European Parliament June 7, 2011 The Committee on Economic and Monetary Affairs of the European Parliament has published a report on the proposal for a regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories. The report includes the following: (i) the draft European Parliament legislative resolution on the proposal; (ii) an opinion of the Committee on Industry, Research and Energy; and (iii) an opinion of the Committee on Legal Affairs.

CFTC Announces Members of the Technology Advisory Subcommittee on Data Standardization CFTC PR 6056-11 June 23, 2011 The CFTC has selected the members of the Subcommittee on Data Standardization, a new Subcommittee of the CFTC's Technology Advisory Committee. The Subcommittee will report its recommendations to the full Technology Advisory Committee Subcommittee will look into public/private solutions for creating well-accepted standards for describing, communicating, and storing data on complex financial products.

Consilium May 11, 2011 The European Parliament and Council have published the Regulation amending Regulation (EC) no. 1060/2009 on Credit Rating Agencies. The objective of the Regulation is to introduce centralised oversight of credit rating agencies operating in the EU. The European Securities and Markets Authority is to assume general competence in matters relating to the registration and on-going supervision of registered credit rating agencies as well as matters related to ratings issued by rating agencies established in third countries that operate in the EU under the certification or

United Kingdom Parliament May 13, 2011 The Financial Services (Regulation of Derivatives) Bill has been published by the House of Commons. In summary, the Bill proposes to require certain financial institutions to prepare parallel accounts on the basis of the lower of historic cost and mark to market for their exposure to derivatives and for connected purposes. Cross References 1st reading: House of Commons 15 March, 2011

Consilium May 13, 2011 The European Parliament and Council have published the text of the Directive on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010. The objective of the Directive is to create a comprehensive and effective regulatory and supervisory framework for AIFMs at the European level. The Directive will provide robust and harmonised regulatory standards for all AIFM within scope and will enhance the transparency of the activities of AIFM and the funds they manage towards investors and