Financial Times April 22, 2012 The FSA's attempts to punish senior managers for failings occurring under their supervision has suffered a setback in its defeat in a case involving UBS. The FSA had sought to fine the former chief executive of UBS's UK wealth management division pound;100,000 for misconduct relating to compliance problems in the business, although these issues did not involve the chief executive himself. The tribunal ruled that the chief executive should be cleared of the misconduct allegations as he had taken steps to strengthen UBS's systems and controls.

Financial Services Authority May 16, 2012 The FSA has determined that all transactions including the combined execution of multiple legs should be reported to the FSA, with each reportable leg being an individual transaction to the FSA. This guidance will take effect from August 15, 2012.

Financial Services Authority April 23, 2012 The FSA has published a new web page to provide a central repository for the most up to date Q&As concerning the Solvency II Programme.

European Securities and Markets Authority April 27, 2012 ESMA has declared that it considers the regulatory framework for credit rating agencies in Brazil to be equivalent to the EU rules. European financial institutions will be allowed to continue relying on Brazilian credit ratings for regulatory purposes after April 30, 2012. ESMA has also entered into a co-operation agreement for the supervision of credit rating agencies with the Brazilian Securities and Exchange Commission.

The CFTC today announced the filing of a federal civil enforcement action charging defendants Ronnie Gene Wilson (Wilson) and Atlantic Bullion; Coin, Inc. (ABC), both of Easley, S.C., with fraud in connection with operating a $90 million Ponzi scheme, in violation of the Commodity Exchange Act (CEA) and CFTC regulations. View release in full here(links externally to CFTC website).