Following the findings of a report by the Financial Services Authority into the failure of the Royal Bank of Scotland, Her Majesty's Treasury has published a consultation paper on sanctions for directors of failed banks. The proposals envisage a bar on such directors being able to hold similar positions at other financial institutions in the future, and also suggest new criminal penalties for serious misconduct in the management of a bank. Responses to the consultation should be submitted by September 30, 2012. HM Treasury

The European Commission has proposed a number of new rules to increase consumer protection in financial services, including: & proposals for key information to be provided to consumers when considering investments; revisions to the Insurance Mediation Directive to improve transparency and establish a level playing field for insurance sales; and revisions to the UCITS directive to clarify the rules on depositaries, remuneration of UCITS managers and sanctions for core breaches of the UCITS legal framework. European Union

The Serious Fraud Office has announced that it has opened an investigation into the rigging of the interbank lending rate by a number of UK banks. The Treasury has agreed to provide the SFO with £3 million to run the investigation, and the SFO has asked for the assistance of staff from the Financial Services Authority for the first time in its existence.

Brian M. Campbell; 34-67384, IA-3429 SEC administrative proceeding pursuant to Section 15(b) of the Exchange Act and Section 203(f)of the Advisers Act against Brian Campbell. Calhoun Asset Management, LLC; 33-9333, 34-67377, IA-3428, IC-30131 SEC administrative proceeding pursuant to Section 8A of the Securities Act, Section 21C of the Exchange Act, Sections 203(e) and 203(k) of the Advisers Act, and Section 9(b)of the Investment Company Act.

View notice in full here (links externally to SEC website).