July 21, 2011 PWC have published an update concerning LBIE's SIPC Customer Omnibus Claim ( "Omnibus Claim") against Lehman Brothers, Inc. (" LBI"). As previously communicated, LBIE received an initial determination of its Omnibus Claim from the SIPA Trustee of LBI (The "Trustee") on 16 September 2010 (the "Determination"). The Determination stated that the Omnibus Claim for securities had been allowed for a defined list of securities and quantities valued by the Trustee at $6.2 billion. The Trustee deferred his determination in respect of cash balances owed to LBIE clients for a minimum of 30

SEC Release No. 34-64884; SR-FINRA-2011-033 July 14, 2011 The SEC declared immediately effective a FINRA proposal to adopt new FINRA Rule 0180, regarding the application of FINRA's rules to security-based swaps. The new rule seeks to provide relief akin to what the SEC has already provided, e.g., the rule does not grant relief from certain FINRA conduct rules. In particular, the new rule does not exempt security-based swaps from (i) FINRA Rule 2010 (standards of commercial honor and principles of trade); (ii) FINRA Rule 2020 (antifraud rule); (iii) FINRA Rule 3310 (AML program); and (iv) FINRA

76 FR 44262 July 25, 2011 The CFTC is adopting a final rule that amends existing CFTC regulations in order to implement new statutory provisions enacted by Title IX of the Dodd-Frank Act. The rule amendments FCMs, DCOs, and CPOs. The rule amendments implement the new statutory framework that requires agencies to replace any reference to or reliance on credit ratings in their regulations with an appropriate alternative standard. Effective Date: September 23, 2011 Cross References Dodd-Frank Act, Title IX, Sec. 939A; 17 CFR Parts 1 and 4; CFTC Rules 1.49 4.24

FINRA RN 11-33 July 22, 2011 FINRA published a regulatory notice to announce that October 17, 2011 will be the effective date for its recently approved rule changes to establish a registration category and qualification examination requirement for certain operations personnel. In addition, the regulatory notice provides a lengthy outline of the rule's requirements. The rule generally covers (1) senior management with certain operations functions; (2) supervisors and other persons responsible for authorizing certain operations functions; and (3) persons with the authority or discretion to

FINRA RN 11-32 July 18, 2011 FINRA published an FAQ to guide firms on automated regulatory reporting pursuant to new FINRA Rule 4530, which became effective on July 1, 2011. The rule requires firms to report to FINRA certain specified events and quarterly statistical information on written customer complaints and to file with FINRA copies of certain criminal actions, civil complaints, and arbitration claims. In particular, the FAQ provides firms guidance on (i) reporting of internal conclusions as to rule violations; (ii) what it means for a violation to have potential "widespread"