The CFTC Division of Market Oversight yesterday issued an updated version of the Guidebook for Part 20 Reports, which provides additional guidance and detailed instructions for submitting large swaps trader reports to the Commission. View release in full here(links externally to CFTC website).

European Parliament May 23, 2012 The European Parliament has adopted a legislative resolution on the European Commission's proposal for a Financial Transaction Tax, declaring that such a tax should go ahead, even if only some member states would choose to implement it.

European Commission May 25, 2012 The European Commission is set to propose the creation of a new bank resolution regime, with the aim of ensuring the long-term stability of the financial system and minimising the effect of future financial crises on tax payers and on economic growth. Key elements of the proposal include powers for early intervention by supervisory authorities, co-ordination tools and bail-in measures.

European Central Bank May 3, 2012 The ECB has published an occasional paper on shadow banking in the Euro Area. The paper presents a first investigation into the size and structure of shadow banking and examines the links between the regulated and non-bank-regulated segments of the financial sector.

Financial Times May 29, 2012 Patrick Pearson, head of the European Commission's Financial Markets Infrastructure Unit, has commented that European regulators will not meet the deadline for mandatory clearing of derivatives set by the G20 for January 1, 2013. Mr. Pearson also noted that the European Securities and Markets Authority was unable to determine compliance dates for clearing and reporting trades.