April 15, 2011 ESMA has published a discussion paper (ESMA/2011/121) setting out its proposed approach, including alternative options where relevant, for developing the future rules for alternative investment fund managers. The discussion paper asks for stakeholders' views on points including: how to identify the portfolios of Alternative Investment Funds (AIFs) under management by a particular fund manager and the calculation of the total value of assets under management; how leverage influences the assets under management; how to determine the value of the assets under management by an AIF

European Parliament April 13, 2011 The European Parliament has set a debate date for 9 May and an EP plenary sitting (indicative date) date for 5 August to discuss short selling and certain aspects of credit default swaps.

Bank of Montreal No-Action Letter April 8, 2011 The SEC published a no-action letter granting an exemption to the Bank of Montreal from Rules 101 and 102 of Regulation M so that the firm could continue to engage in certain transactions outside of the United States in Bank of Montreal shares during a proposed acquisition of another firm. The guidance is substantially similar to relief under Reg. M previously granted by the SEC staff. Cross References Reg. M, Rules 101, 102 Deutsche Bank AG, SEC No-Action Letter (9/16/2010)

SEC Release No. LR-21928 April 13, 2011 The SEC announced the filing of a civil enforcement action against a former portfolio manager for a major hedge fund, relating to insider trading on the basis of confidential information regarding the results of a bio-pharmaceutical company's clinical drug trial. The SEC, which previously charged the tipper with insider trading, also charged the relevant hedge funds as relief defendants. The SEC case was also filed in parallel with a criminal action by the U.S. Attorney for the Southern District of New York. Cross References SEC Press Release 2011-91 SEC

Financial Services Authority April 14, 2011 The FSA has fined IFA firm Specialist Solutions plc pound;35,000 for failing to assess adequately whether customers were eligible to receive promotions for Unregulated Collective Investment Schemes (UCIS) and failing to ensure that customers were given suitable advice to invest in them. The FSA uncovered the issues with Specialist Solutions' recommendations as part of its thematic review into the promotion of UCIS in 2010.