Testimony of CFTC Chairman Gensler The chairman's testimony discusses the changing nature of derivatives markets and reviews the CFTC's recently enacted final rule on position limits. Genlser's case for strict limits is based on his view that most trading in energy is by speculators and day traders. Analysis by Cadwalder: Position Limits Rumors Become Reality: CFTC Adopts Final Position Limits Rule Under Dodd-Frank. For more information about this document, you may contact one of the following Cadwalader attorneys: Paul J. Pantano , Jr.; Athena Eastwood; Jonathan Flynn Cross References: Dodd

Remarks Before SIFMA Annual Meeting, Speech by Chairman Gensler CFTC Chairman Gensler reviews the lessons of 2008, Dodd-Frannk reforms, and argues that the European debt crisis shows how "interconnected" the world's financial markets are, which explains why we need central clearing. As for cost/benefit analysis practiced at the CFTC, he states: "Some have raised cost considerations about our rules. We are going through those comments, and they have been very helpful. But far more costly is a public that remains unprotected from the risks of the swaps market."

Press Release-Statement on Silver Investigation The CFTC confirmed the existence of an enforcement investigation into the possibility of unlawful acts in silver markets. The investigation commenced in 2008 and is still on-going.

Financial Services Authority November 1, 2011 Following feedback from registered issuers on the interaction of their compliance function and the Regulated Covered Bond programmes, the FSA has provided further guidance on its expectations in this regard. In particular, the FSA expects that second line oversight of regulated issuers should include practices such as ongoing monitoring, clearly defined escalation processes, and regular formalised interaction. The FSA has also noted examples of good practice it has observed, for instance, where compliance is represented as a voting member on

November 1, 2011 The Financial Markets Law Committee has published a report entitled 'Analysis of legal uncertainty in the Financial Services Authority's Client Assets Sourcebook and arising from judicial decisions relating to the administration of Lehman Brothers International (Europe)'. This FMLC has prepared the report for the FSA in its consideration of the Client Assets Sourcebook (" CASS"). In particular, the report seeks to deal with: (i) the uncertainties highlighted in the High Court's decision in Lehman Brothers International (Europe) v CRC Credit Fund Limited and the decision of the