The SEC released a no-action letter allowing a 501(c)(3) tax-exempt microfinance charity to offer and sell certain notes without registration under the Securities Act or the Investment Company Act, and without qualification under the Trust Indenture Act.

Financial Stability Board April 12, 2010 The Financial Stability Board (" FSB") has published a note on potential financial stability issues arising from recent trends in exchange-traded funds. The FSB has published this note as part of its role of monitoring market developments relevant to financial stability and advising on their implications for regulatory policy. The FSB seeks to identify potential vulnerabilities and consequent solutions which may be needed. The FSB solicits feedback from the public on this note. Feedback on this note should be submitted to the FSB by 16 May 2011 by e

Council of the European Union April 11, 2010 The European Council has published its latest compromise proposal concerning the proposed Regulation on OTC derivative transactions, central counterparties and trade repositories (" EMIR"). The compromise is set to be discussed on 13-14 April 2011.

CFTC Testimony April 12, 2011 Testimony of Chairman Gary Gensler before the Senate Committee on Banking, Housing and Urban Affairs, Washington, DC on Dodd-Frank implementation. Gensler also states that the end user margin requirement will apply to non-financial users and he makes a plea for more funds and resources. Cross References Dodd-Frank Act, Title VII

SEC Release No. 34-64260; SR-FINRA-2011-016 April 8, 2011 The SEC declared immediately effective a FINRA proposal to delay the implementation date for FINRA Rule 2090 (Know Your Customer) and FINRA Rule 2111 (Suitability) to July 9, 2012. The rules, which will replace NYSE Rule 405(1) and NASD Rule 2310 upon their effective date, had previously been scheduled to go into effect in October 2011. Cross References SEC Release No. 34-63325 (approval of new rules) FINRA RN 11-02 (announcing previous implementation date) Lofchie's Guide to Broker-Dealer Regulation, Ch. 5, § 1.A (SRO KYC and