Financial Services Authority July 29, 2011 The purpose of the Consultation Paper (CP) is to seek views on the FSA's proposals to amend the Client Assets Sourcebook (CASS). Following the financial crisis and, in particular, the collapse of Lehman Brothers International (Europe) (LBIE), the FSA have enhanced the client assets regime through previous proposals. There are a number of proposals in the paper which to which the FSA seek a response. There are proposals on three different matters relating to the lien rules in CASS. These are: interim relief from the effect of the existing rules from

Technology Advisory Subcommittee Meeting on Data Standardization CFTC Press Release 6080-11 Agenda July 26, 2011 The CFTC announced that Subcommittee on Data Standardization, a new Subcommittee of the CFTC's Technology Advisory Committee will hold a public meeting on August 5, 2011 to look into public/private solutions for creating well-accepted standards for describing, communicating, and storing data on complex financial product.

FINRA RN 11-34 July 27, 2011 FINRA published a regulatory notice announcing that it is (i) reaffirming prior guidance in NASD NTM 00-02 and (ii) withdrawing guidance in NASD NTM 98-91, in light of changes to the regulatory framework in the United Kingdom.Notice 00-02 alerted firms of their obligations with respect to foreign law when soliciting business abroad.Notice 98-91 provided guidance on advertising to persons in the U.K., but FINRA found that changes in the U.K. regulatory structure no longer made that guidance appropriate. Cross References NASD NTM 00-02 NASD NTM 98-91

SEC Release No. 34-64976 July 27, 2011 The SEC adopted new Exchange Act Rule 13h-1 and Form 13H under the Exchange Act to require “large traders” (defined as those whose transactions in NMS securities is (i) equal to or greater than 2 million shares or $20 million on any day or (ii) 20 million shares or $200 million dollars during any calendar month) to identify itself to the SEC and make certain disclosures. Such large traders must provide an identification number to the broker-dealers through whom they trade, who must then maintain particular records of any transactions effected for the

Judgment in the case of Belmont Park Investments PTY Limited (Respondent) V BNY Corporate Trustee Services Limited and Lehman Brothers Special Financing Inc (Appellant) is expected to be handed down by the Supreme Court on 27 July 2011.