HM Treasury March 17, 2011 HM Treasury has opened a Consultation on 'Early Implementation of Amendments to the Prospectus Directive'. On 23 September 2009, the European Commission published a proposal to amend the Prospectus Directive. On 17 June 2010, the European Parliament adopted a common approach, which was endorsed by the Council on 11 October 2010. The UK must implement the Directive by 1 July 2012. In November 2010, the Government indicated that it intended to implement two of the measures early both the threshold for an offer of securities, and the minimum number of investors for

CFTC Dodd-Frank Rulemaking 76 FR 14943 March 18, 2011 The CFTC is proposing an interpretive order to provide interpretive guidance regarding the three statutory disruptive practices set forth in new section 4c(a)(5) of the Commodity Exchange Act ("CEA") pursuant to section 747 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Cross References Dodd-Frank Act, Title VII, Sec. 747; CEA Sec. 4d(a)(5)

Bank for International Settlements March 17, 2011 The Basel Committee on Banking Supervision (" BCBS") and the Committee on Payment and Settlement Systems (" CPSS") are establishing a joint working group to revise the BCBS's Supervisory guidance for managing settlement risk in foreign exchange transactions, to ensure that financial institutions adequately control their foreign exchange settlement exposures. The committees plan to issue revised guidance by the end of this year for public comment.

March 16, 2011 The CFTC has scheduled two meetings for the following dates: March 30, 2011 at 9:30 a.m. April 7, 2011 at 9:30 a.m. Cross References Dodd-Frank Act, Title VII

CFTC Testimony March 17, 2011 Testimony of Chairman Gary Gensler Before the House Committee on Appropriations, Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies. Chairman Gensler discusses the role of the CFTC, implementation of Dodd-Frank, and makes a plea for more budget resources: "We cannot forget that the 2008 financial crisis was very real. Thus Congress responded and said that the swaps market must be regulated and overseen, significantly expanding the scope of the CFTC. It is important that we align the CFTC's funding with its expanded