SEC Release No. IA-3236 July 12, 2011 The SEC published an order to adjust the asset and investment tests in Advisers Act Rule 205-3, regarding when an adviser can enter into an advisory contract providing for compensation based on share of capital gains on, or capital appreciation of, the funds of a client. Previously, the rule required investors to have at least $750,000 under management with the adviser and a net worth of at least $1.5 million. The order changes those figures to $1 million and $2 million, respectively. The change becomes effective on September 19, 2011. Cross References

76 FR 44262 July 25, 2011 The CFTC is adopting a final rule that amends existing CFTC regulations in order to implement new statutory provisions enacted by Title IX of the Dodd-Frank Act. The rule amendments FCMs, DCOs, and CPOs. The rule amendments implement the new statutory framework that requires agencies to replace any reference to or reliance on credit ratings in their regulations with an appropriate alternative standard. Effective Date: September 23, 2011 Cross References Dodd-Frank Act, Title IX, Sec. 939A; 17 CFR Parts 1 and 4; CFTC Rules 1.49 4.24

Consilium 4 July 2011 A debate took place during which amendments to the Proposal were put forward and debated. The rapporteur stressed that the key points of the proposed Regulation are the following: uniform requirements for derivatives contracts specific provisions to improve the transparency and risk management of the over-the-counter (OTC) derivatives market uniform requirements for the performance of activities of Central counterparties (CCPs) and trade repositories. He also stated that the Parliament would like to limit the scope of the Regulation to OTC derivatives. No attempts of the

ESMA consulted on three specific technical areas covering the prospectus directive. These were: the format of base prospectus final terms; the format of the summary of the prospectus and detailed form and content of key investor information to be included in it; and a proportionate disclosure regime. The ACT does not agree with appending the base prospectus summary to the final terms and the ACT expressed some concerns on the proposed specific form of the prospectus summary. The ACT concurs with ESMA that disclosure for rights issues should be less than for new issues and have asked ESMA to

In its Communication of 4 March 2009 the European Commission announced that it would (i) examine corporate governance rules and practice within financial institutions in the light of the financial crisis, and (ii) where appropriate, make recommendations or propose regulatory measures. The Capital Requirements Directive aims at ensuring proper functioning of banking markets and restoring confidence in the banking sector, through: Effective, proportionate and deterrent sanctions which better ensure compliance with CRD rules Development of a level playing field which minimises the opportunities