European Parliament June 7, 2011 The Committee on Economic and Monetary Affairs of the European Parliament has published a report on the proposal for a regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories. The report includes the following: (i) the draft European Parliament legislative resolution on the proposal; (ii) an opinion of the Committee on Industry, Research and Energy; and (iii) an opinion of the Committee on Legal Affairs.

British and Irish Legal Information Institute June 22, 2011 Unappealable decisions of the Upper Tribunal are still subject to judicial review by the High Court, but only where there is an important point of principle or practice or some other compelling reason for the case to be reviewed. Unrestricted judicial review in this context is unnecessary and a waste of resources. This judgment deals with two English cases, while a separate judgment deals with the Scottish case Eba v Advocate General for Scotland. The issue common to all three was the extent to which decisions of the Upper Tribunal

June 23, 2011 On 22 December 2009, the Joint Administrators filed a petition at the Frankfurt Main Regional Court in Germany, claiming the return of $1 billion plus interest to LBIE by Lehman Brothers Bankhaus AG (" Bankhaus"). This claim was dismissed by the Frankfurt Court. The written judgment denied the existence of a trust relationship between LBIE and Bankhaus and failed to make a judgment on the substance of LBIE's pari passu claim for the client monies, prompting LBIE to appeal. On 18 May 2011, the Joint Administrators attended the Appeal Court hearing. Following this oral hearing the

CFTC Announces Members of the Technology Advisory Subcommittee on Data Standardization CFTC PR 6056-11 June 23, 2011 The CFTC has selected the members of the Subcommittee on Data Standardization, a new Subcommittee of the CFTC's Technology Advisory Committee. The Subcommittee will report its recommendations to the full Technology Advisory Committee Subcommittee will look into public/private solutions for creating well-accepted standards for describing, communicating, and storing data on complex financial products.

United Kingdom Parliament May 13, 2011 The Financial Services (Regulation of Derivatives) Bill has been published by the House of Commons. In summary, the Bill proposes to require certain financial institutions to prepare parallel accounts on the basis of the lower of historic cost and mark to market for their exposure to derivatives and for connected purposes. Cross References 1st reading: House of Commons 15 March, 2011