Securities and Exchange Commission April 8, 2011 The SEC released a no-action letter allowing Ambac to issue certain notes without registration pursuant to a court-supervised settlement. Cross References Securities Act Section 3(a)(10)

The SEC released a no-action letter allowing a 501(c)(3) tax-exempt microfinance charity to offer and sell certain notes without registration under the Securities Act or the Investment Company Act, and without qualification under the Trust Indenture Act.

April 5, 2011 Jointly with market participants and industry associations, ISDA submitted a letter to global regulators outlining commitments to improve safety in the OTC derivatives market by increasing standardization; expanding central clearing; enhancing bilateral risk management; and increasing transparency.

Council of the European Union April 11, 2010 The European Council has published its latest compromise proposal concerning the proposed Regulation on OTC derivative transactions, central counterparties and trade repositories (" EMIR"). The compromise is set to be discussed on 13-14 April 2011.

April 8, 2010 On 8 April 2011, the Joint Administrators made an application to the High Court seeking directions on the legal principles to be applied to identify and trace Pre-Administration Client Money as part of the ongoing LBIE Administration. The application will establish whether or not certain funds currently credited to LBIE's house accounts constitute Pre-Administration Client Money. The hearing is scheduled for early 2012.