NFA Amendments to NFA Financial Requirements Sections 11(b), 14(c) and (d), and the related Interpretive Notice to become effective February 1, 2011. NFA Financial Requirements Section 11(b) and (c) inter alia prohibit a Forex Dealer Member (FDM) from including assets as current for purposes of determining adjusted net capital and from using those assets to cover currency positions if the assets are held at an affiliate or an unregulated person. An unregulated person is defined by the rule to include any entity except those specifically excluded. Document Number Notice to Members I-11-03 Date

News Article The CFTC hopes to fully implement its biggest crackdown on commodity market speculators by early 2012, a year after the deadline set by lawmakers, it said in a filing that gave the most detailed legal argument and timeline yet for the controversial plan. In the full text of its 100-page proposal, which must overcome significant internal skepticism before it can be finalized, the CFTC also clarified an interim plan demanding much more information about the positions held by big traders in energy and metals markets, saying it would affect some 140 entities on a monthly basis. In the

News Article Regulators have missed or postponed several deadlines to write rules needed to implement the financial overhaul triggered by the Dodd- Frank law. The SEC and CFTC are straining to keep up with the workload of turning the language in last summer's law into regulations in time to begin enforcing some of the new rules this summer. The CFTC will miss this month's deadline under the law to issue a rule aimed at curbing speculative trading of more than two dozen raw materials, including precious metals, crude oil and soybeans. Publication Wall Street Journal Date January 18, 2011 Cross

EuropeanIssuers On 14 January 2011, European Issuers', a pan European organisation, published its response to the European Commission's Consultation Paper on Credit Rating Agencies of 5 November 2010. European Issuers stated: the measures designed to prevent another financial crisis should not be applicable to all corporates as issuers of corporate bonds were not the cause of the financial crisis and consequently should not be penalised; opposition to the extension of the right of access to business information to other credit rating agencies other than that hired by an issuer; and preference

European Central Bank On 13 January 2010, the ECB published its opinion in response to proposal for a regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories. The ECB, in general, supports the proposed regulation's aim to lay down uniform requirements for OTC derivative contracts, and for the performance of activities of central counterparties and trade repositories. However, the ECB is concerned that the proposed regulation aims to promote financial stability in the OTC derivatives market from a prudential supervisory point of