View study here. Release Date: 03/15/2012 Cross References: Dodd-Frank § 153

On March 15, 2012, the SEC released a memorandum regarding their analysis of single-name credit default swap transaction and position activity. The first analysis is based on a sample of all new, risk transfer, dollar-adjusted, gold record transactions in both corporate and sovereign single-name credit default swaps (CDS) submitted to the Depository Trust and Clearing Corporation’s Trade Information Warehouse (DTCC-TIW) between January 1, 2011 and December 31, 2011. The second analysis is based on monthly position data in single-name CDS over the same sample period and provided by DTCC-TIW.

77 FR 15460 The CFTC is proposing regulations that would define the criteria for grouping swaps into separate swap categories and would establish methodologies for setting appropriate minimum block sizes for each swap category. In addition, the CFTC is proposing further measures under the its regulations to prevent the public disclosure of the identities, business transactions and market positions of swap market participants. Comments Due: May 14, 2012 Cross References: Dodd-Frank Section 727; CEA Section 2(a)(13); CFTC Rules, new Part 43; Proposed CFTC Rules page; 75 FR 76139; 77 FR 1182. For

U.S. Securities and Exchange Commission 15 March 2012 The Securities and Exchange Commission today announced that it has established comprehensive arrangements with the Cayman Islands Monetary Authority (CIMA) and the European Securities and Markets Authority (ESMA). The arrangements will enhance the ability of the SEC to share information about such regulated entities as investment advisers, investment fund managers, broker-dealers, and credit rating agencies. Cross References: http://www.sec.gov/about/offices/oia/oia_bilateral/cayman-mou.pdf

British and Irish Legal Information Institute 15 March 2012 The Commercial Court has provided guidance on the scope of the duties owed by a clearing broker to an investment fund, in circumstances where the broker has exercised its right to conduct a forced close out. The Court concluded that the clearing broker is only obliged to act rationally and in good faith. Furthermore, the clearing broker has a very broad discretion to take appropriate action in order to effect the close out.