Financial Services Authority March 2, 2011 The FSA has published a letter summarising the key points discussed during a series of seminars on governance, hosted by the FSA's Retail Firms Division (RFD) during October/November 2010. The three key areas of discussion were: Board effectiveness; non-executive directors; and risk appetite

SEC Release 34-64005 (SR-FINRA-2011-007) March 2, 2011 The SEC declared immediately effective a FINRA proposal that would amend a number of rules of the Code of Arbitration Procedure for Customer Disputes (Customer Code). The rule changes are intended to update cross-references in the Customer Code to reflect a recent FINRA proposal to allow optional all-public panels. Cross References FINRA Rules 12213, 12309, 12314, 12503, 12800, 12903

CFTC Dodd-Frank Rulemaking 76 Fed. Reg. 11701 March 3, 2011 The CFTC is proposing to amend its regulations affecting the operations and activities of commodity pool operators (CPOs) and commodity trading advisors (CTAs) in order to have those regulations reflect changes made to the Commodity Exchange Act by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Proposal is intended to clarify and ensure that the requirements governing the operations and activities of CPOs and CTAs continue to apply to these intermediaries in the context of their involvement with

SEC Release 34-63999 (SR-FINRA-2010-061) March 1, 2011 The SEC granted approval to a FINRA proposal to adopt new FINRA rules governing guarantees, carrying agreements, security counts, and supervision of general ledger accounts. The new rules are based primarily upon NASD Rule 3230 and NYSE Rules 322, 382, 440.10 and 440.20. Cross References SEC Release 34-63375 (proposal) FINRA Rules 4150, 4311, 4522, 4523 NASD Rule 3230 NYSE Rules 322, 382, 440.10, 440.20, 382/01-05, 409(a)/01, 440.20/01

Financial Services Authority March 2, 2011 Common Reporting (" COREP") is the term used to describe harmonised European Capital Requirements Directive reporting. COREP will be mandated by the European Banking Authority as a standardised reporting framework from 31 December 2012. COREP will become the prudential reporting standard for credit institutions and some investment firms according to the framework established in the Capital Requirements Directive. COREP will apply to all firms who are regulated under BIPRU, our prudential sourcebook for Banks, Building Societies and Investment Firms