European Securities and Markets Authority May 7, 2012 ESMA has published a call for evidence on key elements to be included in its guidelines for harmonised transaction reporting and on updates on its OTC derivatives guidelines. ESMA will consider all comments received by June 4, 2012, and will define its further work in these areas on the basis of views submitted.

The Danish Presidency of the Council of the EU May 15, 2012 EU Economic and Finance Ministers have approved the proposed Capital Requirements Directive. The Directive focusses on strengthening capital requirements for banks, but also contains measures on the transparency of banks' leverage, corporate government, and sanctions for banks that infringe the rules. The Directive is intended to enter into force on January 1, 2013.

Bank of England May 28, 2012 The Bank of England has published a paper on the implicit subsidy of UK banks by the government and the associated distortions in the financial system. Estimates of the implicit subsidy to leading UK banks vary from around £6 billion to over £10 billion.

Bank for International Settlements May 3, 2012 The Basel Committee on Banking Supervision has issued a consultative document on the fundamental review of trading book capital requirements. The document sets out a revised market risk framework, as well as a number of proposals to improve trading book capital requirements. Comments on the consultative document should be submitted by September 7, 2012.

CFTC Orders Nevada Resident Luis Salazar-Correa and His Company, Prosperity Team, LLC, to Pay More than $2.6 Million to Settle CFTC Anti-fraud Forex Action