February 2011 Explanatory memo regarding the February 2011 LMA revisions. These revisions are only available to LMA Members.

Financial Services Authority February 28, 2011 This paper sets out the results of the FSA's latest Hedge Fund Survey conducted in September 2010 and the Hedge Fund as Counterparty Survey conducted in October 2010. In these surveys, the FSA analyses the systemic risk posed by hedge funds. They are conducted every six months as part of the FSA's work on assessing risks to financial stability from outside the boundary of prudential regulation. This is a key part of the FSA's work to protect and enhance the stability of the UK financial system. Key findings from the survey: Most surveyed hedge

CFTC Concurring Statement February 28, 2011 Commissioner Scott D. O'Malia's concurring statement. O'Malia supports the establishment of a new technology and data group within the CFTC, but opposes the establishment of a new oversight group for swap dealer and intermediary oversight, which he claims "will further fracture the Commission's oversight responsibilities at a time when we should consolidate and coordinate our supervisory oversight functions . . . creat[ing] bureaucratic silos that fail to identify this critical systemic risk." O'Malia also lends support to establish a new education

SEC Release 34-63949 February 23, 2011 The SEC adopted technical amendments to Exchange Act Rule 17a-8 to update a reference to implementing regulations of the Bank Secrecy Act. The amendment is intended to respond to FinCEN's reorganization of the Bank Secrecy Act regulations. Cross References Exchange Act Rule 17a-8 31 CFR Chapter X (BSA regulations)

MFA Comment Letter RIN 3038-AC96 February 28, 2011 MFA submitted a comment letter to the CFTC on its proposal on "Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements for Swap Dealers and Major Swap Participants." MFA asked the CFTC to further consider the implications of its proposed confirmation timing requirements and clarify the requirement to process transactions electronically. It also recommended that the CFTC require position level portfolio reconciliation only for market participants that do not regularly exchange collateral on their derivatives exposure and