Europa October 20, 2011 On the same day that it announced the new MiFID regime, the European Commission also published its proposals for a new regulation and directive devoted to tackling the issue of market abuse. Among the key features of the proposals are: criminal sactions for traders who have incited, aided or abetted market abuse; applicability to a wider range of financial instruments and contracts; broadening of the definition of market manipulation; and a clearer definition of 'inside information'. The proposals will now pass to the European Parliament and the Council for negotiation

SEC-CFTC Joint Press Release The SEC and CFTC announced that due to the discovery of possible deficiencies in customer futures segregated accounts, the agencies have determined that a SIPC-led bankruptcy proceeding would be the safest and most prudent course of action to protect customer accounts and assets. SIPC announced today that it is initiating the liquidation of MF Global under the Securities Investor Protection Act (SIPA). For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie; Athena Eastwood; Robert Zwirb Cross

"Stages of Truth"-Speech By CFTC Commissioner Bart Chilton before UN Rountable on Financial Speculation In s speech delivered to a roundtable on financial speculation, CFTC Commissioner Bart Chilton touts "fifty studies, papers and quotations" that he compiled and placed on the CFTC's website that establish that speculation, not supply and demand, explain the price rise of oil from $30 a barrel to $147 a barrel in 2008 to $30.28 in December of the same year, and calls for the imposition of position limits to remedy the problem. These are the same studies that economist Craig Pirrong last

Remarks of CFTC Chairman Gary Gensler Before the Georgetown University Conference In his speech reviewing the agency's implementation of Dodd-Frank, CFTC Chairman Gary Gensler repeats his theme that "it is evident that unregulated derivatives, called swaps, heightened risk on Wall Street and played a central role in the financial crisis." He warns that "a year after the Dodd-Frank reforms became law, there are those who might like to roll them back and put us back in the regulatory environment that led to the crisis three years ago," and calls for the agency to be "adequately resourced to

76 FR 58186 The CFTC is proposing regulations that would establish a schedule to phase in compliance with previously proposed requirements, including the clearing and trade execution requirements under new section 2(h) of the CEA. The CFTC proposes to phase in market participants based on the type of market participant entering into the swaps subject to the clearing or trade execution requirement. The triggering event for the proposed compliance schedule for the clearing requirement would be the Commission's issuance of mandatory clearing determination. The proposed compliance schedules for