On 1 July, 2011, the Basel Committee on Banking Supervision issued final Pillar 3 disclosure requirements for remuneration. The disclosure requirements build on the comments received from the consultation in December 2010 and the supplemental Pillar 2 guidance issued in July 2009. The Basel Committee intends that these disclosure requirements, developed in consultation with the Financial Stability Board's Principles for Sound Compensation Practices, will introduce effective, transparent assessments of banking compensation practice in relation to risk.

EUR-Lex July 1 2011 The text of the Alternative Investment Fund Managers Directive ("AIFM") was published on 1 July 2011 and will enter into force on 21 July 2011. Implementation by member states is required by 22 July 2013. The aim of the AIFM Directive is to introduce a harmonised regulatory framework across the EU for EU-established managers of alternative investment funds. An AIFM includes any legal or natural person whose regular business is to manage one or more alternative investment funds (AIFs). An AIF is defined as a "collective investment undertaking", although this term is not

Bank for International Settlements June 25, 2011 The oversight body of the BCBS has agreed a consultative document which outlines the parameters that will be used in order to determine which banks fall into the category of 'global systemically important banks' (G-SIBs). This document has now been passed to the Financial Stability Board, and is expected to be issued for consultation at the end of July. The approach which has been taken revolves around five factors - size, interconnectedness, lack of substitutability, global (cross-jurisdictional) activity and complexity. As a consequence of

British and Irish Legal Information Institute June 22, 2011 Unappealable decisions of the Upper Tribunal are still subject to judicial review by the High Court, but only where there is an important point of principle or practice or some other compelling reason for the case to be reviewed. Unrestricted judicial review in this context is unnecessary and a waste of resources. This judgment deals with two English cases, while a separate judgment deals with the Scottish case Eba v Advocate General for Scotland. The issue common to all three was the extent to which decisions of the Upper Tribunal

June 23, 2011 On 22 December 2009, the Joint Administrators filed a petition at the Frankfurt Main Regional Court in Germany, claiming the return of $1 billion plus interest to LBIE by Lehman Brothers Bankhaus AG (" Bankhaus"). This claim was dismissed by the Frankfurt Court. The written judgment denied the existence of a trust relationship between LBIE and Bankhaus and failed to make a judgment on the substance of LBIE's pari passu claim for the client monies, prompting LBIE to appeal. On 18 May 2011, the Joint Administrators attended the Appeal Court hearing. Following this oral hearing the