The British Banking Association has confirmed that it will be reducing the number of LIBOR rates which are published daily from over 150 down to 37 by June 2013. The move was one of many recommended in the Wheatley Review of LIBOR, and follows the results of a public consultation exercise on the issue. The timeline for the changes will be as detailed in the Association's Feedback Statement of December 14, 2012. Lofchie Comment: Firms should survey their derivatives and lending documentation and determine what agreements will be impacted by the discontinuance. Additionally, firms should

The MFA issued a comment letter responding to the UK Financial Service Authority's ("FSA") consultation on the implementation of the Alternative Investment Fund Managers Directive ("AIFMD"). In the letter, the MFA highlighted the following key points: Transitional provisions: these provisions should apply equally to existing UK/EU AIFMs as well as to existing non-EU AIFMs. Scope: an EU delegate of a non-EU AIFM should not be required to be authorised under the AIFMD. Remuneration: AIFMs should be subject to no more onerous remuneration requirements than MiFID portfolio management firms. (Both

Dawn Stump, FIA's head of government affairs, presented the attached presentation on changes in the composition of key Congressional committees and the potential legislative issues affecting the derivatives industry, including reauthorizing funding for the CFTC. See: Slides of the presentation or listen to the audio (links externally to FIA website).

The CFPB published in the Federal Register final amendments and official commentary to Regulation Z and Regulation X with respect to mortgage servicer obligations. Effective Date: January 10, 2014. Cross-Reference(s): Dodd-Frank Sections 1411 ("Ability to Repay"), 1412 ("Safe Harbor and Rebuttal Presumption"), 1414 ("Additional Standards and Requirements"), 1418 ("Six-Month Notice Required before Reset of Hybrid Adjustable Rate Mortgages"), 1420 ("Disclosures Required in Monthly Statements for Residential Mortgage Loans"), and 1464 ("Truth in Lending Act Amendments"). View rule release in full

The FSOC has released minutes and webcasts for past Council meetings. Click on each link below to view the minutes for the related meeting. Note: Webcasts are available only for open session Council meetings. January 14, 2013, Notational Vote December 13, 2012 December 3, 2012 November 13, 2012 October 30, 2012 October 29, 2012 October 18, 2012 September 28, 2012 July 18, 2012 June 11, 2012 May 22, 2012 May 14, 2012, Notational Vote April 3, 2012 February 1, 2012 December 21, 2011 December 5, 2011 November 11, 2011 October 31, 2011 October 11, 2011 September 15, 2011 August 8, 2011 July 18