Financial Services Authority April 27, 2011 On 27 April 2011, the FSA published guidance on the Individual Liquidity Systems Assessment (“ILSA”) submission information document. The ILSA submission information document is intended to give Individual Liquidity Adequacy Standards firms, pursuant to the Prudential sourcebook for Banks, Building Societies and Investment Firms, information on what the FSA requires them to include in an ILSA. The core of the submitted information will comprise an evaluation of compliance levels and sources of liquidity.

CFTC-Dodd-Frank Rulemaking May 4, 2011 In order to provide interested parties with an additional opportunity to participate in these Dodd-Frank Act rulemakings and comment on the proposed new regulatory framework, the Commission is reopening or extending the comment period for many of its proposed rulemakings. The Commission is also requesting comment on the order in which it should consider final rulemakings made under the Dodd-Frank Act. Cross References Dodd-Frank Act, Title VII

CFTC Speeches Federal Reserve Board of Chicago, 47th Annual Conference on Bank Structure and Competition, Theme Panel Implementing Dodd-Frank: Progress to Date and Recommendations for the Future May 4, 2011 CFTC Commissioner Scott O’Malia discusses at length a number of Dodd-Frank issues. Here are two interesting passages: “I find myself asking if we are really going to change the fundamentals of the market. If we take the flexibility out of the swaps market by trying to make those unique instruments trade as though they’re futures, and ignore the characteristics that make them useful tools to

CFTC Speeches "Avoidable" May 4, 2011 CFTC Commissioner Bart Chilton talks about the need for the CFTC to be more "pro-active" and repeats his critique of high-frequency trading and the role of "massive passives," i.e., index funds in the financial markets. Cross References Dodd-Frank Act, Title VII

SEC Release No. 34-64397; SR-FINRA-2011-019 May 4, 2011 The SEC declared immediately effective a FINRA proposal to amend certain FINRA rules to replace references to "OTC Bulletin Board" and "OTCBB" with "Non-NMS Quotation Service" and "NNQS." The rule changes relate to FINRA's decision to divest itself of the OTCBB (although not the technology comprising the interdealer quotation system operated by FINRA). The rule change will not be effective for at least 120 days. Cross References FINRA Rule 6500 Series, Rules 7700, 7720, 7740