FINRA RN 11-34 July 27, 2011 FINRA published a regulatory notice announcing that it is (i) reaffirming prior guidance in NASD NTM 00-02 and (ii) withdrawing guidance in NASD NTM 98-91, in light of changes to the regulatory framework in the United Kingdom.Notice 00-02 alerted firms of their obligations with respect to foreign law when soliciting business abroad.Notice 98-91 provided guidance on advertising to persons in the U.K., but FINRA found that changes in the U.K. regulatory structure no longer made that guidance appropriate. Cross References NASD NTM 00-02 NASD NTM 98-91

SEC Release No. 34-64976 July 27, 2011 The SEC adopted new Exchange Act Rule 13h-1 and Form 13H under the Exchange Act to require “large traders” (defined as those whose transactions in NMS securities is (i) equal to or greater than 2 million shares or $20 million on any day or (ii) 20 million shares or $200 million dollars during any calendar month) to identify itself to the SEC and make certain disclosures. Such large traders must provide an identification number to the broker-dealers through whom they trade, who must then maintain particular records of any transactions effected for the

Judgment in the case of Belmont Park Investments PTY Limited (Respondent) V BNY Corporate Trustee Services Limited and Lehman Brothers Special Financing Inc (Appellant) is expected to be handed down by the Supreme Court on 27 July 2011.

SEC Release No. 33-9244 / 34-64968 July 26, 2011 The SEC revised and re-proposed certain rules relating to asset-backed securities.The proposal would amend the registration and transactional requirements relating to shelf registration of asset-backed securities.For further detail on this proposal, see Malcolm Wattman, Frank Polverino Matthew Feig, SEC Re-proposal of Shelf Eligibility Conditions for Asset-Backed Securities and Applicability to Insurance-Linked Securities (Aug. 4, 2011) (CWT C&F Memo). Cross References SEC Press Release No. 2011-156 SEC Release No. 33-9117 / 34-61858 (initial

July 21, 2011 PWC have published an update concerning LBIE's SIPC Customer Omnibus Claim ( "Omnibus Claim") against Lehman Brothers, Inc. (" LBI"). As previously communicated, LBIE received an initial determination of its Omnibus Claim from the SIPA Trustee of LBI (The "Trustee") on 16 September 2010 (the "Determination"). The Determination stated that the Omnibus Claim for securities had been allowed for a defined list of securities and quantities valued by the Trustee at $6.2 billion. The Trustee deferred his determination in respect of cash balances owed to LBIE clients for a minimum of 30