Financial Services Authority January 23, 2012 The FSA has published a discussion paper which sets out its provisional approach to implementing the Alternative Investment Fund Managers Directive in the UK. In particular, the paper touches on alternatives for policy development and identifies challenges and possible deviations for affected stakeholders. Feedback on the discussion paper should be submitted to the FSA no later than 23 March 2012.

CFTC Press Release 6173-12 Joint Report on International Swap Regulation The CFTC and SEC delivered to Congress a report on international swap regulation, as required by Section 719(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The provision requires the Commissions to report on how swaps are regulated in the United States, Asia, and Europe and to identify areas of regulation that are similar and other areas of regulation that could be harmonized. The report identifies areas of regulation that are similar and other areas of regulation that could be harmonized. Cross

Dissenting Statement of Commissioner O'Malia CFTC Commissioner O'Malia it complains that the CFTC/SEC Joint Report on International Swap Regulation fails to properly capture the entirety of the regulatory landscape and the challenges in harmonizing our rules. O'Malia argues that significant questions remain regarding the extraterritorial application of the specific rulemakings currently underway at the Commissions. Further, significant questions remain regarding the pace of rulemakings among the various regulatory bodies going forward. O'Malia also complains that neither the CFTC nor the SEC

Address by Commissioner O'Malia CFTC Commissioner Scott O'Malia addresses two issues: i) MF Global and ii) high-frequency trading. With respect to MF Global, O'Malia argues that the CFTC's rulemakings with respect to investment of customer funds and protection of cleared swaps customer property does not address what happened in MF Global-"I'm not aware of any evidence that the MF Global shortfall was related to investments of customer funds." He also states that the CFTC needs to stop addressing potentially fundamental issues through ad hoc actions. With respect to high frequency trading, O

Remarks by Commissioner Sommers CFTC Commissioner Sommers reviews issues surrounding the MF Global insolvency and the CFTC's efforts to make customers whole. Sommers expresses her support for a task force to develop recommendations for regulatory changes in the aftermath of MF Global. For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie, Mark Ellenberg, Athena Eastwood, Christopher Updike, Assia Damianova, and Robert Zwirb Cross References: CEA Section 4d; CFTC Rules 30.7 Part 190; Lofchie's Guide to CPO/CTA Regulation: Chapter