International Swaps and Derivatives Association February 15, 2012 ISDA has published a paper on the nature of trading structures and liquidity formation in OTC derivatives markets and the associated implications under MIFID2/MIFIR. The publication makes the following recommendations: (i) a redraft or replace Article 7 of MiFIR to accommodate trading systems other than order book systems without relying on the waiver process; and (ii) the removal of the quote-sharing obligation from Article 17.

Financial Action Task Force February 16, 2012 The Financial Action Task Force (FATF) has revised its Recommendations after more than two years of efforts by member countries. The revised FATF Recommendations now fully integrate counter-terrorist financing measures with anti-money laundering controls, introduce new measures to counter the financing of the proliferation of weapons of mass destruction, and they will better address the laundering of the proceeds of corruption and tax crimes. They also strengthen the requirements for higher risk situations and allow countries to take a more

International Organization of Securities Commissions February 20, 2012 The Technical Committee of the International Organisation of Securities Commissions (IOSCO) has published a consultation report on the Principles for Ongoing Disclosure for Asset Backed Securities. The report contains principles designed to provide guidance to securities regulators who are developing or reviewing their regulatory regimes for ongoing disclosure for asset backed securities. The closing date for responses is Friday April 20, 2012. Cross References: Press Release

Consilium February 21, 2012 The Council of the European Union has adopted a Regulation on short selling and certain aspects of credit default swaps which introduces common EU transparency requirements and harmonises the powers that regulators may use in exceptional situations where there is a serious threat to financial stability. Cross References: Version of text to be adopted Press Release: Short selling: more transparency and stricter rules

European Securities and Markets Authority February 17, 2012 The Regulation of the European Parliament and Council on OTC Derivatives, CCPs and trade repositories (EMIR) introduces provisions to improve transparency and reduce the risks associated with the OTC derivatives market and establishes common rules for central counterparties (CCPs) and for trade repositories (TRs). Following feedback to this publication, ESMA will prepare draft technical standards to be included in the consultation paper which will most likely be published around summer 2012.