FINRA RN 11-10 March 4, 2011 FINRA issued a regulatory notice to remind firms of their obligation to electronically report specified events and quarterly customer complaint information required under NASD Rule 3070 and NYSE Rule 351, as well as under FINRA Rule 4530 (which becomes effective on July 1, 2011). In addition, the notice provides new guidance on reporting under 4530 for matters that become subject to reporting after July 1, 2011. Cross References FINRA Rule 4530 NASD Rule 3070 NYSE Rule 351

SEC Release 34-64018 March 3, 2011 The SEC reopened the comment period on its proposed Regulation MC, which is designed to mitigate conflicts of interests at security-based swap clearing agencies and execution facilities, and at national securities exchanges that trade security-based swaps. The SEC stated that the reopening of the comment period is intended to allow firms' comments to reflect its proposed rule regarding the registration and regulation of security-based swap execution facilities and its proposal regarding registration of clearing agencies. Cross References SEC Release 34-63107

February 28, 2011 HM Treasury has published its response to the Commission Services' consultation on the Review of the Insurance Mediation Directive (IMD). In its response, the following issues are discussed: 1. The single market and scope of the IMD 2. Conflicts of interest and transparency 3. Information requirements 4. Professional requirements 5. Cross-Border Activities 6. PRIPs 7. Levels of harmonisation

CFTC Testimony March 3, 2011 CFTC Chairman Gensler testified regarding implementation of Dodd-Frank: "At this point in the process, the CFTC has come to a natural pause as we have now promulgated proposals in most of the areas. As we receive comments from the public, we are looking at the whole mosaic of rules and how they interrelate. We will begin considering final rules only after staff can analyze, summarize and consider comments, after the Commissioners are able to discuss the comments and provide feedback to staff, and after the Commission consults with fellow regulators on the rules

SEC Release 34-64017 March 3, 2011 The SEC published for comment a proposal under Dodd-Frank regarding registration of clearing agencies and the operation and governance of clearing agencies. Among other things, the proposed rules would require clearing agencies to (i) maintain risk management standards; (ii) have safeguards for protecting confidential information; (iii) identify and address conflicts of interest; (iv) designate a chief compliance officer; and (v) disseminate pricing and valuation information if they perform central counterparty services for security-based swaps. In addition