SEC Release No. 33-9244 / 34-64968 July 26, 2011 The SEC revised and re-proposed certain rules relating to asset-backed securities.The proposal would amend the registration and transactional requirements relating to shelf registration of asset-backed securities.For further detail on this proposal, see Malcolm Wattman, Frank Polverino Matthew Feig, SEC Re-proposal of Shelf Eligibility Conditions for Asset-Backed Securities and Applicability to Insurance-Linked Securities (Aug. 4, 2011) (CWT C&F Memo). Cross References SEC Press Release No. 2011-156 SEC Release No. 33-9117 / 34-61858 (initial

July 22, 2011 ESMA has published a discussion paper setting out policy orientations on guidelines for UCITS Exchange-Traded Funds and structured UCITS. ESMA has reviewed the current regulatory regime applicable to such funds and considers that the existing requirements are not sufficient to take account of the specific features and risks associated with these types of fund. In the discussion paper, ESMA examines the possible measures that could be introduced to mitigate the risk that particularly complex products, which may be difficult to understand and evaluate, are made available to retail

Financial Services Authority July 25, 2011 In response to the introduction of the Commission Auction Regulation, the EU's new carbon emission allowance auctioning regime, the FSA has issued a consultation paper to propose changes to the Recognised Investment Changes and Recognised Clearing House sourcebook and Fees. The key change suggested is the introduction of the Recognised Auction Platform regime, which will form the framework for the authorisation and supervision of auction platforms auctioning emission allowances. Any comments on the proposals should be sent to the FSA no later than 18

The FSA has opened a guidance consultation on liquidity swaps. The consultation arose in response to the increasing trend of banks seeking to access liquidity embedded within asset portfolios held by insurers by entering into various transactions which the FSA collectively refers to as "liquidity swaps". The proposed guidance addresses the following key issues: (i) Wrong-way risk: use of own-issued or own-originated securities as collateral; (ii) Limit structures: interdependencies between micro-prudential and macro-prudential risks; (iii) Intra-group transactions: conflicts of interest; and

SEC Release No. 33-9245 / 34-64975 July 26, 2011 The SEC adopted new rules, as required by the Dodd-Frank Act, to remove credit ratings as eligibility criteria for issuers seeking to use “short forM” registration for their securities.In lieu of credit ratings, the new rules replace it with four tests that look at, among other things, the company’s amount of securities issuances and company’s regulatory filing history. Cross References SEC Press Release No. 2011-155 Securities Act Forms S-4 and F-4 Securities Act Rules 134, 138, 139,168 Dodd-Frank § 939A