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Financial Services Authority October 25, 2011 The FSA has fined Credit Suisse UK pound;5.95 million for systems and controls failings in relation to sales by its private bank of structured capital at risk products (" SCARPs "). Concerns were identified by the FSA during a supervisory visit to the firm, which subsequently led to the FSA commencing its enforcement investigation. The FSA found that Credit Suisse UK had poor systems and controls in place and failed to maintain adequate records regarding its advice on these products. These failings amounted to a breach of Principle 3 (FSA Handbook

NFA Notice 1-11-18 In connection with the insolvency of MF Global, NFA has issued a Notice for CPO Members to provide their pool participants with a disclosure statement that includes the specified disclosures including the fact that there can be no assurances that the pool will have immediate access to any or all of its assets in accounts held at MF Global.

76 FR 71128 The CFTC approved a final rule requiring certain advisors to private funds that are dually registered with the CFTC and the SEC to report information to the SEC for use by the Financial Stability Oversight Council (FSOC) in monitoring risks to the U.S. financial system. The SEC approved the joint rule on October 26, 2011. The final rules, which implement Sections 404 and 406 of the Dodd-Frank Act, require SEC-registered investment advisers and dually registered CFTC registrants with at least $150 million in private fund assets under management to periodically file a new reporting

Financial Services Authority November 2011 The FSA has published Finalised Guidance on 'enhancing frameworks in the standardised approach to operational risk - policies and documentation'. The guidance should assist firms and supervisors in understanding, assessing and enhancing the adequacy and effectiveness of operational risk frameworks used by firms to implement the standardised approach to operational risk. The aim of this guidance is to assist supervisors in assessing and challenging firms' policies and documentation and the way such policies and documentation are managed. It also aims