April 8, 2010 On 8 April 2011, the Joint Administrators made an application to the High Court seeking directions on the legal principles to be applied to identify and trace Pre-Administration Client Money as part of the ongoing LBIE Administration. The application will establish whether or not certain funds currently credited to LBIE's house accounts constitute Pre-Administration Client Money. The hearing is scheduled for early 2012.

Financial Services Authority April 12, 2010 The FSA has published finalised guidance on reverse stress-testing. In April/May and September/October 2010 the FSA held two rounds of reverse stress-testing surgeries for firms which are subject to FSA requirements on reverse stress-testing. The newly published FSA guidance is comprised of a set of Frequently Asked Questions which arose during the reverse stress testing rounds.

April 5, 2011 Jointly with market participants and industry associations, ISDA submitted a letter to global regulators outlining commitments to improve safety in the OTC derivatives market by increasing standardization; expanding central clearing; enhancing bilateral risk management; and increasing transparency.

Financial Stability Board April 12, 2010 The Financial Stability Board (" FSB") has published a note entitled Shadow Banking. The FSB formed a task force to develop initial recommendations to strengthen the oversight and regulation of the shadow banking system. The note proposes that monitoring and policy responses should be guided by a two-stage approach: firstly, by casting the net wide to cover all non-bank credit intermediation so as to identify potential areas where new risks might arise; and secondly, by narrowing the focus to those parts of the system where maturity/liquidity

Securities and Exchange Commission April 8, 2011 The SEC released a no-action letter allowing Ambac to issue certain notes without registration pursuant to a court-supervised settlement. Cross References Securities Act Section 3(a)(10)