August 26, 2011 ESMA has reviewed the issue of European Money Market Funds and has published a series of questions and answers in order to encourage common supervisory approaches and practices in applying the guidelines developed by CESR. The Q&A document will be continually edited and updated to reflect any further issues which may arise. Questions for consideration may be sent to moneymarketfunds@esma.europa.eu.

Chicago Business August 25, 2011 The CFTC said that it settled charges against Dearborn Trading Inc., a commodity pool operator, and its owner Joel Bronstein for failing to file an annual report, and it required them to pay an $180,000 penalty. The CFTC also settled charges against Craig A. Taffel, a registered floor broker, for acting as a futures commission merchant without being registered. He was also ordered to pay an $180,000 penalty. The agency also said it settled charges against Chicago-based Teneco Inc., a futures commission merchant, for failing to diligently supervise its employees

Opening Remarks Aug. 25, 2011 CFTC Chairman Gary Gensler's opening remarks at a Conference on Commodity Markets, in which he announces that "[s]tarting next month, we are likely to take up rules relating to position limits, clearinghouse core principles, business conduct, entity definitions, trading, data reporting and the end-user exemption."

76 FR 51457 August 15, 2011 The SEC granted a temporary exemption to floor broker operations of broker-dealers with market access and who handle orders on a manual basis from the automated controls requirement of recently-adopted Exchange Act Rules 15c3-5(c)(1)-(2). For further detail on the requirements of Rule 15c3-5, see Cadwalader's Clients and Friends Memo, The SEC Publishes Final Rule Regulating Access to Securities Markets (Nov. 15, 2010). For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie; Glen P. Barrentine. Cross

RN 11-39 August 18, 2011 FINRA published a regulatory notice responding to further questions raised after it published guidance in early 2010 on the use of social media in communications with the public (RN 10-06). In particular, this notice addresses the following issues relating to social media websites: (1) recordkeeping obligations; (2) supervisory review; (3) links to third-party websites; and (4) data fees. For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie; Glen P. Barrentine. Cross References: FINRA RN 10-06 (Guidance