SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION for SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION

Accounting ACC

Accounting convergence of US Generally Accepted Accounting Principles and International Financial Reporting Standards/Accounting Rules

Contacted: Commerce, Dept of (DOC); Internal Revenue Service (IRS); HOUSE OF REPRESENTATIVES; Securities & Exchange Commission (SEC); Federal Reserve System; Treasury, Dept of; Government Accountability Office (GAO); SENATE

Insurance INS

H.R. 2761 (Terrorism Risk Insurance Revisions and Extension Act of 2007)

Contacted: Securities & Exchange Commission (SEC); Treasury, Dept of; HOUSE OF REPRESENTATIVES; Government Accountability Office (GAO); Commerce, Dept of (DOC); Federal Reserve System; SENATE; Internal Revenue Service (IRS)

Bills named: H.R. 2761 (110th)

Computer Industry CPI

HR 964 Spy Act

Contacted: Securities & Exchange Commission (SEC); SENATE; Treasury, Dept of; Federal Reserve System; Commerce, Dept of (DOC); HOUSE OF REPRESENTATIVES; Government Accountability Office (GAO); Internal Revenue Service (IRS)

Bills named: H.R. 964 (110th)

Education EDU

S. 1762 Higher Education Access Reconciliation Act of 2007 and Higher Education Amendments Act of 2007 (student lending)

Contacted: SENATE; Securities & Exchange Commission (SEC); Federal Reserve System; HOUSE OF REPRESENTATIVES; Government Accountability Office (GAO); Treasury, Dept of; Internal Revenue Service (IRS); Commerce, Dept of (DOC)

Bills named: S. 1762 (110th)

Homeland Security HOM

International Sanctions (H.R. 2347, S. 1430)

Contacted: SENATE; HOUSE OF REPRESENTATIVES; Government Accountability Office (GAO); Securities & Exchange Commission (SEC); Federal Reserve System; Internal Revenue Service (IRS); Commerce, Dept of (DOC); Treasury, Dept of

Bills named: S. 1430 (110th), H.R. 2347 (110th)

Trade (domestic/foreign) TRD

CFIUS Reform, H.R. 556 (Foreign Investment and National Security Act of 2007); Free Trade Agreement Language (no greater substantive rights language under investment chapter); Taxation of municipal securities: Reform of Chinese financial services; Korea FTA; US-China Strategic Economic Dialogue; SFC on mutual recognition; Foreign Trade Agreements; H.R. 888, Business Travel Facilitation Act of 2007

Contacted: Government Accountability Office (GAO); Federal Reserve System; Treasury, Dept of; HOUSE OF REPRESENTATIVES; Internal Revenue Service (IRS); Securities & Exchange Commission (SEC); Commerce, Dept of (DOC); SENATE

Bills named: H.R. 556 (110th), H.R. 888 (110th)

Banking BAN

HR 1685 (Protect Information Relating to Consumers to Require Notice of Security Breaches); S. 1260 (Data Security Act); HR 958 (Data Accountability and Trust Act); S. 1202 (Personal Data Act of 2007); S. 239 (Notification of Risk to Personal Data Act of 2007); S. 495 (Personal Privacy Data and Security Act); S. 1178 (Identity Theft Prevention Act); HR 948 (Social Security Number Protection Act); Basel; HR 698 (Industrial Loan Companies); S. 1299 (Subprime Lending)

Contacted: Treasury, Dept of; Internal Revenue Service (IRS); Commerce, Dept of (DOC); Federal Reserve System; HOUSE OF REPRESENTATIVES; Securities & Exchange Commission (SEC); SENATE; Government Accountability Office (GAO)

Bills named: H.R. 948 (110th), S. 1260 (110th), H.R. 698 (110th), S. 1178 (110th), S. 239 (110th), H.R. 958 (110th), H.R. 1685 (110th), S. 1202 (110th), S. 495 (110th), S. 1299 (110th)

Financial Institutions/Investments/Securities FIN

Patent Reform S. 1145; HR 1908; NASD/NYSE Merger; Rules to allow the booking of OTC Derivatives in a full service broker dealer; Portfolio Margining; Delta Hedging; Strengthening US Competitiveness; Basel II/Consolidated Supervision Entities Regulatory framework; Prime Brokerage; Fee Based Brokerage; Soft Dollars, Client Commission Arrangements; 12B-1 Fees S. 1677 (International Economic Coordination/Market Access); S. 577 (OTC Derivatives); Secondary Market and Subprime Mortgage Financing; HR 2 (Contingent Convertible Debt); Tax Credit Bonds and Public Private Partnerships; Hedge funds, private pools of capital, asset management issues; Arbitration and Litigation Reform; HR 1443 (Consumer Fairness Act of 2007); HR 888 (Business Facilitation Act)

Contacted: HOUSE OF REPRESENTATIVES; Government Accountability Office (GAO); SENATE; Securities & Exchange Commission (SEC); Internal Revenue Service (IRS); Commerce, Dept of (DOC); Federal Reserve System; Treasury, Dept of

Bills named: H.R. 1908 (110th), H.R. 1443 (110th), H.R. 2 (110th), S. 1677 (110th), S. 1145 (110th), H.R. 888 (110th), S. 577 (110th)

Commodities (big ticket) CDT

CFTC Reauthorization, S.577 (a bill to amend the CEA), H.R. 594 (to regulate OTC trading of energy derivatives)

Contacted: Government Accountability Office (GAO); Federal Reserve System; Internal Revenue Service (IRS); Commerce, Dept of (DOC); Securities & Exchange Commission (SEC); Treasury, Dept of; HOUSE OF REPRESENTATIVES; SENATE

Bills named: S. 577 (110th), H.R. 594 (110th)

Taxation/Internal Revenue Code TAX

Basis reporting by brokers; Issuer reporting of tax consequences of corporate actions under IRC sections 6043(c) and 6043A; S. 636 relating to change in due date for providing payee statements to investors; De minimis exception to requirement to provide 1099 to investors; Subpart F exemption for active financing income; Codification of economic substance doctrine and associated penalty proposals; Low rate on dividends of individuals; Foreign tax credit rules (including proposed “technical taxpayer” rule, noncompulsory payment rules, and treatment of UK manufactured overseas dividends tax); Allocation of income and deductions from global securities dealing operations; OECD project on attribution of profits to permanent establishments; Withholding tax consequences of self tenders and other distributions analyzed under IRC section 302; OECD Forum on Tax Administration’s project on tax intermediaries; OECD project on provision of treaty withholding tax relief when investment is made through collective investment vehicles ; Arbitration provisions in OECD Model Tax Convention, U.S. bilateral tax treaties, U.S. Model Treaty; International reform generally, including importance of interest expense allocation rules; IRS Form W-8 and instructions; Currency gains and losses of qualified business units under IRC section 987; Valuation safe harbor under IRC section 475 mark-to-market requirements; Application of FIRPTA to debt exchangeable into REIT shares; IRS Notice 2006-97 concerning excess inclusion income of REIT taxable mortgage pools HR 2; HR 1591; HR 2206, Tax treatment of contingent convertible debt; Denial of deduction for certain settlement payments; limitation on nonqualified deferred compensation plans; expansion of definition of covered employee under IRC section 162 (m); Discussion draft released by Senate Finance Committee (adjusted basis reporting requirements for brokers); Codification of economic substance doctrine; HR 1509; S 902; permanence of active financing exception under Subpart F;

Contacted: Treasury, Dept of; Commerce, Dept of (DOC); SENATE; Federal Reserve System; Internal Revenue Service (IRS); Government Accountability Office (GAO); HOUSE OF REPRESENTATIVES; Securities & Exchange Commission (SEC)

Bills named: H.R. 2 (110th), S. 636 (110th), H.R. 1591 (110th), H.R. 1509 (110th), H.R. 2206 (110th)

Retirement RET

Pension Protection Act implementation; Wrap fee revenue ruling request; 529 plan regulatory project; PRM on Sec. 408(b)(2) of ERISA; RFI on disclosure to participants; Form 5500 revisions S. 819/HR 1419, Public Good IRA Rollover Act of 2007; S. 1141 / HR 2167, Automatic IRA Act of 2007; S. 1010 / HR 2205, Retirement Security for Life Act of 2007; S.2, Fair Minimum Wage Act of 2007; S. 1725, Restoring Pension Promises to Workers Act 2007; S. 1288, Women's Retirement Security Act of 2007; HR 2669, College Cost Reduction Act of 2007; HR 2831, Ledbetter Fair Pay Act of 2007; Pension technicals; Fee disclosure and transparency; Small business pension coverage;

Contacted: HOUSE OF REPRESENTATIVES; Government Accountability Office (GAO); Treasury, Dept of; SENATE; Commerce, Dept of (DOC); Securities & Exchange Commission (SEC); Federal Reserve System; Internal Revenue Service (IRS)

Bills named: H.R. 2205 (110th), S. 819 (110th), H.R. 2669 (110th), H.R. 2831 (110th), S. 1010 (110th), S. 1288 (110th), S. 1141 (110th), S. 1725 (110th), S. 2 (110th), H.R. 1419 (110th), H.R. 2167 (110th)