www.isda.org ISDA has commented on the IASB and FASB proposals on US GAAP and IFRS models regarding offsetting of assets and liabilities in the balance sheet. ISDA believes that the' proposal to report derivatives on a gross basis rather than a net basis on the balance sheet is counterintuitive, may lead to complexity in practice and can obscure the real position of the entity. Date January 31, 2011 Cross References IFRS

News Article Republican lawmakers aiming to rein in the federal budget have asked U.S. agencies implementing the Dodd-Frank financial-rules overhaul to provide a full account of their spending, hiring and contracting. House Financial Services Committee Chairman Spencer Bachus and Representative Randy Neugebauer have asked nine agencies, including the Treasury Department, SEC, and CFTC to lay out the new law's effect on their fiscal 2011 budget requests. "It is our responsibility to ensure that mandates are not overly burdensome or wasteful of taxpayer money," Bachus and Neugebauer, who leads

CFTC Speeches Speech of Commissioner Bart Chilton to the American Public Gas Association Winter Conference. In this speech, Commissioner Chilton returns to his familiar and favorite themes--blaming "massive passives" (large passive index funds), algorithmic trading, and unregulated swaps for the financial markets ills of the past few years. Date January 31, 2011 Cross References Dodd-Frank Act, Title VII

The Joint Administrators of Lehman Brothers International (Europe) have published a series of changes to the Claim Resolution Agreement. The goal of these modifications is to facilitate the sending of Claim Amount Notices, as the amendments mean that to do so will not pre-empt the right of Signatories to raise Disputes. Date January 27, 2011

According to a report in InvestmentNews, FINRA CEO Richard Ketchum has indicated that a fiduciary standard for brokers is unlikely to occur before mid-2012. Mr. Ketchum made the comments at a recent speech before the Financial Services Institute, in which he outlined the potential administrative path toward a fiduciary standard for brokers. Publication Investment News Date February 1, 2011 Cross References SEC Staff Study on Investment Advisers and Broker-Dealers Dodd-Frank § 913