Consilium October 24, 2011 On 20 October 2011, the European Commission published a legislative proposal to amend the Markets in Financial Instruments Directive (MiFID) (2004/39/EC) and its implementing regulation. Among other things, the proposal includes new rules on organisation of central counterparties; portability of client accounts and segregation of client assets; reporting of OTC transactions; and business conduct standards.

October 25, 2011 The London Stock Exchange Group plc has announced that it has completed the acquisition of Transaction Reporting Service (" TRS"), the FSA's Approved Reporting Mechanism (" ARM"). Existing TRS clients can now migrate to the UnaVista platform, the Group's own ARM, which has acquired the rights to accept brokers' TRS-formatted data submissions. The Group stated that TRS customers will benefit from UnaVista's functionality enhancements including management dashboards, data reconciliations and reference data for all asset types incorporating the new Alternative Instrument

Financial Services Authority October 24, 2011 On 24 October 2011, the FSA published its newsletter which included finalised guidance for reporting of transactions on: turquoise derivatives; and derivative markets where the reference data is not available.

International Swaps and Derivatives Association October 27, 2011 ISDA has announced that following recent events related to the restructuring of Greek sovereign debt, it has updated its Greek sovereign debt Q&A. The document includes responses to the most frequently asked questions regarding the application of credit default swaps contracts in Greek sovereign debt - it outlines the triggers for credit events, the process for determining a credit event and the current amount of CDS notional outstanding on Greek sovereign debt.

Financial Services Authority October 28, 2011 In light of its review of applications by firms to change proportionality tiers, the FSA has proposed to amend its guidance to allow banks and building societies with capital resources between pound;50 and pound;100 million to benefit from tier 3 treatment. Comments on the suggested change to the guidance should be sent to the FSA no later than 28 November 2011.