyse.com/press/1138361407523.html U.S. SENATE COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS 1/31/06: Press Release Sen. Shelby Announces Banking Committee Priorities For Second Session Of 109th Congress http://banking.senate.gov/index.cfm?FuseAction=PressReleases.Detail&PressRelease_id=191&Month=1&Year=2006 U.S. SENATE COMMITTEE ON FINANCE 2/1/06: Press Release Senate Parliamentarian Uphold Senate Rules Against House Capital Gains And Dividends Measure In Tax Reconciliation http://finance.senate.gov/press/Bpress/2005press/prb020106.pdf THOMPSON INTERACTIVE Your Annual Compliance Review: What the SEC Forgot to Tell You DATE: February 23, 2006 WHERE: 2:00 - 3:00 PM EST PRICE: Audio Conference only: $299 CD Only: $299 Audio Conference + CD: $349 http://www.thompsoninteractive.com/upcoming.asp?topic=grm&id=430&priority=FNMK78846&virtual=022306 FEDERAL REGISTER 1/26/06, IRS: Notice of Proposed Rulemaking Designated Roth Accounts Under Section 402A http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/E6-945.pdf FFIEC 1/27/06: Notice Revisions to the Reports of Condition and Income (Call Report) http://www.ffiec.gov/pdf/ffiec_forms/FFIEC031_041_FIL7_20060127.pdf FDIC (FIL-7-2006) http://www.fdic.gov/news/news/financial/2006/fil06007.pdf FDIC 1/26/06: Press Release New FDIC Tool Helps Consumers Protect Themselves Against Identity Theft and Suggests Steps They can Take if Victimized Don't Be an On-line Victim: How to Guard Against Internet Thieves and Electronic Scams http://www.fdic.gov/news/news/press/2006/pr06008.html Presentation (NOTE: Macromedia Flash Player is required to view this presentation) http://anon.vodium.com.edgesuite.net/anon.vodium/fdic/identitytheft/index.html OCC 1/27/06: OCC 2006-3 Bank Secrecy Act/Anti-Money Laundering: Joint Statement on Sharing Suspicious Activity Reports with Controlling Companies http://www.occ.treas.gov/ftp/bulletin/2006-3.doc FinCEN Advisory http://www.fincen.gov/advisory.pdf EBSA 1/23/06: News Release U.S. Labor Department Sues Leesburg, Ga., Professional Employer Organization for Health Plan Mismanagement http://www.dol.gov/ebsa/newsroom/pr012306.html SEC 1/27/06: Press Release Division of Market Regulation Publishes Responses to Frequently Asked Questions Concerning Rule 611 and Rule 610 of Regulation NMS http://www.sec.gov/news/press/2006-12.htm Responses to Frequently Asked Questions Concerning Rule 611 and Rule 610 of Regulation NMS http://www.sec.gov/divisions/marketreg/rule611faq.pdf 1/27/06: Litigation Release SEC v. Teresa V. Fernandez http://www.sec.gov/litigation/litreleases/lr19545.htm 1/27/06: Remarks by SEC Commissioner Annette L. Nazareth before the ALI-ABA Broker-Dealer Regulation Conference on January 12, 2006 Enforcement Of Our Federal Securities Laws http://www.sec.gov/news/speech/spch011206aln.htm 1/27/06: Proposed Rule - Pre Federal Register Publication Executive Compensation and Related Party Disclosure http://www.sec.gov/rules/proposed/33-8655.pdf 1/27/06: Litigation Release SEC v. James J. McDermott, et al. http://www.sec.gov/litigation/litreleases/lr19544.htm 1/25/06: Remarks by Commissioner Cynthia A. Glassman at the Financial Service Institute's 2006 Broker-Dealer Conference A View from Inside the SEC http://www.sec.gov/news/speech/spch012506cag.htm 1/25/06: Administrative Proceeding In the Matter of Daniel Calugar http://www.sec.gov/litigation/admin/34-53179.pdf U.S. TREASURY 1/26/06: Press Release Treasury Releases DVD on Identity Theft to Help Better Protect Consumers from Financial Fraud http://www.treas.gov/press/releases/js3087.htm Identity Theft Resource Page http://www.treas.gov/offices/domestic-finance/financial-institution/cip/identity-theft.shtml 1/25/06: Press Release Treasury and IRS Propose Rules Regarding Designated Roth Contributions http://www.treas.gov/press/releases/js3086.htm Text of Proposed Rules Regarding Designated Roth Contributions http://www.treas.gov/press/releases/reports/roth402a.pdf IRS 1/27/06: Private Letter Rulings Below are links to a number of private letter rulings recently released on the IRS website that may be of interest to tax issues in personal and employee benefit accounts 200604039 - Qualified Pension, Profit Sharing, and Stock Bonus Plan; Taxability of Beneficiary of Employee's Trust http://www.irs.gov/pub/irs-wd/0604039.pdf 200604038 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0604038.pdf 200604037 - Minimum Funding Waiver http://www.irs.gov/pub/irs-wd/0604037.pdf 200604036 - Qualified Pension, Profit-Sharing, and Stock Bonus Plan http://www.irs.gov/pub/irs-wd/0604036.pdf 200604033 - Determination of Amount of and Recognition of Gain or Loss; http://www.irs.gov/pub/irs-wd/0604033.pdf 200604028 - Powers of Appointment; Imposition of Gift Tax; Gift to Spouse http://www.irs.gov/pub/irs-wd/0604028.pdf 200604026 - Irrevocable Trusts; Special Powers http://www.irs.gov/pub/irs-wd/0604026.pdf 200604025 - Irrevocable Trusts; Special Powers http://www.irs.gov/pub/irs-wd/0604025.pdf 200604024 - Inclusion Ratio; Extension of Time for Making Certain Elections http://www.irs.gov/pub/irs-wd/0604024.pdf 200604023 - Withdrawal of Request for a Private Letter Ruling http://www.irs.gov/pub/irs-wd/0604023.pdf 200604015 - Transitional Rules; Determination of Amount of and Recognition of Gain or Loss; Basis of Property Acquired by Gift or Transfer in Trust; Holding Period of Capital Assets; Multiple Trusts http://www.irs.gov/pub/irs-wd/0604015.pdf 200604008 - Designation of Income Eligible for the Dividends Received Deduction http://www.irs.gov/pub/irs-wd/0604008.pdf 200604006 - Disposition of Certain Life Estates; Right of Recovery in the Case of Certain Marital Deduction Property; Qualified Terminable Interest Property http://www.irs.gov/pub/irs-wd/0604006.pdf 200604005 - Time and Manner of Making Certain Elections http://www.irs.gov/pub/irs-wd/0604005.pdf 200604003 - Requirements for a Qualified Disclaimer http://www.irs.gov/pub/irs-wd/0604003.pdf 200604002 - Inclusion Ratio; Extension of Time for Making Certain Elections http://www.irs.gov/pub/irs-wd/0604002.pdf 200604000 - Index for Public Inspections of Written Determinations http://www.irs.gov/pub/irs-wd/0604_idx.pdf OFAC 1/27/06: Financial Operations Bulletin SDGT Designation Removal http://www.treas.gov/offices/enforcement/ofac/actions/20060127.shtml Alphabetical master list of Specially Designated Nationals and Blocked Persons Updated as of 1/27/06 http://www.treas.gov/offices/enforcement/ofac/sdn/t11sdn.pdf Terrorism Brochure Updated as of 1/27/06 http://www.treas.gov/offices/enforcement/ofac/sanctions/t11ter.pdf NASD 1/17/06: Monthly Disciplinary Actions Disciplinary and Other NASD Actions http://www.nasd.com/web/groups/enforcement/documents/monthly_disciplinary_actions/nasdw_015857.pdf FinCEN 1/25/06: Regulatory Release Summary of the Variety of Regulatory Releases that FinCEN Issues as the Administrator of the Bank Secrecy Act http://www.fincen.gov/regrelease.pdf 1/17/06: Facts and Figures FinCEN's 314(a) Fact Sheet http://www.fincen.gov/314afactsheet.pdf SIA 1/26/06: Comment Letter ICI, ACLI, IAA and SIA Comments to the Office Of Labor-Management Standards Regarding Proposed Amendments To Form LM-30 And Related Issues Concerning Taft-Hartley Pension Plans And LM-10 Reporting Requirements http://www.sia.com/comment_letters/9935.pdf ICI 1/27/06: Comment Letter ICI, Financial Industry Associations Comment on Labor Department Proposal http://www.ici.org/new/06_dol_filing_cvr.html FSA 1/27/06: Press Release FSA To Streamline Money Laundering Rules For Firms http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/008.shtml Policy Statement 06/1 http://www.fsa.gov.uk/pubs/policy/ps06_01.pdf Summary of PS06/1 http://www.fsa.gov.uk/pubs/policy/ps06_01_newsletter.pdf INDUSTRY SEMINARS, WORKSHOPS, CONFERENCES ABA LM-10 Filings: What Your Bank Needs to Know If You Have Union Client or Service Taft-Hartley Pension and Benefit Plans DATE: February 23, 2006 WHERE: Telephone Briefing, 2:00 - 4:00 PM EST PRICE: $255 - Member $385 - Non-member http://www.aba.com/Conferences+and+Education/tb_022306.htm Registration http://online.krm.com/iebms/coe/coe_p2_details.aspx?eventid=11513&cc=0018458&oc=10 SIA SIA Regulation NMS Web Seminar DATE: February 15, 2006 WHERE: Web Seminar, 1:30 - 3:30 PM EST PRICE: $195 - Members $295 - Non-members http://www.sia.com/regnmsweb/ Registration - Members https://www2.sia.com/confRegis/ccregcall.jsp?confCode=RG&member=yes Registration - Non-Members https://www2.sia.com/confRegis/ccregcall.jsp?confCode=RG&member=no 7th Annual Market Structure Conference DATE: May 24, 2006 WHERE: Grand Hyatt, New York, NY PRICE: Before Conference $ 695 - Members $ 995 - Non-members On-Site $ 770 per registrant for SIA member firms $1,070 per registrant for non-member firms http://www.sia.com/ms2006/html/program.html Registration http://www.sia.com/ms2006/html/registration.html FEDERAL REGISTER 1/26/06: Final Regulations Reporting for Widely Held Fixed Investment Trusts http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/06-396.pdf FRB 1/23/05: Legal Interpretation Bank Holding Companies/Change in Control - Wachovia Corporation http://www.federalreserve.gov/boarddocs/LegalInt/BHC_ChangeInControl/2006/20060123/attachment.pdf 1/23/05: SR Letter 06-01 Interagency Guidance on Sharing Suspicious Activity Reports with Head Offices and Controlling Companies http://www.federalreserve.gov/boarddocs/srletters/2006/SR0601.htm OCC 1/25/06: Publication Electronic Interpretations and Actions - January 2006 http://www.occ.treas.gov/interp/jan06/intjan06.htm IL #1047 http://www.occ.treas.gov/interp/jan06/int1047.pdf OTS 1/24/06: Notice Filing Schedule for 2006 Regulatory Reports http://www.ots.treas.gov/docs/8/84286.pdf EBSA 1/23/06: News Release U.S. Labor Department Sues Leesburg, Ga., Professional Employer Organization for Health Plan Mismanagement http://www.dol.gov/ebsa/newsroom/pr012306.html SEC 1/23/06: Litigation Release SEC v. Ernesto Sibal, et al http://www.sec.gov/litigation/litreleases/lr19539.htm 1/23/06: Litigation Release SEC v. Mark Kishel http://www.sec.gov/litigation/litreleases/lr19538.htm SEC Complaint http://www.sec.gov/litigation/complaints/comp19538.pdf 1/23/06: Administrative Proceeding In the Matter of Robert Y. Yoo http://www.sec.gov/litigation/admin/34-53169.pdf 1/19/06: Public Comment Letters Client Commission Practices Under Section 28(e) of the Securities Exchange Act of 1934 ("Soft Dollars") Memorandum from the Division of Market Regulation regarding a November 22, 2005 meeting with representatives from Instinet, LLC, and Kirkpatrick & Lockhart Nicholson Graham LLP http://www.sec.gov/rules/interp/s70905/instinetklng112205.pdf Memorandum from the Division of Market Regulation regarding a January 6, 2006 meeting with representatives of The Bank of New York http://www.sec.gov/rules/interp/s70905/bankny010606.pdf Memorandum from the Division of Market Regulation regarding a December 19, 2005 meeting with representatives of the Investment Adviser Association and T. Rowe Price http://www.sec.gov/rules/interp/s70905/iaa-trp121905.pdf Archive of all comment letters http://www.sec.gov/rules/interp/s70905.shtml U.S. TREASURY 1/23/06: Press Release Treasury Secretary Snow to Release DVD on Identity Theft to Help Better Protect Consumers from Financial Fraud http://www.treas.gov/press/releases/js3083.htm Video News Release (Introduction to video and how to order it) - MEDIA FILE http://www.treas.gov/cgi-bin/redirect.cgi?http NASD 1/23/06: News Release NASD Seeks Public Comment on Proposed Changes to Business Entertainment Rule Requirements http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_015878&ssSourceNodeId=5 Notice to Members 06-06 http://www.nasd.com/web/groups/rules_regs/documents/notice_to_members/nasdw_015876.pdf ERIC (The ERISA Industry Committee) 1/25/06: Testimony Testimony of John M. Vine Hearing on the Proposed Regulations Under Section 409a Regarding Nonqualified Deferred Compensation Plans http://www.eric.org/forms/uploadFiles/5C340000000D.filename.012506testimony409A.pdf ABC (American Benefits Council) 1/25/06: Testimony by Carl Lerner, a tax counsel at Pfizer Inc on behalf of American Benefits Council IRS Urged To Further Clarify 409A Compensation And Benefits Regulations http://www.americanbenefitscouncil.org/newsroom/pr06-05.cfm FSA 1/25/05: Press Release FSA's 2006 Financial Risk Outlook Emphasises The Need For Stress Testing http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/006.shtml Financial Outlook Document http://www.fsa.gov.uk/pages/Library/Corporate/Outlook/fro_2006.shtml NEW YORK STOCK EXCHANGE 1/23/06: Press Release NYSE Regulation to File Proposed Rule on Business Entertainment Rule with SEC http://www.nyse.com/press/1138017011029.html FFIEC 1/20/06: Joint Release BANK SECRECY ACT: Sharing Suspicious Activity Reports With Controlling Companies http://www.fdic.gov/news/news/financial/2006/FIL-5-2006.pdf FDIC FIL-5-2006 http://www.fdic.gov/news/news/financial/2006/FIL-5-2006-att.pdf OCC http://www.occ.treas.gov/ftp/release/FBAs_SAR_Sharing_Guidance.pdf OTS CEO letter 233 http://www.ots.treas.gov/docs/2/25233.pdf OTS 1/20/06: Publication U.S. Money Laundering Threat Assessment, Dec 2005, A Government-Wide Analysis Of Money Laundering In The United States (NOTE: Originally introduced in FSRAlert dated 1/19/06 under the U.S. Treasury Section) http://www.ots.treas.gov/docs/4/480215.pdf EBSA 1/19/06: News Release Labor Department Sues to Appoint Independent Trustee for Abandoned 401(k) Plan http://www.dol.gov/ebsa/newsroom/pr011906.html 1/19/06: Advisory Opinion 2006-01A (Opinion dated 1/6/06) Guidant Legal Group http://www.dol.gov/ebsa/regs/aos/ao2006-01a.html 1/19/06: Advisory Opinion 2005-23A (Opinion dated 12/7/05) Deseret Mutual Benefit Administrators http://www.dol.gov/ebsa/regs/aos/ao2005-23a.html 1/18/06: News Release U.S. Labor Department Obtains Settlement with Greenfield, Ind., Business Owner to Restore Funds to Workers' Simple IRA Program http://www.dol.gov/ebsa/newsroom/pr011806.html SEC 1/20/06: Press Release SEC Seeks to Distribute $10 Million Civil Penalty to i2 Technologies, Inc. Investors http://www.sec.gov/news/press/2006-11.htm Litigation Release http://www.sec.gov/litigation/litreleases/lr19535a.htm Court Order http://www.sec.gov/litigation/litreleases/dp19535.pdf SEC'S Unopposed Motion for Approval of Distribution Plan http://www.sec.gov/litigation/litreleases/lr19535a-o.pdf 1/20/06: Litigation Release SEC v. Groh Asset Management, Inc. and Roger A. Groh http://www.sec.gov/litigation/litreleases/lr19534.htm SEC Complaint http://www.sec.gov/litigation/complaints/comp19534.pdf 1/20/06: Administrative Release In the Matter of Berton M. Hochfeld http://www.sec.gov/litigation/admin/34-53160.pdf 1/20/06: Administrative Release In the Matter of Douglas Rasberry and Andrew K. Proctor http://www.sec.gov/litigation/admin/34-53158.pdf 1/20/06: Administrative Release In the Matter of Stephen J. Horning, Herbert J. Mortland, CPA, and Mortland & Co., P.C. Stephen J. Horning http://www.sec.gov/litigation/admin/34-53163.pdf Order http://www.sec.gov/litigation/admin/34-53163-o.pdf Herbert J. Mortland, CPA, and Mortland & Co., P.C. http://www.sec.gov/litigation/admin/34-53162.pdf 1/19/06: Speech by SEC Commissioner Paul S. Atkins Remarks before the Securities Regulation Institute http://www.sec.gov/news/speech/spch011906psa.htm 1/17/06: Speech by SEC Commissioner Roel C. Campos Open Meeting Statement: Proposals to Amend Rules for Disclosure of Executive Compensation http://www.sec.gov/news/speech/spch011706rcc.htm 1/17/06: Speech by SEC Commissioner Cynthia A. Glassman Open Meeting Statement: Proposed Revisions to the Executive Compensation and Related Party Disclosure Rules http://www.sec.gov/news/speech/spch011706cag.htm IRS 1/20/06: Private Letter Rulings Below are links to a number of private letter rulings recently released on the IRS website that may be of interest to tax issues in personal and employee benefit accounts 200603039 - Minimum Funding Waiver http://www.irs.gov/pub/irs-wd/0603039.pdf 200603038 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0603038.pdf 200603037 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0603037.pdf 200603036 - Tax on Prohibited Transactions http://www.irs.gov/pub/irs-wd/0603036.pdf 200603035 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0603035.pdf 200603034 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0603034.pdf 200603033 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0603033.pdf 200603032 - Individual Retirement Accounts; Rollover Contributions http://www.irs.gov/pub/irs-wd/0603032.pdf 200603026 - Bank Secrecy Act http://www.irs.gov/pub/irs-wd/0603026.pdf 200603024 - Inclusion Ratio Defined; Extension of Time for Making Certain Elections http://www.irs.gov/pub/irs-wd/0603024.pdf 200603023 - Inclusion Ratio Defined; Extension of Time for Making Certain Elections http://www.irs.gov/pub/irs-wd/0603023.pdf 200603022 - Irrevocable Trusts http://www.irs.gov/pub/irs-wd/0603022.pdf 200603004 - Bequests, etc. to Surviving Spouse http://www.irs.gov/pub/irs-wd/0603004.pdf 200603002 - Valuation of Gifts; Adjustments for Certain Gifts Made Within 3 Years of Decedent's Death http://www.irs.gov/pub/irs-wd/0603002.pdf 200603000 - Index for Public Inspections of Written Determinations http://www.irs.gov/pub/irs-wd/0603_idx.pdf BIS 1/20/06: Publication Statistics On Payment And Settlement Systems In Selected Countries - Figures For 2004 - Preliminary Version http://www.bis.org/publ/cpss72.pdf Comparative Tables Only http://www.bis.org/publ/cpss72p2.pdf SIA 1/17/06: Publications AML Committee's Suggested Practices For Customer Identification Programs http://www.sia.com/publications/pdf/CIPGuidelines.pdf NASD 1/20/06: Notice to Members 06-05 SEC Approves Permanent Rules Concerning Bond Mutual Fund Volatility Ratings http://www.nasd.com/web/groups/rules_regs/documents/notice_to_members/nasdw_015873.pdf FSA 1/18/06: Speech by Margaret Cole, Director of Enforcement, FSA at SII Compliance Conference Enforcement Priorities And Issues For 2006 http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2006/0118_mc.shtml NEW YORK STOCK EXCHANGE 1/19/06: Press Release NYSE Advises Customers About NASDAQ Problem that Confused the Market About Consolidated Prices http://www.nyse.com/press/1137670980300.html ABA Update on Discretionary Distributions and Avoiding Outright Distributions DATE: March 2, 2006 WHERE: Telephone Briefing, 2:00 - 4:00 PM EST PRICE: $255 - Members $385 - Non-members http://www.aba.com/Conferences+and+Education/tb_030206.htm Registration http://online.krm.com/iebms/reg/reg_p1_form.aspx?roi=echo7-654407342-1151735&oc=10&ct=0018458&eventid=11093 1/17/06, PBGC: Notice of Exemption Exemption From the Bond/Escrow Requirement Relating to the Sale of Assets by an Employer Who Contributes to a Multiemployer Plan; LA Team Co. LLC http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/E6-383.pdf 1/12/05, Treasury, OFAC: Interim Final Rule With Request For Comments Economic Sanctions Enforcement Procedures for Banking Institutions http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/06-278.pdf OTS 1/17/06: Transmittal (TR-374) OFAC Interim Final Rule: Economic Sanctions Enforcement Procedures for Banking Institutions http://www.ots.treas.gov/docs/8/86374.pdf 1/17/06: Transmittal (TR-372) On January 12, 2006, FinCEN issued a final rule implementing Section 312 of the USA PATRIOT Act http://www.ots.treas.gov/docs/8/86372.pdf EBSA 1/12/06: News Release U.S. Labor Department Sues to Restore Assets to Gadsden, Alabama, Company's Profit Sharing Plan http://www.dol.gov/ebsa/newsroom/pr011206.html 1/10/06: News Release U.S. Labor Department Restores $75,000 to Oakland Engineering Firm's 401(k) Plan http://www.dol.gov/ebsa/newsroom/pr0110a06.html SEC 1/18/06: Litigation Release SEC v. Deog Kyoon Jeong http://www.sec.gov/litigation/litreleases/lr19531.htm Copy of Complaint http://www.sec.gov/litigation/complaints/comp19531.pdf 1/17/06: Press Release SEC Votes to Propose Changes to Disclosure Requirements Concerning Executive Compensation and Related Matters http://www.sec.gov/news/press/2006-10.htm Chairman's Opening Statement at Open Meeting http://www.sec.gov/news/speech/spch011706cc.htm Commissioner Atkins's Statement at Open Meeting http://www.sec.gov/news/speech/spch011706psa.htm 1/13/06: Litigation Release U. S. v. Roger A. Householder http://www.sec.gov/litigation/litreleases/lr19530.htm 1/13/06: Litigation Release SEC v. Kimberly J. Carrella, et al. http://www.sec.gov/litigation/litreleases/lr19529.htm PCAOB 1/17/06: News Release Board to Continue Forums on Auditing in the Small Business Environment in 2006 http://www.pcaobus.org/News_and_Events/News/2006/01-17.aspx U.S. TREASURY 1/12/06: Press Release U.S. Money Laundering Threat Assessment Released http://www.treas.gov/press/releases/js3077.htm Money Laundering Threat Assessment http://www.treas.gov/press/releases/reports/js3077_01112005_MLTA.pdf 1/12/06: Press Release OFAC Releases Sanctions Enforcement Procedures for Banking Institutions http://www.treas.gov/press/releases/js3076.htm Copy of Guidelines http://www.treas.gov/offices/enforcement/ofac/legal/regs/fr71_1971.pdf IRS 1/13/06: Revenue Procedure 2005-66 Staggered Remedial Amendment Period Revenue Procedure http://www.irs.gov/pub/irs-drop/rp-05-66.pdf 1/13/06: Private Letter Rulings Below are links to a number of private letter rulings recently released on the IRS website that may be of interest to tax issues in personal and employee benefit accounts 200602053 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0602053.pdf 200602052 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0602052.pdf 200602051 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0602051.pdf 200602050 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0602050.pdf 200602049 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0602049.pdf 200602048 - Minimum Funding Waiver http://www.irs.gov/pub/irs-wd/0602048.pdf 200602047 - Taxability of Beneficiary of Employee's Trust http://www.irs.gov/pub/irs-wd/0602047.pdf 200602046 - Qualified Pension, Profit-Sharing and Stock Bonus Plan; Deduction for Contributions of Employer to an Employee's Trust or Annuity Plan and Compensation Under a Deferred-Payment Plan; Foreign Situs Trust http://www.irs.gov/pub/irs-wd/0602046.pdf 200602045 - Qualified Pension, Profit-Sharing and Stock Bonus Plan; Amounts Distributed or Made Available to Beneficiary; Exception for Qualified Cash or Deferred Arrangements http://www.irs.gov/pub/irs-wd/0602045.pdf 200602044 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0602044.pdf 200602033 - Inclusion of Property in Which Decedent had Qualifying Income Interest for Life http://www.irs.gov/pub/irs-wd/0602033.pdf 200602032 - Gross Income Requirement http://www.irs.gov/pub/irs-wd/0602032.pdf 200602031 - Transfers With Retained Life Estate; Inclusion of Property in Which Decedent had Qualifying Income Interest for Life; Transfers for Charitable and Religious Uses' Disposition of Certain Life Estates; Determination of Amount of and Recognition of Gain or Loss; Excise Tax on Self Dealing http://www.irs.gov/pub/irs-wd/0602031.pdf 200602027 - Extension of Time for Making Certain Elections; Special Rules for Certain Inter Vivos Transfers http://www.irs.gov/pub/irs-wd/0602027.pdf 200602024 - Inadvertent Terminations http://www.irs.gov/pub/irs-wd/0602024.pdf 200602018 - Gain from Sale of Depreciable Property Between Related Taxpayers http://www.irs.gov/pub/irs-wd/0602018.pdf 200602017 - Taxation of Designated Settlement Funds; Payments Specifically Included; Payment of Legal Fees http://www.irs.gov/pub/irs-wd/0602017.pdf 200602016 - Taxation of Designated Settlement Funds; Payments Specifically Included; Payment of Legal Fees http://www.irs.gov/pub/irs-wd/0602016.pdf 200602015 - Inadvertent Terminations http://www.irs.gov/pub/irs-wd/0602015.pdf 200602014 - Inadvertent Terminations http://www.irs.gov/pub/irs-wd/0602014.pdf 200602007 - Valuation of Farm Property; Extension of Time for making Certain Elections; Sales of Certain Employer Securities http://www.irs.gov/pub/irs-wd/0602007.pdf 200602006 - Contribution by Employer to Accident and Health Plans http://www.irs.gov/pub/irs-wd/0602006.pdf 200602002 - Exclusion for Certain Transfers for Educational Expenses or Medical Expenses http://www.irs.gov/pub/irs-wd/0602002.pdf 200602000 - Index for Public Inspections of Written Determinations http://www.irs.gov/pub/irs-wd/0602_idx.pdf 200601046 - Taxability of Beneficiary of Employee's Trust; Limitations on Benefits and Contributions Under Qualified Plans http://www.irs.gov/pub/irs-wd/0601046.pdf 200601045 - Annuities: Endowment and Life Insurance http://www.irs.gov/pub/irs-wd/0601045.pdf 200601044 - Substantially Equal Payments http://www.irs.gov/pub/irs-wd/0601044.pdf 200601043 - Minimum Funding Waiver http://www.irs.gov/pub/irs-wd/0601043.pdf 200601042 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0601042.pdf 200601041 - Rollover Contributions http://www.irs.gov/pub/irs-wd/0601041.pdf 200601040 - Minimum Funding Waiver http://www.irs.gov/pub/irs-wd/0601040.pdf 200601024 - Charitable Remainder Unitrust http://www.irs.gov/pub/irs-wd/0601024.pdf 200601012 - Determination of Amount of and Recognition of Gain or Loss; Basis of Property Acquired by Gift or Transfer in Trust; Holding Period of Capital Assets; Gift vs. Not a Gift; Wills or Revocable Trusts Executed Before October 22, 1986 http://www.irs.gov/pub/irs-wd/0601012.pdf 200601010 - Tax on Generation Skipping Transfers http://www.irs.gov/pub/irs-wd/0601010.pdf 200601003 - Charitable Remainder Unitrust; Excise Tax on Acts of Self-Dealing; Disqualified Person http://www.irs.gov/pub/irs-wd/0601003.pdf 200601000 - Index for Public Inspections of Written Determinations http://www.irs.gov/pub/irs-wd/0602_idx.pdf 1/12/06: Notice 2006-11 IRS Revises Schedule K-1 for Trusts http://www.irs.gov/newsroom/article/0,,id=152960,00.html Schedule K-1, Beneficiary's Share of Income Deductions, Credits, Etc., (Form 1041) and Instructions for Beneficiary Filing Form 1040 http://www.irs.gov/pub/irs-pdf/f1041sk1.pdf Schedule K-1, Partner's Share of Income, Deductions, Credits, Etc. (Form 1065) http://www.irs.gov/pub/irs-pdf/f1065sk1.pdf Partner's Instructions for Schedule K-1 (Form 1065) http://www.irs.gov/pub/irs-pdf/i1065sk1.pdf Schedule K-1, Shareholder's Share of Income, Deductions, Credits, Etc. (Form 1120S) http://www.irs.gov/pub/irs-pdf/f1120ssk.pdf Shareholder's Instructions for Schedule K-1 (Form 1120S) http://www.irs.gov/pub/irs-pdf/i1120ssk.pdf 1/12/06: Publication Articles from IRS Employee Plan News - Special Edition http://www.irs.gov/pub/irs-tege/se_0106.pdf OFAC 1/18/06: Financial Operations Bulletin Syria Designation http://www.treas.gov/offices/enforcement/ofac/actions/20060118.shtml Alphabetical master list of Specially Designated Nationals and Blocked Persons Updated as of 1/18/06 http://www.treas.gov/offices/enforcement/ofac/sdn/t11sdn.pdf 1/12/06: Financial Operations Bulletin Enforcement Procedures for Banking Institutions http://www.treas.gov/offices/enforcement/ofac/legal/regs/fr71_1971.pdf FinCEN 1/12/06: Publication U.S. Money Laundering Threat Assessment http://www.treas.gov/press/releases/reports/js3077_01112005_MLTA.pdf NASD 1/13/06: Notice to Members (06-04) SEC Approves Amendments to NASD Rule 3012 to Require Members Relying on Rule 3012's "Limited Size and Resources" Exception to Notify NASD of their Reliance http://www.nasd.com/web/groups/rules_regs/documents/notice_to_members/nasdw_015854.pdf MSRB 1/17/06: MSRB NOTICE 2006-01 RTRS Web Educational Conference Calls http://www.msrb.org/msrb1/whatsnew/2006-01.asp Registration http://www.msrb.org/msrb1/pdfs/RTRSjan06regsirationform.pdf ICI January 2006: Research Commentary Competition in the Mutual Fund Business http://www.ici.org/new/rc_competition.pdf January 2006: Publication Overview of Fund Governance Practices, 1994-2004 http://www.ici.org/new/rpt_fund_gov_practices.pdf EBRI (Employee Benefit Research Institute) 1/17/06: Press Release IRA Assets Hit Record High of $3.48 Trillion in 2004 http://www.ebri.org/pdf/PR_725_17Jan06.pdf Study: IRA and Keogh Assets and Contributions (Pages 2 - 9) http://www.ebri.org/pdf/EBRI_Notes_01-2006.pdf 1/10/06: Press Release Study Shows Value of Preserving Lump-Sum Distributions http://www.ebri.org/pdf/PR_724_10Jan06.pdf Study: Retirement Plan Participation and Retirees' Perception of Their Standard of Living http://www.ebri.org/pdf/EBRI_IB_01-2006.pdf January 2006: EBRI Notes (Pages 9 - 12) Income of the Elderly Population, Age 65 and Over, 2004 http://www.ebri.org/pdf/EBRI_Notes_01-2006.pdf ABC (American Benefits Council) 1/18/06: Press Release Council Urges Treasury To Make Available ESOP Tax Deduction To U.S. Companies Owned By Foreign Parents http://www.americanbenefitscouncil.org/newsroom/pr06-04.cfm ABA ABA Regulatory Compliance Conference DATE: June 11 - 14, 2006 WHERE: Walt Disney World Dolphin, Orlando, Florida PRICE: Early Registration (by April 3, 2006) $ 890 - ABA Member/Service Member/CRCM/CFSSP/CLBB $1,385 - Non Member After April 3, 2006 $ 990 - ABA Member/Service Member/CRCM/CFSSP/CLBB $1,485 - Non Member http://www.aba.com/Conferences+and+Education/ce_regulatory_compliance.htm BAI Essentials of Internal Audit I DATE: March 20 - 21, 2006 - Orlando, FL June 12 - 13, 2006 - Chicago, IL October 9 - 10, 2006 - Arlington, VA PRICE: $1,095 - Non-member $ 945 - Members Brochure: http://www.bai.org/pdf/6385_EIAv2.pdf Registration: Orlando https://www.bai.org/events/register.asp?evt_code=6385 Chicago https://www.bai.org/events/register.asp?evt_code=6387 Arlington https://www.bai.org/events/register.asp?evt_code=7381 Essentials of Internal Audit II DATE: March 21 - 22, 2006 - Orlando, FL June 13 - 14, 2006 - Chicago, IL October 10 - 11, 2006 - Arlington, VA PRICE: $1,095 - Non-member $ 945 - Members Brochure: http://www.bai.org/pdf/6385_EIAv2.pdf Registration: Orlando https://www.bai.org/events/register.asp?evt_code=6386 Chicago https://www.bai.org/events/register.asp?evt_code=6388 Arlington https://www.bai.org/events/register.asp?evt_code=7382 FEDERAL REGISTER 1/11/06, EBSA: Annual Funding Notice for Multiemployer Defined Benefit Pension Plans http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/06-194.pdf FDIC 1/10/06: Press Release Effects of Hurricanes Katrina and Rita on Local Banking Sector Beginning to Emerge http://www.fdic.gov/news/news/press/2006/pr06004.html FDIC Regional Profile and FDIC State Profile http://www.fdic.gov/bank/analytical/stateprofile/index.html 1/10/06: FIL-2-2006 Proposal to Modernize Large-Bank Deposit Insurance Determinations http://www.fdic.gov/news/news/financial/2006/fil06002.pdf 1/9/06: FIL-1-2006 Financial Education: FDIC Guides for Senior Citizens and Young Adults http://www.fdic.gov/news/news/financial/2006/fil06001.html Fiscal Fitness for Older Americans: Stretching Your Savings and Shaping Up Your Financial Strategies http://www.fdic.gov/consumers/consumer/news/cnfall05/ Taking Control of Your Finances: A Special Guide for Young Adults http://www.fdic.gov/consumers/consumer/news/cnspr05/ EBSA 1/10/06: News Release Labor Department Issues Rules on Multiemployer Pension Plan Funding Notices http://www.dol.gov/ebsa/newsroom/pr011006.html SEC 1/10/06: Notice Proposal to Revise Executive Compensation and Related Party Disclosures http://www.sec.gov/news/openmeetings/agenda011706.htm 1/10/06: Litigation Release SEC v. Anthony F. Giordano http://www.sec.gov/litigation/litreleases/lr19525.htm Copy of Complaint http://www.sec.gov/litigation/complaints/comp19525.pdf 1/10/06: Administrative Proceeding In the Matter of David M. Faubert http://www.sec.gov/litigation/admin/34-53089-o.pdf 1/10/06: Press Release Daniel Calugar and Security Brokerage, Inc. to Pay Over $150 Million to Settle SEC Fraud Action for Late Trading and Market Timing http://www.sec.gov/news/press/2006-5.htm Litigation Release http://www.sec.gov/litigation/litreleases/lr19526.htm 1/9/06: Complaint Data FY 2005 Annual Complaint Data http://www.sec.gov/news/data.htm OFAC 1/3/06: Civil Penalties Information OFAC Civil Penalties Enforcement Information as of 1/3/06/05 http://www.treas.gov/offices/enforcement/ofac/civpen/penalties/01032006.pdf NASD 1/9/06: News Release NASD's TRACE Completes Real-Time Public Dissemination of Public Corporate Bond Transactions, Beginning Today http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_015839&ssSourceNodeId=5 1/9/06: Speech by NASD Chairman Speech by NASD Chairman and CEO Robert Glauber at the NASAA Enforcement Conference http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_015843&ssSourceNodeId=5 1/9/06: News Release NASD Charges Oppenheimer & Co. and CEO Albert Lowenthal with Knowingly Producing Inaccurate Data to NASD in Breakpoint Sweep http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_015836&ssSourceNodeId=5 First Complaint Issued May 2005 http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_013921&ssSourceNodeId=1372 SIA 1/9/06: Publications An Investor's Guide To The Alternatives Of Holding Physical Certificates http://www.sia.com/stp/pdf/PhysCertGuide2alternatives.pdf EBRI (Employee Benefit Research Institute) 1/10/06: Press Release Study Shows Value of Preserving Lump-Sum Distributions http://www.ebri.org/pdf/PR_724_10Jan06.pdf January 2006: Issue Brief Retirement Plan Participation and Retirees' Perception of Their Standard of Living http://www.ebri.org/pdf/EBRI_IB_01-2006.pdf NEW YORK STOCK EXCHANGE 1/11/06: News Release NYSE Regulation Announces Disciplinary Actions Against Two Firms and Fourteen Individuals http://www.nyse.com/DiscAxn/discAxn_01_2006.html NASD Nuts and Bolts Compliance Conference DATE: March 7 - 8, 2006 WHERE: Westin New York at Times Square, NYC, NY PRICE: On or Before February 14, 2006 $1,050 - Member firm $1,550 - Non-member firms After February 14, 2006 $1,250 - Member firms $1,700 - Non-member firms http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_015611&ssSourceNodeId=585 On-line Registration https://guest.cvent.com/EVENTS/Register/IdentityConfirmation.aspx?e=37138f36-771a-4ddc-9939-b13a934b23a7 FRB 1/5/05: Publication Federal Reserve Bulletin http://www.federalreserve.gov/pubs/bulletin/default.htm 1/5/05: Publication - Federal Reserve Bulletin - Continued Items of Interest: Report on the Condition of the U.S. Banking Industry - 2nd Q, 2005 http://www.federalreserve.gov/pubs/bulletin/2006/autumn05_bsr.pdf Legal Developments - 3rd Q, 2005 http://www.federalreserve.gov/pubs/bulletin/2006/autumn05_legal.pdf FDIC 1/5/06: Press Release Full Effects of Recent Hurricanes on Gulf Coast Banks Will Take Time to Assess FDIC Offers Preliminary Analysis on FDIC-Insured Banks http://www.fdic.gov/news/news/press/2006/pr06002.html FDIC Outlook - Winter 2005 http://www.fdic.gov/bank/analytical/regional/ro20054q/na/t4q2005.pdf OCC 1/6/06: Licensing Manual Update Investment in Bank Premises http://www.occ.treas.gov/corpbook/group3/public/pdf/bkprem.pdf OTS 1/5/06: Publication December 2005 Financial Reporting Bulletin http://www.ots.treas.gov/docs/7/78188.pdf TFR Q&A http://www.ots.treas.gov/docs/8/87000.html SEC 1/6/06: Administrative Proceeding In the Matter of Michele Knowlton http://www.sec.gov/litigation/admin/33-8652.pdf 1/6/06: Publication List of Section 13F Securities http://www.sec.gov/divisions/investment/13f/13flist2005q4.pdf 1/5/06: Rules of Practice Current SEC Rules of Practice and Rules on Fair Fund and Disgorgement Plans http://www.sec.gov/about/rulesprac2006.pdf 1/5/06: Litigation Release SEC v. David M. Faubert, et al. http://www.sec.gov/litigation/litreleases/lr19523.htm 1/4/05: Speech By SEC Chairman Statement of Chairman Cox Concerning Objective Standards for Corporate Penalties http://www.sec.gov/news/speech/spch010406cc.htm 1/4/05: Speech By SEC Staff Statement By Linda Chatman Thomsen, Director, Division Of Enforcement Regarding Mcafee, Inc. And Applix, Inc. http://www.sec.gov/news/speech/spch010406lct.htm U.S. TREASURY 1/4/06: Press Release Treasury Employs Financial Sanctions Against WMD Proliferation Supporters in Iran http://www.treas.gov/press/releases/js3069.htm OFAC 1/4/06: Financial Operations Bulletin Named Proliferators of Weapons of Mass Destruction Designations & Specially Designated National Terrorist Removals http://www.treas.gov/offices/enforcement/ofac/actions/20060104.shtml Alphabetical master list of Specially Designated Nationals and Blocked Persons Updated as of 1/4/06 http://www.treas.gov/offices/enforcement/ofac/sdn/t11sdn.pdf Nonproliferation Brochure Updated as of 1/4/06 http://www.treas.gov/offices/enforcement/ofac/sanctions/t11wmd.pdf NASD 1/6/06: Notice to Members 06-03 NASD Provides Guidance Regarding New Rule 2111 Prohibiting Members from Trading Ahead of Customer Market Orders Under Certain Circumstances http://www.nasd.com/web/groups/rules_regs/documents/notice_to_members/nasdw_015833.pdf 1/6/06: News Release NASD Says Software Error Impacts Certain Series 7 Exam Results http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_015832&ssSourceNodeId=1346 1/4/06: Notice to Members 06-02 Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative Renewals for 2006 http://www.nasd.com/web/groups/rules_regs/documents/notice_to_members/nasdw_015821.pdf 1/4/06: Resource New Orleans District Office To Reopen http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_015823&ssSourceNodeId=5 SIA 1/6/05: Assistance SIA And ICI Develop Model Clauses To Assist Members With Redemption Fee Compliance Requirements http://www.sia.com/securities/pdf/ModelContractClausesforRule22c-2.pdf ICI December 2005: Fundamentals Shareholder Sentiment About the Mutual Fund Industry, 2005 http://www.ici.org/new/fm-v14n7.pdf DELOITTE Charting The New World: Re-Evaluating Effective Valuation Risk And Controls PRICE: Complimentary REGISTRATION IS REQUIRED: Enter event code: jan2006 when Registering online NOTE: For those of you viewing this newsletter in PDF format, the links below can only be accessed by right clicking on the link with your mouse and then clicking "Open Weblink in Browser" DATES & LOCATIONS: January 18, 2005 - New York City, NY http://www.deloitte.com/dtt/event/0,1008,sid=2214&cid=104668,00.html January 19, 2005 - Chicago, IL http://www.deloitte.com/dtt/event/0,1008,sid=2214&cid=104669,00.html January 24, 2005 - Boston, MA http://www.deloitte.com/dtt/event/0,1008,sid=2211&cid=104666,00.html February 21, 2005 - Dallas, TX http://www.deloitte.com/dtt/event/0,1008,sid=96395&cid=104671,00.html February 23, 2005 - San Francisco, CA http://www.deloitte.com/dtt/event/0,1008,sid=2211&cid=104670,00.html GOODWIN PROCTER New Patriot Act Rules DATE: January 18, 2006 LOCATION: Web Seminar, 12:00 PM - 1:00 PM EST PRICE: Complimentary Registration: https://attewc.webex.com/attewc/mywebex/epmainframe.php?rlink=https%3A%2F%2Fattewc.webex.com%2Fattewc%2Fonstage%2Fmainframe.php%3Fmainurl%3D%2Fattewc%2Fonstage%2Ftool%2Fevent%2Fevent_detail.php%3FEventID%3D369257002%26FirstEnter%3D1%26GuestTimeZone%3D%26SourceId%3D&Rnd1552=0.056955159579967385 SIA LM-10 Payments to Union Officials: Questions and Answers Webcast DATE: January 13, 2006 LOCATION: Webcast, 2:00 PM PRICE: $50 - Members $75 - Non-members http://www.sia.com/savings/html/webcast.html Registration Members: https://www2.sia.com/confRegis/ccregcall.jsp?confCode=LM&member=yes Non-members: https://www2.sia.com/confRegis/ccregcall.jsp?confCode=LM&member=no Securities Industry Institute DATE: March 5 - 10, 2006 LOCATION: The Wharton School, Philadelphia, PA PRICE: $3,000 - SIA Member firm $5,000 - Non-member firm http://www.sia.com/institute/html/program.html Registration http://www.sia.com/institute/html/registration.html 6th Annual Anti-Money Laundering Conference DATE: March 29, 2006 LOCATION: New York Marriott Marquis, NYC, NY PRICE: On-line Registration $ 695 - SIA Member firm $ 995 - Non-member firm On-site Registration $ 770 - SIA member firm $1,070 - Non-member firm http://www.sia.com/antimoney06/index.html Registration http://www.sia.com/antimoney06/html/registration.html 2nd Annual Small Firms Forum DATE: April 4, 2006 LOCATION: New York Marriott Marquis, NYC, NY PRICE: On-line Registration $495 - SIA Member firm $795 - Non-member firm On-site Registration $570 - SIA member firm $770 - Non-member firm http://www.sia.com/sfforum06/index.html Registration http://www.sia.com/sfforum06/html/registration.html Independent Firms Conference & Exhibit DATE: April 25 - 26, 2006 LOCATION: InterContinental Buckhead - Atlanta PRICE: On-line Registration $ 695 - SIA Member firm $ 995 - Non-member firm On-site Registration $ 770 - SIA member firm $1,070 - Non-member firm http://www.sia.com/independent_firms06/index.html Registration http://www.sia.com/independent_firms06/html/registration.html Savings and Retirement Symposium DATE: May 4 - 5, 2006 LOCATION: Marriott Harbor Beach Resort & Spa, Ft. Lauderdale, FL PRICE: On-line Registration $650 - SIA Member firm $800 - Non-member firm On-site Registration $725 - SIA member firm $875 - Non-member firm http://www.sia.com/savings06/index.html Registration http://www.sia.com/savings06/html/registration.html Operations Conference & Exhibit DATE: May 9 - 12, 2006 LOCATION: JW Marriott, Desert Ridge Resort & Spa Phoenix, AZ PRICE: Register up until February 28, 2006 Member: $895 per registrant Non-Member fee: $1,395 per registrant Register from March 1, 2006 to April 15, 2006 Member: $995 per registrant Non-Member fee: $1,495 per registrant Register after April 15, 2006 Member: $1,095 per registrant Non-Member fee: $1,595 per registrant Spouse registration fee is $225 http://www.sia.com/ops2006/index.html Registration http://www.sia.com/ops2006/html/registration.html 1/4/06, FinCEN: Final Rule Anti-Money Laundering Programs; Special Due Diligence Programs for Certain Foreign Accounts http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/06-5.pdf 1/4/06, FinCEN: Notice of Proposed Rulemaking Anti-Money Laundering Programs; Special Due Diligence Programs for Certain Foreign Accounts http://a257.g.akamaitech.net/7/257/2422/01jan20061800/edocket.access.gpo.gov/2006/pdf/06-6.pdf 12/30/05, SEC: Proposed Rule Termination of a Foreign Private Issuer's Registration of a Class of Securities Under Section 12(g) and Duty To File Reports Under Section 15(d) of the Securities Exchange Act of 1934 http://a257.g.akamaitech.net/7/257/2422/01jan20051800/edocket.access.gpo.gov/2005/pdf/05-24618.pdf 12/30/05, PCOAB: Notice Public Company Accounting Oversight Board; Notice of Filing of Proposed Rule on Auditing Standard No. 4 Reporting on Whether a Previously Reported Material Weakness Continues to Exist http://a257.g.akamaitech.net/7/257/2422/01jan20051800/edocket.access.gpo.gov/2005/pdf/05-24498.pdf 12/29/05: Article from McKay Hochman's Commentary Relief Extended to Hurricanes Rita and Wilma Victims http://www.mhco.com/Commentary/2005/Gulf_Opportunity_122905.htm Gulf Opportunity Zone Act of 2005 http://www.mhco.com/PDF%20Files/2005/GOZA%2005.pdf Benefitsblog http://www.benefitscounsel.com/benefitsblog/ FFIEC 12/30/05: Statistical Release E16 Country Exposure Statistical Release http://www.ffiec.gov/pdf/e16/e16_200509.pdf OCC 1/4/06: Press Release OCC Issues Civil Money Penalty Against National Bank Subsidiary http://www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=JOON3897.xml Assessment of Civil Monetary Penalty http://www.occ.treas.gov/ftp/eas/ea2006-1.pdf SEC 1/4/06: Press Release SEC Charges McAfee, Inc. with Accounting Fraud; McAfee Agrees to Settle and Pay a $50 Million Penalty http://www.sec.gov/news/press/2006-3.htm Litigation Release http://www.sec.gov/litigation/litreleases/lr19520.htm 1/4/06: Press Release Statement of the Securities and Exchange Commission Concerning Financial Penalties http://www.sec.gov/news/press/2006-4.htm Applix - Administrative Proceeding http://www.sec.gov/litigation/admin/33-8651.pdf 1/3/06: Press Release SEC Charges Six Former Officers of Putnam Fiduciary Trust Company with Defrauding Clients of $4 Million http://www.sec.gov/news/press/2006-2.htm Litigation Release http://www.sec.gov/litigation/litreleases/lr19517.htm 1/3/06: Litigation Release SEC v. Dennis S. Herula et al. http://www.sec.gov/litigation/litreleases/lr19519.htm 1/3/06: Litigation Release Securities and Exchange Commission v. Lee David Edelman http://www.sec.gov/litigation/litreleases/lr19518.htm 12/29/05: Administrative Proceeding In The Matter Of Huntington Bancshares, Thomas E. Hoaglin, Michael J. Mcmennamin and John Van Fleet, CPA - Distribution Plan http://www.sec.gov/litigation/admin/34-53035.htm Proposed Distribution Plan http://www.sec.gov/litigation/admin/34-53035-pdp.pdf 12/28/05: Public Comment Letters Client Commission Practices Under Section 28(e) of the Securities Exchange Act of 1934 ("Soft Dollars") Julian Rainero, Bingham McCutchen LLP, on behalf of Frank Russell Securities, Inc. http://www.sec.gov/rules/interp/s70905/russell122805.pdf Archive to Previous Comment Letters http://www.sec.gov/rules/interp/s70905.shtml U.S. TREASURY 12/30/05: Press Release Treasury and IRS Finalize Rules Regarding Roth 401(k) Contributions http://www.treas.gov/press/releases/js3068.htm Text of Final Regulations http://www.treas.gov/press/releases/reports/roth401k_reg_attch.pdf 12/30/05: Press Release Report On U.S. Holdings of Foreign Securities At End-Year 2004 http://www.treas.gov/press/releases/js3067.htm Copy of Report http://www.treas.gov/press/releases/reports/js3067_123005_tic_annual.pdf IRS 1/4/06: IRS News Release 2006-003 New AMT Assistant Debuts on IRS.gov http://www.irs.gov/businesses/small/article/0,,id=150703,00.html 12/30/05: Private Letter Rulings Below are links to a number of private letter rulings recently released on the IRS website that may be of interest to tax issues in personal and employee benefit accounts 200552020 - Deduction for Contributions of Employer to an Employee's Trust or Annuity Plan and Compensation Under a Deferred-Payment Plan (Deduct. v. Not Deduct.) (PDF) http://www.irs.gov/pub/irs-wd/0552020.pdf 200552009 - Determination of Amount of and Recognition of Gain or Loss; Basis of Property Acquired by Gift or Transfer in Trust; Holding Period of Capital Assets; Gross Income v. Not Gross Income http://www.irs.gov/pub/irs-wd/0552009.pdf 200552000 - Index for Public Inspections of Written Determinations http://www.irs.gov/pub/irs-wd/0552_idx.pdf FinCEN 1/3/06: Administrative Letter Ruling issued FinCEN Ruling 2006-1 - Anti-Money Laundering Programs for Dealers in Silver http://www.fincen.gov/fincenruling2006-1.pdf 12/29/06: News Release FinCEN Assesses $2.8 Million Penalty against Oppenheimer & Company, Inc. http://www.fincen.gov/oppenheimer.pdf Copy of Assessment of Civil Monetary Penalty http://www.fincen.gov/oppenheimerassessment.pdf NASD 1/3/06: New Webpage Research Analyst Rules and Information http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&nodeId=653&ssSourceNodeId=5 12/30/05: Notice to Members 05-85 SEC Approves a Proposed Rule Change to Revise the Mediation Rules of the NASD Code of Arbitration Procedure http://www.nasd.com/web/groups/rules_regs/documents/notice_to_members/nasdw_015810.pdf NEW YORK STOCK EXCHANGE 1/4/06: Press Release NYSE Inaugural "SEATS" Auction Produces 1,274 Trading Licenses at Annual Price of $49,290 Each http://www.nyse.com/press/1136374539373.html 12/30/05: Press Release NYSE Announces First-Quarter 2006 Circuit-Breaker and Trading-Collar Levels http://www.nyse.com/press/1135942561939.html 12/29/05: Press Release NYSE Regulation Announces Two Disciplinary Actions Against Oppenheimer & Co. Inc. http://www.nyse.com/press/1135856420992.html NASD Fixed Income Conference DATE: March 28, 2006 WHERE: Marriott New York Financial Center, NYC, New York PRICE: Early Registration (on or before March 6, 2006) $650 - Member $850 - Non-Member Normal Registration (after March 6, 2006) $750 - Member $950 - Non-Member http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_015610&ssSourceNodeId=5 |
