SEC Litigation Release 21844 February 8, 2011 The SEC announced the filing civil securities fraud charges against three hedge fund traders alleged to have illegally traded on confidential information obtained from employees of technology companies that were moonlighting as consultants for expert networks. The charges are the first brought by the SEC against traders in its current investigation of expert network activities (the SEC last week filed charges against certain consultants at expert networks). Please contact any of the following Cadwalader attorneys if you have any questions about

www.isda.org February 7, 2011 ISDA and SIFMA have published a comment letter in response to three Notices of Proposed Rulemaking: Real-Time Public Reporting of Swap Transaction Data; Swap Data Recordkeeping and Reporting Requirements; and Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants issued by the CFTC to implement provisions of Title VII of the Dodd-Frank Act. Cross References CFTC 17 CFR Parts 23, 43 45

Financial Stability Board On 9 November 2010, the Financial Stability Board (" FSB") published a report on progress since the Washington Summit in the Implementation of the G20 Recommendations for Strengthening Financial Stability. The report includes discussion on the following: (i) New capital and liquidity standards - national implementation of the risk-based capital requirements will begin on 1 January 2013; (ii) Addressing the moral hazard risk associated with systemically important financial institutions - the FSB has agreed a policy framework, work processes and timelines; (iii)

CFTC Dodd-Frank Rulemaking 76 Fed. Reg. 6708 February 8, 2011 Closing Date for Comments: April 11, 2011 The proposed rule would set forth parameters for the inclusion of an orderly liquidation termination provision in the swap trading relationship documentation for swap dealers and major swap participants. The rule is being proposed pursuant to Section 731 of the Dodd-Frank Act added a new section 4s(i) to the Commodity Exchange Act, which requires the Commission to prescribe standards for swap dealers and major swap participants related to the timely and accurate confirmation, processing

Information Notice February 8, 2011 FINRA published a notice to announce that the SEC recently approved a supplement to the Options Disclosure Document which adds additional disclosures relating to credit default options that contemplate only a single credit event. The FINRA notice also reminds firms of their obligations with respect to the furnishing of the ODD. Cross References Exchange Act Rule 9b-1 FINRA Rule 2360(b)(11)(A)