Financial Services Authority October 25, 2011 The FSA has fined Credit Suisse UK pound;5.95 million for systems and controls failings in relation to sales by its private bank of structured capital at risk products (" SCARPs"). Concerns were identified by the FSA during a supervisory visit to the firm, which subsequently led to the FSA commencing its enforcement investigation. The FSA found that Credit Suisse UK had poor systems and controls in place and failed to maintain adequate records regarding its advice on these products. These failings amounted to a breach of Principle 3 (FSA Handbook

Financial Services Authority October 27, 2011 The Financial Services Authority has published a new web page on the implementation of Basel III by way of CRD IV. The web page provides information on the objectives for CRD and CRR IV, discusses its place in the Single European Rule Book for financial services, and the timescales for implementation for the proposed legislation.

October 31, 2011 On 31 October, 2011, ESMA announced the registrations of DBRS, Fitch Ratings, Moody's Investor Service, and Standard Poor's (S&P) as Credit Rating Agencies (CRAs). In order to conduct business in the European Union (EU), the EU Regulation on Credit Rating Agencies requires CRAs to be registered in compliance with the requirements of the Regulation.

Financial Services Authority October 31, 2011 On 31 October 2011, the FSA registered the following firms as credit rating agencies: Standard Poor's Credit Market Services Europe Ltd; Fitch Ratings Limited, Fitch Ratings CIS Limited, Moody's Investors Service Ltd; and DBRS Ratings Limited.

International Organization of Securities Commissions October 20, 2011 The Technical Committee of the International Organization of Securities Commissions (" IOSCO") has published its Final Report on Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency. The Report analyses the most significant technological developments that have arisen in financial markets in recent years and their impact on market integrity and efficiency. The Report contains Recommendations aimed at promoting market integrity and efficiency and to mitigate the risks posed to the