The Asset Securitization Forum ("ASF") has published a request it has made to the CFTC as to the proposed extent of CFTC regulation of securitization vehicles as "pools" by reason of their entering into swaps. The relief requested by the letter varies depending on the status of the vehicle; e.g., whether it is a "legacy" vehicle, the structure of the vehicle, and the purpose of the vehicle. Lofchie Comment:I would largely reiterate the comments that I made inyesterday's news as to ICI's challenge to the CFTC's rule amendment that would provide for the regulation of SEC-registered investment

The European Commission has published draft decisions by which, once finalized, it will recognize the legal and supervisory frameworks of the United States, Canada, and Australia as equivalent to the European Union requirements for credit rating agencies under the Credit Rating Agencies Regulation. This step follows the endorsement of the regimes by the European Securities and Markets Association, which provided the European Commission with technical advice on the equivalence of the regimes in April of this year. Lofchie Comment: The topic of one country's recognition of another country's

The European Commission is seeking public views on a regime to govern the recovery and resolution of financial institutions other than banks. In recognizing that the difficulties of non-bank institutions have the potential to pose a threat to wider financial stability, the consultation paper asks for input on recovery and resolution tools for central counterparties, central securities depositories, insurance firms, and reinsurance firms. Responses to the consultation should be submitted by December 28, 2012. See also thisrelated news story: European Commission to Propose New Framework for Bank

Rep. Baucus, a Republican who heads the House Financial Services Committee, published a survey that he has said demonstrated that banks (in response to the economic climate and the Dodd-Frank Act as well as the Durbin Amendment) have been forced to raise checking fees and, as a result, free checking with no minimum balance and no monthly fee is becoming increasingly rare. View release in full here (links externally to Financial Services Committee website).

The High-level Expert Group on reforming the structure of EU banking has presented its recommendations for further reforms of the banking sector. Suggestions in the report cover the five following areas: - Mandatory segregation of proprietary treading and other high-risk trading activities; - Separation of activities conditional on the recover and resolution plan; - Amendments to the use of bail-in instruments as a resolution tool; - Capital requirements on trading assets and real estate related loans; and - Increased governance and control of banks.