News Article In an article describing the long hours regulators at the SEC and CFTC are putting in to implement Dodd-Frank, the chief operating officer at the Options Clearing Corporation is quoted as saying: "The regulatory structure in the US has some significant uncertainty to it right now." One hot-botton issue currently being debated is how pension funds and asset managers will be required to handle margin collateral, which is posted to a clearing house, of a central counterparty, to protect against a default, which pits large asset managers who want such funds "segregated" in individual

CFTC Announcements The Technology Advisory Committee will hold a public meeting on January 27, 2011, from 1 p.m. to 5 p.m., at the CFTC's Washington, DC headquarters. Matters to be addressed at the meeting are: Recommendations from the Pre-trade Functionality Subcommittee. Consideration of Technology Challenges for Implementation of Architectures for Trade Processing and Records Management. Document Number 76 Fed. Reg. 776 Date January 6, 2011

SEC Litigation Release The SEC announced the filing of a civil action against a firm for its alleged dumping into the market shares of penny stocks which it acquired from issuers at deep discounts under the pretense of a long-term investment. The SEC complaint alleges that the practice amounted to public stock distributions in violation of section 5 of the Securities Act. Document Number SEC LR-21798 Date January 6, 2011 Cross References (links may require a Cabinet subscription) SEC PR 2011-1 SEC Complaint Securities Act § 5

www.isda.org ISDA publishes the onshore single name CDS confirmation referencing Korean entities. Date January 2011

PRESS/Article Issuers are fighting the proposed requirement that appointed board members of municipal entities register with both the SEC and the MSRB if they advise on the issuance of municipal ­securities. The argument is that registration would have a chilling effect on the ability to find volunteers willing to serve on the boards of bond-issuing authorities. The SEC is seeking comments on the proposal for 45 days after its publication in the Federal Register, possibly this week. Date January 6, 2011 Cross References (links may require a Cabinet subscription) Proposed Rule S7-45-10