European Parliament In relation to the proposed regulation of the European Parliament and of the Council on short selling and certain aspects of credit default swaps: (i) debate or examination by the Council is expected to be set for 15 March 2011; and (ii) political agreement by the Council on the final act is expected on 17 May 2011. Date January 11, 2011

European Parliament In relation to the proposed regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories: (i) debate or examination by the Council is expected on 15 February 2011; (ii) a Parliamentary report is scheduled for adoption in committee (with a first or single reading) on 22 March 2011; (iii) the Parliament plenary sitting is expected on 10 May 2011; and (iv) political agreement by the Council on the final act is expected on 17 May 2011. Date January 11, 2011

ISDA/SIFMA In a joint comment letter to the CFTC submitted prior to the issuance of the proposed rule, Isda and Sifma express "deep concerns" regarding the rules that the CFTC is considering and urge the agency to "make significant changes" to the proposed rule before making it public. Among the letter's points are i) urging that the focus of the limits be solely to prevent manipulation or market disruption (as opposed to Chairman Gensler's view that limits are for preventing "excessive speculation); ii) imposing limits only on physically-settled contracts held in the spot month; iii)

News Article The fierce debate over a new regime to curb speculation in commodity markets raged in the days leading up to a key vote by the U.S. futures regulator as industry and lawmakers tried to press their views. The CFTC has not yet provided detailed text for its position limit proposal, but ISDA and SIFMA said they were "deeply concerned" the plans presented in December could hurt market liquidity and increase costs for companies that use futures and swaps to hedge their price risk. They encouraged the CFTC to consider a larger limit for passive investment funds. Publication Wall Street

Financial Services Authority The Financial Services Authority (FSA) has fined Christopher Gower £50,000 for making misleading and inaccurate disclosures to the market about Enterprise Inns plc (ETI) to clients via Bloomberg instant messenger, substantially impacting ETI share price. Date January 13, 2011