European Parliament November 15, 2011 The European Parliament has adopted a proposal for a regulation on short selling and credit default swaps. Key points of the proposal include restrictions on entering into naked CDS whose underlying relates to sovereign debt, recordkeeping requirements for holders of significant net short positions, and the obligation to report net short positions constituting to 0.5% or more of an issuer's issued share capital The resolution will now be considered by the Council of Ministers.

November 15, 2011 The European Commission has published proposals to reform the EU Regulation on Credit Rating Agencies in an effort to create greater transparency and competition amongst credit rating agencies operating in the EU. Measures proposed include (i) more transparent and timely sovereign ratings, (ii) decreasing investors' reliance on ratings through avenues such as greater access to information from issuers (iii) increased diversity and independence of credit rating agencies, and (iv) avenues for investors to seek redress against credit rating agencies. The proposals will now pass

November 16, 2011 The European Securities and Markets Authority has published a Final Report containing its technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive.

November 21, 2011 The European Securities and Markets Authority has published the most recent statements from national regulators on measures to control the use of short selling in their respective jurisdictions.

Financial Services Authority November 2011 The FSA has published Finalised Guidance on 'enhancing frameworks in the standardised approach to operational risk - policies and documentation'. The guidance should assist firms and supervisors in understanding, assessing and enhancing the adequacy and effectiveness of operational risk frameworks used by firms to implement the standardised approach to operational risk. The aim of this guidance is to assist supervisors in assessing and challenging firms' policies and documentation and the way such policies and documentation are managed. It also aims