European Banking Authority May 16, 2012 The European Bank has published guidelines on Stressed Value-At-Risk and on the Incremental Default and Migration Risk modelling approaches employed by credit institutions using the Internal Model Approach. National competent authorities are expected to implement the guidelines within six months after their publication.

European Securities and Markets Authority May 30, 2012 ESMA has published regulatory technical standards for credit rating agencies setting out: i. information they should provide when registering with ESMA; ii. how information disclosed to central respositories should be presented; iii. how ESMA will assess rating methodologies; and what information agencies will have to submit for ESMA to supervise compliance.

European Securities and Markets Authority April 20, 2012 ESMA has published its final advice to the Commission on possible delegated acts concerning the draft regulation on short selling and certain aspects of credit default swaps. This advice includes a discussion on what constitutes a significant fall in value for the various financial instruments and the criteria and factors to be taken into account in determining when adverse events or developments arise.

Financial Services Authority April 23, 2012 The FSA has published a new web page to provide a central repository for the most up to date Q&As concerning the Solvency II Programme.

Financial Services Authority April 30, 2012 The FSA has launched a three-month consultation on a consumer redress scheme aimed at delivering over pound;100 million in compensation to investors who were mis-sold the CF Arch cru Investment and Diversified Funds. This scheme is in addition to the pound;54 million payment scheme announced lat year. Comments on the consultation should be submitted by July 31, 2012.