Consilium November 8, 2011 The Council of the European Union has adopted a directive amending the financial conglomerate directive (" FICOD") in order to close loopholes and ensure appropriate supplementary supervision of financial entities in a financial conglomerate. The new directive also adapts the supervision of financial conglomerates to the EU's new supervisory structure. The revision of FICOD also amends the relevant legislation on banking and insurance supervision, namely the capital requirements directive (2006/48/EC and 2006/49/EC) and the directive on supplementary supervision of

CFTC Press Release 6145-11 ICE Letter The CFTC is requesting public comment on a petition submitted by ICE Clear Credit LLC (ICC) for an order pursuant to Section 4d(f) of the Commodity Exchange Act (Act). The petition requests an order that would set forth terms and conditions under which ICC and its clearing members that are dually registered as futures commission merchants and securities broker-dealers would be permitted to (1) commingle in an account subject to Section 4d(f) of the Act (a cleared swaps customer account) positions in swaps and security-based swaps and related customer money

CFTC Press Release 6144-11 CFTC Staff Letter The CFTC's Division of Market Oversight issued a letter to market participants requiring compliance with the new large trader reporting system for physical commodity swaps and swaptions. Clearing organizations and clearing members must begin reporting under the new system on November 21, 2011, and the Division requires fully compliant month-end open interest reports to be collected beginning September 2011 through February 2012 and submitted to the Commission by March 20, 2012. The Division is providing a temporary and conditional safe harbor for

Speech by CFTC Commissioner Bart Chilton Commissioner Chilton's speech to the New York Law School, Center on Financial Services Law, focuses on ponzi schemes and fraud. Speaking to his audience of law students, Chilton states: "And, by the way, government is a super place to work as a lawyer. But, believe me, if you end up in the world of billable hours where you must account for every 15 minutes of your time, it will be tough to keep an eye on what is right."

Speech by CFTC Commissioner Chilton CFTC Commissioner Bart Chilton covers a number of topics involving his view of "cheetahs" (high-frequency traders), position limits, and the end-user exemption. With respect to MF Global, Chilton states: "I am from the government, and I am here to help, here to help stop these internal repos once and for all. I think we have seen and heard quite enough on this rule and I have urged that we move forward on it at the very earliest opportunity, which I sure hope will be no later than December 5th." Cross References: CEA Section 4d; CFTC Rules, Part 190; CFTC