European Commission October 25, 2011 On 25 October 2011, the European Commission published a provisional text of a proposal for a directive to amend the Transparency Directive (2004/109/EC). The provisional context contains the following amendments: the disclosure of major holdings is extended to cash-settled derivatives; holdings to be aggregated with holdings of voting rights in order to ascertain whether any notification obligation is triggered; the definition of issuer has been broadened to include issuers of non-listed securities represented by depositary receipts which are admitted to

Consilium October 24, 2011 On 20 October 2011, the European Commission published a legislative proposal to amend the Markets in Financial Instruments Directive (MiFID) (2004/39/EC) and its implementing regulation. Among other things, the proposal includes new rules on organisation of central counterparties; portability of client accounts and segregation of client assets; reporting of OTC transactions; and business conduct standards.

Financial Services Authority October 24, 2011 On 24 October 2011, the FSA published its newsletter which included finalised guidance for reporting of transactions on: turquoise derivatives; and derivative markets where the reference data is not available.

October 25, 2011 The London Stock Exchange Group plc has announced that it has completed the acquisition of Transaction Reporting Service (" TRS"), the FSA's Approved Reporting Mechanism (" ARM"). Existing TRS clients can now migrate to the UnaVista platform, the Group's own ARM, which has acquired the rights to accept brokers' TRS-formatted data submissions. The Group stated that TRS customers will benefit from UnaVista's functionality enhancements including management dashboards, data reconciliations and reference data for all asset types incorporating the new Alternative Instrument

Financial Services Authority October 31, 2011 On 31 October 2011, the FSA registered the following firms as credit rating agencies: Standard Poor's Credit Market Services Europe Ltd; Fitch Ratings Limited, Fitch Ratings CIS Limited, Moody's Investors Service Ltd; and DBRS Ratings Limited.