Consilium May 13, 2011 The European Parliament and Council have published the text of the Directive on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010. The objective of the Directive is to create a comprehensive and effective regulatory and supervisory framework for AIFMs at the European level. The Directive will provide robust and harmonised regulatory standards for all AIFM within scope and will enhance the transparency of the activities of AIFM and the funds they manage towards investors and

Consilium May 11, 2011 The European Parliament and Council have published the Regulation amending Regulation (EC) no. 1060/2009 on Credit Rating Agencies. The objective of the Regulation is to introduce centralised oversight of credit rating agencies operating in the EU. The European Securities and Markets Authority is to assume general competence in matters relating to the registration and on-going supervision of registered credit rating agencies as well as matters related to ratings issued by rating agencies established in third countries that operate in the EU under the certification or

CFTC Agricultural Advisory Meeting CFTC PR 6038-11 May 16, 2011 The CFTC will convene a meeting of its Agricultural Advisory Committee (AAC) on Thursday, May 19, 2011, to obtain the views of agricultural futures market experts, national farm organizations, major commodity and agribusiness groups and the farm banking community. The major topics for discussion will be issues related to the Dodd-Frank Act, including position limits, hedge exemptions, the swap dealer definition, the end user exception and margin requirements for uncleared swaps. The AAC also will receive a presentation on recent

European Parliament May 13, 2011 On 11 May 2011, the European Parliament adopted a resolution on EU corporate governance in financial institutions in response to its continuous evolution. The resolution focuses on the need for a proportionate approach combining targeted principle-based regulations and flexible 'comply or explain' codes of best practice in order to maintain and enhance corporate governance principles. The substantive sections of the resolution are: i) risk, ii) remuneration, iii) supervision, iv) board of directors and v) shareholder activity.

May 13, 2011 The European Council is expected to agree a general approach on a draft regulation on short selling and credit default swaps. The draft regulation is intended to harmonise rules for short selling and certain aspects of credit default swaps and detail regulatory powers in situations where there is a serious threat to financial stability. The adoption of this general approach will enable the presidency, on behalf of the Council, to start negotiations with the European Parliament.