MSRB Notice No. 2011-51 September 12, 2011 The MSRB withdrew its rulemaking proposals relating to the operation of "municipal advisors," a new type of entity created under Dodd-Frank. The MSRB stated that the proposals will be withheld until the SEC adopts final rules defining the term "municipal advisor." The relevant provision of Dodd-Frank and the SEC proposed implementing rules have each came under significant scrutiny from industry commenters and members of Congress from both political parties. For more information about this document, you may contact one of the following Cadwalader

"Expect the Unexpected", Speech by CFTC Commissioner Bart Chilton September 9, 2011 In a wide-ranging speech, CFTC Commissioner Bart Chilton, a Democrat, claims that the economic meltdown of 2008 was caused by "government getting out of the way." He observes that today "this industry, this exchange-trading of swaps, will be built from the ground up." with statutory dictates and new government requirements for "swaps execution facilities" and "swaps data repositories," and that "all of these entities-and the participants-will be registered with the Commission and will require staff to ensure

Outline-Final Dodd-Frank Rule Schedule September 9, 2011 The CFTC issued an Outline of Final Dodd-Frank Title VII Rules the CFTC May Consider in 2011 and the First Quarter of 2012. Cross References: Dodd-Frank Act Section 754; 76 FR 42508

76 FR 56103 September 12, 2011 The CFTC is amending its regulations governing off-exchange foreign currency transactions with members of the retail public (i.e., retail forex transactions). These amendments (Amendments) are necessary to incorporate into Part 5 of the CFTC's regulations changes made to the Commodity Exchange Act by the Dodd-Frank Act. The Commission is also issuing certain related technical interpretations of various provisions of the CEA as amended by the Dodd-Frank Act with respect to retail forex transactions. Effective Date: September 12, 2011 Cross References: Dodd-Frank

SEC Press Release No. 2011-179 September 6, 2011 SEC Chairman Mary Schapiro issued a statement to confirm that it will not appeal or request en banc review of a recent decision of the D.C. Circuit invalidating Exchange Act Rule 14a-11, on shareholder proposals in proxy statements. The statement further said that amendments to Rule 14a-8, which were adopted at the same time as Rule 14a-11, but which were not vacated by the court decision, will become effective and the SEC will publish a notice with a new effective date for such amendments. Cross References Business Roundtable v. SEC, No. 10