Financial Services Authority July 11, 2011 The consultation paper seeks views on the process and scope of review the FSA undertakes when assessing the adequacy of the counterparty credit risk management framework within a central counterparty. The FSA assesses both applications and existing services against the UK standards for central counterparties in Part 18 of the Financial Services and Markets Act and the Recognition Requirements. The consulatation provides further information as to the way in which the FSA assesses compliance with the Recognition Requirements

Federal Register: Prohibition on the Employment, or Attempted Employment, of Manipulative and Deceptive Devices - Prohibition on Price Manipulation Federal Register: Agricultural Commodity Definition Cross References Dodd-Frank Act, Title VII, Secs. 721, 723 753

British and Irish Legal Information Institute July 7, 2011 In the case of IMC Securities BV v Stichting Autoriteit Fianciële Markten, the European Court of Justice ruled on the interpretation of Article 1(2)(a), second indent of the Market Abuse Directive. In particular, the court was asked to determine whether this provision requires the price of a financial instrument to remain at an abnormal or artificial level for more than a certain amount of time in order for this constitute an abusive practice. It was decided that no minimum time period should be set, in order to protect the integrity

Dissent of Commissioner Scott D. O'Malia To Fiscal Year 2012 President's Budget Performance Plan July 8, 2011 CFTC Commissioner Scott O'Malia dissents from the CFTC's spending plan, which he complains "continues to concentrate resources on an ever-expanding staff hiring plan that is both fiscally unsustainable and detrimental to the Commission's already ailing technology programs." O'Malia argues as he has in the past for allocating more resources to technology rather than humans. "This spending plan proposes to hire 50 additional federal employees-12 of which will implement internal

legislation.gov.uk July 7, 2011 The Prospectus Regulations 2011 (the "Regulations"), which come into force on 31 July 2011, were presented to the UK Parliament on 8 July 2011. The Regulations will transpose Directive 2010/73/EU into UK law, and in particular will amend two provisions of the Financial Services and Markets Act 2000. The implementation of the Regulations will have the following effect: (i) the number of investors to whom an offer of securities made before a prospectus will increase from 100 to 150; and (ii) the total size of the offer which may be made before a prospectus is