The Financial Services Authority has published its latest update on the anticipated transition of powers to the Prudential Regulatory Authority on April 1, 2013. The document consists of a series of updates on issues such as authorizations and transitional arrangements, the new authority's expected approach to supervision of regulated entities, changes to policy, and fees and costs.

The Financial Services Authority has invited all firms which trade any form of derivative to attend a breakfast seminar at its offices in London on April 11, 2013, for more information on reporting to trade repositories under the European Market Infrastructure Regulation. The presentation will cover issues such as details of the reporting requirements, examples of trading scenarios, and how reporting to trade repositories should be carried out. It will also give participants the opportunity to raise any questions they may have for the regulator.

CFTC Chairman Gary Gensler delivered remarks criticizing the London Interbank Offered Rate ("LIBOR") before the Global Financial Markets Association's Future of Global Benchmarks Conference. Chairman Gensler said, among other criticisms of LIBOR, that the very limited amount of unsecured lending between banks indicates that any measure of the rate at which such loans take place is not meaningful. Thus the question for Chairman Gensler becomes how the financial system will adopt to this shift in the market. View remarks in full here (links externally to CFTC website).See also: CFTC Chairman

The FRB has published in the Federal Register a comment period extension on a proposed rule to implement the enhanced prudential standards and early remediation requirements established under sections 165 and 166 of the Dodd-Frank Act for foreign banking organizations and foreign nonbank financial companies supervised by the FRB. Click hereto view our original story on the comment period extension. See: 78 FR 13294.

The SEC is adopting a rule adjusting for inflation the maximum amount of civil monetary penalties under the Securities Act, the Exchange Act, the Investment Company Act and the Advisers Act, and certain penalties under the Sarbanes-Oxley Act of 2002. Effective Date: [Date of publication in the Federal Register]. Click here to view rule release in full (links externally to SEC website).