76 FR 52040 August 15, 2011 The SEC granted accelerated approval to a FINRA proposal to amend the supplementary material to its recently-adopted Rule 1230, which requires registration and imposes certain other requirements on operations professionals. The rule change is intended to provide that employees of foreign broker-dealers whose activities with respect to the customers of a FINRA member are limited to the facilitation of the clearance and settlement of transactions in foreign securities are not subject to the registration requirement of Rule 1230(b)(6)(A). The exception only applies

August 19, 2011 The Wolfsberg Group, a consortium of international banks dedicated to developing standards for anti-money laundering and counter-terrorist financing policies in the financial services industry, has published an update to its January 2009 guidance on issues arising from trade finance. The new version of the trade finance principles includes a series of new appendices with guidance on the application of anti-money laundering and counter-terrorist financing in the context of standby letters of credit and guarantees and open account trade transactions.

The Wolfsberg Group August 19, 2011 On the same day that it issued updated guidance on trade finance principles, the Wolfsberg Group also released an update to its 2007 Wolfsberg Statement against Corruption.The paper takes into account a number of recent developments, including the entry into force of the UK Bribery Act, and gives financial institutions advice on combating bribery risks which arise not only in relation to their clients but also within their own organisations. Cross References Wolfsberg Group Publishes Updated Trade Finance Principles

Risk.net August 23, 2011 The CFTC recently released final rules governing swaps-data repositories. The CFTC included efforts to protect foreign regulators from liability that could arise from data leaks, but European regulators are concerned that they will not be able avoid liability=y. The rules attempt to resolve a clause in the Dodd-Frank Act that would make them liable for any costs that arise after data has been requested from a US-registered repository, including lawsuits triggered by data leaks. Unfortunately, the CFTC's fix won't do the trick, European regulators say. The root of the

Financial Times August 21, 2011 A US senator's public release of confidential data on energy traders has sparked debate over how much should be disclosed about commodity markets, where positions are usually a closely guarded secret. Last week Bernie Sanders, a Vermont independent, leaked and later posted on his website lists of trading positions in oil, natural gas and other commodity markets as part of a campaign to force a clampdown on commodity speculation. While barred from publicly naming traders, the CFTC is required to provide confidential information to Congress. People familiar with