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Financial Services Authority February 10, 2012 On September 16, 2011 the FSA and the Swiss Financial Market Supervisory Authority ("FINMA") announced the launch of an independent investigation into the events surrounding trading losses incurred by UBS in the London operations of its Investment Bank. The FSA has now commenced a formal enforcement investigation against UBS and is in close contact with FINMA which has also commenced enforcement action against UBS. Cross References: Press release from FINMA (Swiss Financial Market Supervisory Authority) .

European Securities and Markets Authority January 30, 2012 On 30 January, ESMA published a consultation paper (ESMA/2012/44) which sets out future guidelines on UCITS Exchange-Traded Funds (UCITS ETFs) and other UCITS-related issues. The proposals cover both synthetic and physical UCITS ETFs and detail the obligations to come for UCITS ETFs, index-tracking UCITS, efficient portfolio management techniques, total return swaps and strategy indices for UCITS.

European Securities and Markets Authority February 2, 2012 On 2 February, ESMA launched a Central Rating Repository (CEREP) which provides information on credit ratings issued by those 15 Credit Rating Agencies (CRAs) which are either registered or certified in the European Union. The CEREP database will allow investors to assess for the first time on a single platform the performance and reliability of credit ratings on different types of ratings, asset classes and geo-graphical regions over the time period of choice.

Consilium February 21, 2012 The Council of the European Union has adopted a Regulation on short selling and certain aspects of credit default swaps which introduces common EU transparency requirements and harmonises the powers that regulators may use in exceptional situations where there is a serious threat to financial stability. Cross References: Version of text to be adopted Press Release: Short selling: more transparency and stricter rules