View notice in full here (links externally to SEC website).

View notice in full here (links externally to SEC website).

View notice in full here (links externally to SEC website).

Following the findings of a report by the Financial Services Authority into the failure of the Royal Bank of Scotland, Her Majesty's Treasury has published a consultation paper on sanctions for directors of failed banks. The proposals envisage a bar on such directors being able to hold similar positions at other financial institutions in the future, and also suggest new criminal penalties for serious misconduct in the management of a bank. Responses to the consultation should be submitted by September 30, 2012. HM Treasury

The SEC took a step toward regulating the OTC derivatives market by unanimously approving rules and interpretations for key definitions of certain derivative products. The SEC rules and interpretations further define the terms "swap" and "security-based swap" and whether a particular instrument is a "swap" regulated by the CFTC or a "security-based swap" regulated by the SEC. The SEC action also addresses "mixed swaps" and "security-based swap agreements," which are regulated by the CFTC but over which the SEC has antifraud and other authority. View press release in full here (links externally