Financial Services Authority November 3, 2011 On 3 November 2011, the FSA published a policy statement entitled Strengthening Capital Standards 3 - feedback and final rules for CRD3 (PS11/12). CRD III (2010/76/EU) amends the Capital Requirements Directive (2006/48/EC and 2006/49/EC). PS11/12 articulates the amendments to the FSA Handbook implementing provisions in CRD III that must be implemented by 31 December 2011, which relate to: trading book requirements; requirements relating to securitisation in the non-trading book; Pillar 3 disclosure requirements; and prudent valuations and certain

London Stock Exchange October 31, 2011 On 31 October 2011, MF Global UK Limited went into special administration by court order, under regulation 7 of the Investment Bank Special Administration Regulations 2011 (SI 2011/245) (the Regulations). It is the first investment bank to enter the special administration scheme. Cross References Financial Services Compensation Scheme Financial Services Authority

Bank for International Settlements November 2, 2011 On 2 November 2011, the Basel Committee published a second consultative paper on the Capitalisation of bank exposures to central counterparties. The paper details the capitalisation of bank exposures to a central counterparty (CCP) referencing both capital requirements for default fund exposures and trade-related exposures to CCPs. The Basel Committee intends to finalise the rules by December 2011 and expects that they will be implemented by January 2013.

October 28, 2011 The Securites and Markets Stakeholder Group has published its review of ESMA's draft technical advice to the European Commission on implementation of the Alternative Investment Fund Managers Directive. The Group has taken the view that ESMA's advice should focus on providing a balance between serving as a guide for industry participants and national authorities and staying within the perimeters of the Level 1 text of the Directive. In particular, they suggest that ESMA should reconsider its advice on areas such as equivalence, cooperation agreements with third-country

International Swaps and Derivatives Association October 27, 2011 ISDA has announced that following recent events related to the restructuring of Greek sovereign debt, it has updated its Greek sovereign debt Q&A. The document includes responses to the most frequently asked questions regarding the application of credit default swaps contracts in Greek sovereign debt - it outlines the triggers for credit events, the process for determining a credit event and the current amount of CDS notional outstanding on Greek sovereign debt.