Opening Remarks Aug. 25, 2011 CFTC Chairman Gary Gensler's opening remarks at a Conference on Commodity Markets, in which he announces that "[s]tarting next month, we are likely to take up rules relating to position limits, clearinghouse core principles, business conduct, entity definitions, trading, data reporting and the end-user exemption."

RN 11-39 August 18, 2011 FINRA published a regulatory notice responding to further questions raised after it published guidance in early 2010 on the use of social media in communications with the public (RN 10-06). In particular, this notice addresses the following issues relating to social media websites: (1) recordkeeping obligations; (2) supervisory review; (3) links to third-party websites; and (4) data fees. For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie; Glen P. Barrentine. Cross References: FINRA RN 10-06 (Guidance

76 FR 51457 August 15, 2011 The SEC granted a temporary exemption to floor broker operations of broker-dealers with market access and who handle orders on a manual basis from the automated controls requirement of recently-adopted Exchange Act Rules 15c3-5(c)(1)-(2). For further detail on the requirements of Rule 15c3-5, see Cadwalader's Clients and Friends Memo, The SEC Publishes Final Rule Regulating Access to Securities Markets (Nov. 15, 2010). For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie; Glen P. Barrentine. Cross

76 FR 52996 August 18, 2011 Pursuant to authority under the Dodd-Frank Act, the SEC approved a temporary PCAOB rule to establish an inspection program for audits of brokers and dealers. Cross References: 76 FR 40961 (Proposal; SEC Release No. 34-64814) Sarbanes-Oxley § 107(b), Exchange Act § 19(b)(1), PCAOB Rule 1001, Dodd-Frank § 982

SEC Release No. 34-65164; SR-NYSE-2011-43 August 18, 2011 The SEC declared immediately effective an NYSE proposal to delete NYSE Rule 92, which limits trading ahead of customer orders and to adopt NYSE Rule 5320, which is substantially the same as FINRA Rule 5320. Rule 5320 generally prohibits trading ahead of customer orders, subject to certain exceptions such as for large orders and institutional accounts, riskless principal trades, odd lot and bona fide error transactions, and others. For more information about this document, you may contact one of the following Cadwalader attorneys: Steven