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The Commodity Futures Trading Commission (CFTC) has introduced a new rule requiring futures commission merchants (FCMs) to ensure customers maintain enough funds to meet initial margin requirements before allowing withdrawals. This rule also allows FCMs to treat separate customer accounts as if they belong to separate entities, under certain conditions, to manage risks effectively. The new rule aims to protect customer funds, prevent systemic risks, and ensure the integrity of financial markets. It extends existing requirements for margin management currently applicable through DCOs to FCMs who are not clearing members.

The U.S. Army Corps of Engineers has introduced new rules for evaluating water resources projects, offering specific procedures to implement principles from federal guidelines established for such investments. This rule aims to maximize public benefits by balancing economic, environmental, and social considerations while prioritizing collaboration and public engagement, including with Tribal Nations. The rule will apply to new and significant projects and does not impose new mandates on small entities or Tribal governments. It emphasizes transparency, public participation, and the consideration of climate change and environmental justice in decision-making processes.

The U.S. Fish and Wildlife Service has proposed a rule to list several Caribbean skink species as endangered or threatened. The Puerto Rican skink, Lesser Virgin Islands skink, and Virgin Islands bronze skink are proposed as endangered, while the Culebra skink is proposed as threatened. The proposal also includes designating critical habitats for these species to aid in their conservation. Public comments on the proposal will be accepted until February 18, 2025.

The Coast Guard has introduced a final rule to enhance cybersecurity standards for U.S.-flagged vessels and facilities. This rule mandates the creation of cybersecurity and incident response plans, appointing a cybersecurity officer, and implementing security measures like multifactor authentication and encryption. These steps aim to safeguard the maritime transportation system against increasing cyber threats. The Coast Guard is also inviting public comments on possible delays for these implementations.

This document contains the final regulations providing additional guidance on the limitations for deducting business interest expenses under section 163(j) of the Internal Revenue Code. These regulations reflect changes made by the Tax Cuts and Jobs Act and the CARES Act, addressing how the limitation applies to various entities such as passthrough entities, regulated investment companies, and controlled foreign corporations. The rules also offer guidance on definitions related to real estate and set applicability dates for these regulations. Ultimately, these updates aim to clarify how businesses can calculate their deductions for interest expenses while considering the legislative amendments.

The Public Company Accounting Oversight Board (PCAOB) has introduced proposed rules requiring certain registered public accounting firms to report firm- and engagement-level metrics on their audit practices. These metrics will provide stakeholders like investors and audit committees with valuable insights into audit processes, helping them make informed decisions. The metrics cover areas such as partner and manager involvement, workload, training, and retention of audit personnel. The PCAOB believes this initiative will enhance investor protection and foster transparency by offering more consistent and comparable information about audits and auditors.

The Internal Revenue Service (IRS) and the Treasury Department have proposed new regulations focused on managing the previously taxed earnings and profits (PTEP) of foreign corporations. These rules aim to prevent double taxation by excluding certain earnings from being taxed again and explaining how shareholders should adjust the basis of their stock in these corporations. The proposed changes impact foreign corporations with PTEP and provide guidance on various tax code sections, ensuring there is no repetitive taxation on distributed earnings. Public comments on these proposed regulations are invited until March 3, 2025.

The U.S. Department of Energy has finalized new rules amending the test procedures for central air conditioners and heat pumps, incorporating updated industry standards. The changes include adding new cooling and heating efficiency measures, SCORE and SHORE, which factor in energy use during off modes. The rule updates various testing standards and clarifies the requirements for systems like dual-fuel heat pumps and those using newer refrigerants. These rules aim to provide more accurate efficiency ratings without increasing testing costs for manufacturers.

The U.S. Department of Homeland Security (DHS), in consultation with the Department of Labor (DOL), is introducing a temporary rule to help U.S. businesses struggling from a lack of workers by increasing the number of H-2B visas available for Fiscal Year 2025 by up to 64,716. These visas will be distributed over the fiscal year in four allocations, with a portion reserved specifically for nationals of certain countries including Guatemala, El Salvador, and Haiti. The rule also allows greater job flexibility for H-2B workers already in the U.S. by letting them change employers more easily. Businesses must attest they are facing severe loss without these workers for their applications to be considered.

The Securities and Exchange Commission (SEC) is implementing a new rule, titled Rule 2a-5, under the Investment Company Act of 1940. This rule sets requirements for how investment companies should determine the fair value of their investments. Key elements include the management of valuation risks, specification of suitable fair value methodologies, and supervision of pricing services used to assess investment value. Additionally, the rule allows investment companies to designate a valuation expert to handle these assessments, provided they remain under the company's board's oversight. Furthermore, a new accompanying Rule 31a-4 mandates recordkeeping requirements to support these fair value determinations.