May 13, 2011 The European Council is expected to agree a general approach on a draft regulation on short selling and credit default swaps. The draft regulation is intended to harmonise rules for short selling and certain aspects of credit default swaps and detail regulatory powers in situations where there is a serious threat to financial stability. The adoption of this general approach will enable the presidency, on behalf of the Council, to start negotiations with the European Parliament.

CFTC Agricultural Advisory Meeting CFTC PR 6038-11 May 16, 2011 The CFTC will convene a meeting of its Agricultural Advisory Committee (AAC) on Thursday, May 19, 2011, to obtain the views of agricultural futures market experts, national farm organizations, major commodity and agribusiness groups and the farm banking community. The major topics for discussion will be issues related to the Dodd-Frank Act, including position limits, hedge exemptions, the swap dealer definition, the end user exception and margin requirements for uncleared swaps. The AAC also will receive a presentation on recent

European Parliament May 13, 2011 On 11 May 2011, the European Parliament adopted a resolution on EU corporate governance in financial institutions in response to its continuous evolution. The resolution focuses on the need for a proportionate approach combining targeted principle-based regulations and flexible 'comply or explain' codes of best practice in order to maintain and enhance corporate governance principles. The substantive sections of the resolution are: i) risk, ii) remuneration, iii) supervision, iv) board of directors and v) shareholder activity.

FSA Decision Notice May 12, 2011 The FSA has published two decision notices for enforcement decisions that have been referred to the Upper Tribunal (the "Tribunal"). These are the first decision notices to be published under a power given to the FSA by parliament in 2010. Stuart Unwin and Derek Wright have both referred their cases to the Tribunal. The Tribunal may uphold, vary or cancel the FSA's decisions. The Tribunal's decision will be publicised on its website. Cross References Decision Notice: Stuart Unwin Decision Notice: Derek Wright Final Notice: Mary Dorothy Right

CFTC Rule May 12, 2011 The CFTC is extending the comment period for proposed rulemaking that was first published in the Federal Register on April 28, 2011 so that the comment period will run concurrently with the comment period for the proposed rulemaking on capital requirements being published today. The proposed rules would establish initial and variation margin requirements for swap dealers and major swap participants. Cross References Dodd-Frank Act, Title VII, Sec. 731; new CEA Sec. 4s (e); 17 CFR Part 23