Agency for the Cooperation of Energy Regulators December 27, 2011 In anticipation of the entry into force of the regulation on wholesale energy market transparency and integrity (REMIT) on December 28, 2011, the Agency for the Cooperation of Energy Regulators (ACER) published guidance for market participants on the reporting of inside information and suspicious transactions.

CFTC Enforcement Press Release 6167-12 Order: Newedge USA, LLC The CFTC entered an order requiring Newedge USA, LLC (Newedge), a New York-based FCM to pay a $700,000 civil monetary penalty for submitting inaccurate large trader reports to the CFTC and for violating a February 7, 2011, CFTC order directing Newedge to improve the accuracy and timeliness of its large trader reporting. In addition to imposing a civil monetary penalty, the CFTC's order requires Newedge to cease and desist from violating the Commodity Exchange Act's requirement to timely submit accurate position reports and notices

European Securities and Markets Authority January 4, 2012 The European Securities and Markets Authority has published its expected programme of work for the upcoming year. Highlights of this year's agenda include of the finalisation and implementation of the regulation on short selling, EMIR and the AIFMD, as well as the supervision of newly registered Credit Rating Agencies and the drafting of harmonised binding technical standards in different areas.

Financial Services Authority January 4, 2012 The Financial Services Authority has published guidance on its role under the Payment Services Regulations 2009. The guidance aims to clarify the FSA's approach to firms which are, or are seeking to become authorised or registered as payment institutions, as well as other entities which are subject to certain provisions of the regulations.

Trustee Press Release Regarding UK Administrators' Position The U.S. trustee for the liquidation of MF Global Inc., reported that the Joint Special Administrators of MF Global UK Limited, the UK broker-dealer affiliate of MF Global, dispute the classification under UK law of approximately $600 to $700 million in US commodities claimant funds that were purportedly held as segregated assets for US customers dealing in foreign futures. In the Trustee's view, these funds were segregated for US customers who traded on foreign exchanges and, thus, should be returned to those customers. "I am