August 5, 2011 The FSA has published finalised guidance in relation to the following: template for self-assessment of compliance with Remuneration Code (for firms in proportionality Tier 2); the Remuneration Code - Code staff list for Tier two firms; template for self-assessment of compliance with Remuneration Code; the Remuneration Code - Code staff list for Tier three and four firms; retention periods; guaranteed variable remuneration; and frequently asked questions on the Remuneration Code. Cross References Template for self-assessment of compliance with Remuneration Code (for firms in

Financial Services Authority August 5, 2011 The proposed guidance relates to Remuneration Code (SYSC 19A) in the FSA Handbook. The FSA's revised Remuneration Code came into force on 1 January 2011, implementing the rules on remuneration contained in the EU Capital Requirements Directive (CRD3). The proposed 'Dear CEO' letters set out the FSA's plans for monitoring implementation of the Code during the coming remuneration round. In an annex to the letter, the FSA also published proposed guidance for consultation on three policy issues. (i) Definition of 'Code staff' - how to identify staff

SEC Release No. 33-9251, 76 FR 49698 August 8, 2011 The SEC published a proposal to amend Securities Act Rule 146 to designate securities listed on BATS as "covered securities" under Securities Act Section 18. Securities designated as "covered" are exempt from state law registration requirements. Comments on the proposal are due by September 12, 2011. Please contact any of the following Cadwalader attorneys if you have any questions about this item: Alan Parness - alan.parness@cwt.com; Steven Lofchie -steven.lofchie@cwt.com. Cross ReferencesSecurities Act § 18Securities Act Rule 146BATS

OCIE Staff Summary Report on Issues Identified in Examinations of Certain Structured Products Sold to Retail Investors July 27, 2011 The Staff of the SEC's Office of Compliance Inspections and Examinations issued a summary report identifying various concerns relating to structured products marketed to retail investors. The report takes a generally critical view as to whether these products are suitable for retail investors and makes a number recommendations for broker-dealers marketing structured products, including: (i) adequate procedures and controls; (ii) requiring sales representatives to

Brief of SEC, Amicus Curiae in Salameh v. Tarsadia Hotel (9th Cir No. 11-55479) August 5, 2011 The SEC submitted an amicus brief in Salameh v. Tarsadia Hotel, a case in the Ninth Circuit Court of Appeals regarding whether certain real estate interests are "securities" for the purposes of the federal securities laws. The case deals with the sale of hotel rooms and related rental-management agreements in a luxury hotel that the defendants developed. During development, the defendants "sold" the rooms to plaintiffs and then entered into rental-management agreements with the plaintiffs that