77 FR 11252 The CFTC issued final rules on registration and compliance of commodity pool operators , which require private funds that trade more than a de minimis level of commodities (including swaps) to have a commodity pool operator register with the CFTC. Specifically, the CFTC rescinded Rule 4.13(a)(4), which provided private pools with an exemption from having to have a CPO register with the CFTC. The CFTC has maintained its Rule 4.13(a)(3) de minimis exemption, which allows private pools that trade a de minimis level of commodities from having to have a CPO register with the CFTC (i.e

77 FR 8222 The CFTC is is calling for nominations to the Subcommittee on Automated and High Frequency Trading under the auspices of the Technology Advisory Committee. The Subcommittee was established to develop recommendations regarding the definition of high frequency trading (HFT) in the context of the larger universe of automated trading. The definition of HFT is anticipated to serve as an initial step towards assessing the presence and impact of HFT in CFTC regulated markets for consideration of appropriate policy responses.

CFTC President's Budget and Performance Plan, FY 2013 Chairman's Transmittal Letter, FY 2013 President's Budget and Performance Plan Statement of CFTC Commissioner Bart Chilton Statement of Dissent, Commissioner O'Malia Statement of Dissent , Commissioners O'Malia and Sommers The CFTC's budget request estimates the need for an appropriation of $308,000,000 and 1,015 staff-years for the agency. This amounts to a 50% increase from its current $205 million budget. Commissioner O'Malia's dissent argues that the agency's "budget request, like several requests before it, makes an unsubstantiated

Financial Services Authority February 10, 2012 On September 16, 2011 the FSA and the Swiss Financial Market Supervisory Authority ("FINMA") announced the launch of an independent investigation into the events surrounding trading losses incurred by UBS in the London operations of its Investment Bank. The FSA has now commenced a formal enforcement investigation against UBS and is in close contact with FINMA which has also commenced enforcement action against UBS. Cross References: Press release from FINMA (Swiss Financial Market Supervisory Authority).

Financial Services Authority January 31, 2012 In light of the consultation process it launched in July 2011 on its guidance on counterparty credit risk management by central counterparties, the FSA has published an updated version of the guidance.