SEC Release No. 34-64687; SR-FINRA-2011-013 June 16, 2011 The SEC approved a FINRA proposal to establish a new registration category and qualification requirements for certain operations personnel. The new rules will create a new registration category of "Operations Professional," and will make persons covered by the rule subject to a qualification examination and status as an "associated person" under the FINRA rules. The rule will cover (1) senior management with certain operations functions; (2) supervisors and other persons responsible for authorizing certain operations functions; and (3)

SEC Release No. 34-64736 June 23, 2011 The SEC published a FINRA proposal to adopt new supervision rules in the FINRA rulebook. Primarily, the proposal seeks to adopt FINRA Rules 3110 (Supervision) and 3120 (Supervisory Control System) to replace NASD Rules 3010 and 3012, on which the new rules are largely based. In addition, the proposal would delete NYSE Rule 342 and related rules and adopt certain of their provisions in the new FINRA rules. Please contact any of the following Cadwalader attorneys if you have any questions about this item: Steven Lofchie; [email protected] Glen

NML Capital Ltd. v. Argentina [2011] UKSC 31 (6 July 2011) July 6, 2011 The Supreme Court has ruled that Argentina's state immunity can't prevent an offshore trader in distressed sovereign debt from using British courts to enforce claims over the country's 2001 default.The decision reverses a lower court ruling from last year, and permits an affiliate of New York-based hedge fund Elliott Associates LP to seize Argentina's assets in Britain using a $284 million U.S. court judgment it has against the South American nation. Argentina had argued U.K. courts didn't have jurisdiction on the issue.

U.S. Commodity Futures Trading Commission - Event July 7, 2011 The CFTC held a public meeting on July 7, 2011 to consider five final rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The public meeting will consider five final rules on the following topics: Agricultural Commodity Definition; Business Affiliate Marketing and Disposal of Consumer Information Rules; Privacy of Consumer Financial Information - Conforming Amendments (Part 160); Prohibition on the Employment, or Attempted Employment, of Manipulative and Deceptive Devices, and Prohibition on Price

MSRB Notice 2011-32 July 5, 2011 The MSRB issued a regulatory notice to express concern that firms are engaging in municipal advisory activities without being registered as such with the SEC or MSRB. The notice stresses that the MSRB will refer for enforcement instances where firms are engaging in unregistered municipal advisory activities. In particular, MSRB suggests firms are not fully recognizing the federal fiduciary duty imposed on municipal advisors. Cross References SEC Release No. 34-63576 (MSRB Proposal to Establish Permanent Registration Regime) Dodd-Frank § 975 Exchange Act 15B