The European Banking Authority has published the final results of its EU-wide recapitalization exercise, including data on all individual banks. Although the exercise resulted in an increase of more than €200 billion in banks’ capital positions, the EBA stressed that the market environment remains challenging, and announced that it will be issuing a new recommendation for banks to maintain an absolute amount of CT1 capital equivalent to the level of 9% Core Tier One ratio at the end of June 2012. Banks will also be required to set out their plans to ensure compliance with the upcoming Capital

The European Securities and Markets Association has published a list of shares which will be exempt from requirements under the EU regulation on short selling and credit default swaps in relation to (i) transparency of net short positions, (ii) public disclosure of significant net short positions, (iii) restrictions on uncovered short sales and (iv) buy-in procedures. Queries regarding the content of the list should be directed to the relevant competent national authority for the applicable share. The list will be published on a bi-annual basis, subject to more frequent updates on a case-by

Further to the reforms of the UK financial services regulatory structure, the Financial Services Authority is seeking public comment on the authorization and regulation of financial services businesses by the new Prudential Regulation Authority (the #8220; PRA#8221;) and the Financial Conduct Authority (the #8220; FCA#8221;). In particular, the paper is seeking industry opinion on separating the current list of controlled functions for firms which will be regulated by both the PRA and FCA (in general, systemically-important firms). Comments should be submitted by December 7, 2012.

The Financial Services Authority has launched a consultation which sets out a number of suggestions for amendments to the Listing Rules, as a follow-up to its consultation of January 2012. The proposals focus on two main areas: - clarifying the operation of the free-float provisions, which allow the FSA to consider a free float of below 25% if there is sufficient liquidity; and - greater corporate governance requirements for companies with a dominant shareholder. Responses to the consultation should be submitted by January 2, 2013.

CFTC Commissioner Chilton made a speech reviewing and addressing the final implementation phases of the Dodd-Frank Act. Commissioner Chilton discussed his ideas as to how the process can move forward quickly, responsibly and effectively in implementing financial market reform. Specifically, he suggests the following two points: Compliance with Dodd-Frank rules should be required by those that have requested guidance or relief when individual, reasonable requests for clarification or other relief have been addressed sufficiently, which could happen in the next few days, or it could take longer