News Article ETF Trends February 4, 2011 According to a recent study conducted by the Agricultural Applied Economics Association, index funds had little to do with the speculative price changes, such as oil prices hitting nearly $150 a barrel, in the months leading to the market crash in September 2008, Strong demand, among other reasons, were the actual causes of the huge price increases. Cross References Dodd-Frank Act, Title VII, Sec. 737

News Article Reuters February 7, 2011 The CFTC is requiring Newedge USA LLC, one of the world's largest futures brokerages, to pay more than $220,000 to settle charges that it sharply exceeded limits to investor positions in cattle futures. The CFTC said the Chicago-based futures commission merchant exceeded speculative position limits in the October 2009 live cattle futures contract by more than 4,000 contracts, almost nine times the limit. The CFTC has vowed to crack down on traders exceeding speculative limits in order to prevent market manipulation. The futures regulator on January 26 also

Speech by SEC Commissioner Troy A. Paredes February 4, 2011 In a recent speech, SEC Commissioner Troy Paredes discussed, among other things, (i) liability for credit rating agencies; (ii) making Regulation D more broadly available to issuers; and (iii) the benefits to investors of having a wide variety of trading venues and financial products. Cross References Securities Act Regulation D

Speech by Commissioner Luis A. Aguilar February 4, 2011 In a recent speech, SEC Commissioner Luis Aguilar discussed, among other things, (i) the need for regulators to have raw data, and in particular the SEC's consolidated and uniform audit trail proposal; (ii) the need for the Enforcement Division to bring cases with "obvious deterrent effect[s];" and (iii) the SEC's budget. Cross References 34-62174 (SEC Consolidated Audit Trail Proposal)

Speech by SEC Commissioner Kathleen L. Casey February 4, 2011 In a recent speech, SEC Commissioner Kathleen Casey discussed (i) the need to keep costs and benefits in mind during the SEC's rulemaking under Dodd-Frank; and (ii) retroactively-applying provisions in Dodd-Frank. With respect to retroactivity, Commissioner Casey highlighted case law on the topic, and considered how courts might address some of the many provisions in Dodd-Frank that could be interpreted to apply retroactively. In particular, Commissioner Casey questioned the Enforcement Division's recent use of new authority to