CFTC Publishes Two New Data Sets on Daily Net Position Changes CFTC PR 6066-11 July 5, 2011 The CFTC announced the release of two new data sets that add further transparency to commodity futures markets. The new reports, entitled "Large Trader Net Position Changes" and "Trading Account Net Position Changes," build on the CFTC transparency program initiatives. The data and explanatory notes, as well as average values for both measures, can be found on our website. The CFTC is providing this data to the public on a one-time basis. The new "Large Trader Net Position Changes" data relies on the

The Takeover Panel July 4, 2011 The Takeover Panel has published guidance in relation to its proposed amendments to the Takeover Code. The guidance, in particular the guidance as to the potential transitional arrangements, is intended to explain the likely sequence of events if the proposed amendments to the Code are adopted. Of particular importance is the "put up or shut up provision" which protects target companies. The guidance states that there will be an automatic presumption of a 28 day limit between an approach and a formal offer being made. This approach contrasts to the current

EUR-Lex July 1 2011 The text of the Alternative Investment Fund Managers Directive ("AIFM") was published on 1 July 2011 and will enter into force on 21 July 2011. Implementation by member states is required by 22 July 2013. The aim of the AIFM Directive is to introduce a harmonised regulatory framework across the EU for EU-established managers of alternative investment funds. An AIFM includes any legal or natural person whose regular business is to manage one or more alternative investment funds (AIFs). An AIF is defined as a "collective investment undertaking", although this term is not

On 1 July, 2011, the Basel Committee on Banking Supervision issued final Pillar 3 disclosure requirements for remuneration. The disclosure requirements build on the comments received from the consultation in December 2010 and the supplemental Pillar 2 guidance issued in July 2009. The Basel Committee intends that these disclosure requirements, developed in consultation with the Financial Stability Board's Principles for Sound Compensation Practices, will introduce effective, transparent assessments of banking compensation practice in relation to risk.

Bank for International Settlements June 25, 2011 The oversight body of the BCBS has agreed a consultative document which outlines the parameters that will be used in order to determine which banks fall into the category of 'global systemically important banks' (G-SIBs). This document has now been passed to the Financial Stability Board, and is expected to be issued for consultation at the end of July. The approach which has been taken revolves around five factors - size, interconnectedness, lack of substitutability, global (cross-jurisdictional) activity and complexity. As a consequence of