SEC Release No. 34-63855 February 7, 2011 The SEC declared immediately effective an NYSE proposal to amend the forms of letters contained in NYSE Rule 451, and Sections 905.02-03 of the Listed Company Manual. The amendments revise the letters which brokers are required to distribute to clients regarding whether or not they may vote shares in which the broker is the record holder but the client is the beneficial owner. Cross References NYSE Rule 451 NYSE Listed Company Manual § 905 Dodd-Frank § 957

Financial Services Authority February 8, 2011 The Chief Executive of the FSA has released a letter to CEOs giving further details of the expected timing for the replacement of the FSA by two new regulators - the Prudential Regulation Authority and the Consumer Protection and Markets Authority. The transition is set to begin on April 4, 2011 and continue over a period of two years. A follow-up letter will be sent out in April to give firms a clearer idea of where their current supervision will be placed within the new structure. Papers will also be published in the first half of 2011 on the new

February 1, 2011 The Federal Reserve Board announced that it does not expect to finalize three pending rulemakings under Regulation Z, which implements the Truth in Lending Act, prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau.

MFA submitted a comment letter to the CFTC on "Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants." MFA recommended that the CFTC make careful and appropriate distinctions between the requirements for swap dealers ("SDs") and those for major swap participants ("MSPs") to reflect the fundamental differences in their businesses, structures and characteristics. In particular, MFA requested that the CFTC make certain changes to the proposed rule so that MSPs are not generally required to maintain certain records and information that are

SEC Investor Bulletin February 8, 2011 The SEC's Office of Investor Education and Advocacy issued an "Investor Bulletin" to help educate investors as to margin rules applying to day traders. The two-page alert is intended to provide consumers with a basic understanding of the margin rules as they apply to day traders. Cross References Fed Regulation T FINRA Rule 4210