The European Banking Authority ("EBA") adopted a formal recommendation on the development of recovery plans in respect of 39 named banks in the European Union, including Deutsche Bank AG, Commerzbank AG and BNP Paribas SA. Suggestions for key elements to be addressed in a recovery plan include: information on the bank and its governance structure; options available in a crisis and an assessment of their potential impact; and planned measures for facilitating future updates of the plan or its implementation in times of crisis. The recommendation is addressed to the home supervisors of the named

SIFMA released the attached (pleased and relieved) statement from Timothy Cameron, managing director and head of SIFMA's Asset Management Group following a meeting of San Bernardino County's Homeowner Protection Program Joint Powers Authority ("JPA") at which the JPA formally stated that it would no longer pursue the use of eminent domain to refinance mortgages in the county. View letter in full here (links externally to SIFMA website).

President Obama nominated Mary Jo White to serve as Chairman of the SEC. SEC Commissioner Elisse Walter has been serving as interim SEC chairman since Mary Schapiro stepped down last December. See: SIFMA Statement on Nomination of Mary Jo White for SEC Chairman; Chairman Hensarling Comments See also: MSRB Issues Statement on Nomination of SEC Chair; NASAA Statement on Nomination of Mary Jo White as SEC Chair. Related News Story: SEC Chairman Mary Schapiro to Step Down; Commissioner Elisse Walter to Become Chairman (with Lofchie Comment).

PwC, the administrators of Lehman Brothers International (Europe), has published its first interim client money distribution update. The update confirms that preparations are underway for the first interim client money distribution, which is expected to take place in the first half of 2013. Client money claimants (and potential client money claimants) are urged to take action to ensure that they have the opportunity to participate in the distribution. A further communication will be published during the first half of February 2013. Lofchie Comment: See also Bleak House.

Bruce Karpati, Chief of the SEC Enforcement Division’s Asset Management Unit, spoke at the Private Equity International Conference. Below is an outline of his remarks regarding the SEC’s Asset Management Unit and its work in the private equity area: The creation of the Asset Management Unit and the overall purpose and functions of the Unit; The growth in the area of private equity has led to the SEC bringing more private equity cases, a trend which Mr. Karpati expects to continue; A mention and very brief summary of the private equity cases that the SEC has brought; Mr. Karpati mentioned