Financial Stability Board October 27, 2011 At the Seoul 2010 summit, G20 leaders called on the FSB, IMF and BIS to carry out further research on macroprudential policy. This report sets out the progress in implementing macroprudential policy framework in three main areas: (i) advances in identifying and monitoring systemic financial risk, (ii) designating and calibrating instruments for macroprudential purposes and (iii) building institutional and governance arrangements in the domestic and regional context. The overall conclusion of the report is that effective macroprudential frameworks

Financial Stability Board October 27, 2011 The Financial Stability Board has published a report on Shadow Banking: Strengthening Oversight and Regulation, following a request for recommendations by the G20 Leaders at the 2010 Seoul Summit. The report sets out the overall approach being taken to strengthen oversight and regulation of shadow banking, and sets out proposals to (i) intensify monitoring and (ii) enhance regulation. The case for further regulatory action will be considered in five workstreams, including ones focused on securitsations, money market funds and securities lending and

PLC Financial Services October 26, 2011 The High Court judgment, dated 26 August 2011, relating to the Court's decision to dismiss a further application for an interim injunction to restrain the FSA from publishing a decision notice in respect of Swift Trade Inc., has now been published. On 31 August 2011, the FSA published the decision notice, dated 6 May 2011, that it issued to Swift Trade. The decision notice indicated that the FSA intended to fine Swift Trade £8 million for engaging in market abuse. However, Swift Trade referred the matter to the Upper Tribunal (Tax and Chancery Chamber)

October 28, 2011 The Securites and Markets Stakeholder Group has published its review of ESMA's draft technical advice to the European Commission on implementation of the Alternative Investment Fund Managers Directive. The Group has taken the view that ESMA's advice should focus on providing a balance between serving as a guide for industry participants and national authorities and staying within the perimeters of the Level 1 text of the Directive. In particular, they suggest that ESMA should reconsider its advice on areas such as equivalence, cooperation agreements with third-country

European Commission October 25, 2011 On 25 October 2011, the European Commission published a provisional text of a proposal for a directive to amend the Transparency Directive (2004/109/EC). The provisional context contains the following amendments: the disclosure of major holdings is extended to cash-settled derivatives; holdings to be aggregated with holdings of voting rights in order to ascertain whether any notification obligation is triggered; the definition of issuer has been broadened to include issuers of non-listed securities represented by depositary receipts which are admitted to