Bank of Montreal No-Action Letter April 8, 2011 The SEC published a no-action letter granting an exemption to the Bank of Montreal from Rules 101 and 102 of Regulation M so that the firm could continue to engage in certain transactions outside of the United States in Bank of Montreal shares during a proposed acquisition of another firm. The guidance is substantially similar to relief under Reg. M previously granted by the SEC staff. Cross References Reg. M, Rules 101, 102 Deutsche Bank AG, SEC No-Action Letter (9/16/2010)

April 14, 2011 The Joint Administrators of Lehman Brothers International (Europe) - in administration ("LBIE") have today updated the creditor community with details of their progress in the last six month period of the Administration. The announcement said that key achievements to date included: A Consensual Approach for the agreement of unsecured claims has been launched and we are close to having issued the first 100 Claims Determination Deeds to creditors with an aggregate claims value of approximately £1.1bn. We have concluded a major change programme to achieve full independence of the

April 13, 2011 At the latest in the LMA's series of loan operations/settlement seminars, held on 12 April 2011, Joe Widner, Global Head of Loan Processing at Markit, demonstrated how fully electronic settlement of loan transactions will take place on Markit Clear, the trade settlement platform operated by Markit. The company expects to introduce the service in the European market in 2011.

FINRA AWC Letter No. 2008013863701 April 14, 2011 FINRA announced a $1.5 million fine (and $425,000 in required returns to customers) against a broker-dealer for its alleged failure to disclose certain compensation received and conflicts of interest in connection with sales of auction rate securities (ARS). The FINRA action alleges that three brokers at the firm failed to disclose that they received compensation for transactions in ARS which they purchased for accounts over which they had discretionary authority. FINRA also found that the brokers "failed to disclose the existence of comparable

Financial Services Authority April 14, 2011 The FSA has fined IFA firm Specialist Solutions plc pound;35,000 for failing to assess adequately whether customers were eligible to receive promotions for Unregulated Collective Investment Schemes (UCIS) and failing to ensure that customers were given suitable advice to invest in them. The FSA uncovered the issues with Specialist Solutions' recommendations as part of its thematic review into the promotion of UCIS in 2010.