T he National Futures Association has published its quarterly Fall 2012 newsletter. View newsletter in full here (links externally to NFA website).

ICE Clear U.S. will institute changes to its current intra-day variation call margin policy. View notice in full here (links externally to ICE website).

The Financial Services Authority has imposed a pound;4.2 million fine on the Bank of Scotland for keeping inaccurate mortgage records in relation to some 250,000 of its customers. The errors had built up over a period of seven years, and resulted from information's being kept on two separate unaligned systems, as well as inadequate updates of those systems. As a result of the failings, many customers were wrongly excluded from receiving goodwill payments following changes to their mortgage contracts.

FINRA has ordered David Lerner Associates, Inc. ("DLA") to pay approximately $12 million in restitution to affected customers who purchased shares in Apple REIT Ten on the basis that those who were charged excessive markups on transactions which may not have been suitable. In addition, FINRA fined and suspended the President of the firm for the markups and for supervisory violations. View press release in full here (links externally to FINRA website).

In its position paper on UCITS V (the European Union directive on Undertakings for Collective Investments in Transferable Securities), the Alternative Investment Management Association, the global hedge fund organization, has called for institutions authorized to act as a UCITS depositary by one European Union country to be granted a "passport" to provide the same services in other member states of the European Union. The paper also makes a number of other recommendations, including: Alignment of the UCITS depositary regimes and remuneration requirements with those proposed in the Alternative