HM Treasury April 6, 2011 On 6 April 2011, the UK government and the FSA published a review of the UK's covered bond regulation. The review proposes measures relating to transparency and standardised investor reporting which will better align the UK's covered bond market with its continental competitors. The review also suggests that secured creditors' rights to collateral should not be usurped in the event of any exercise of any future 'bail-in' powers. Responses to the review are solicited by 1 July 2011.

SEC Press Release 2011-86 April 7, 2011 The SEC announced settled administrative proceedings against three executives of a Florida-based broker-dealer alleging violations of customer privacy rules by improperly transferring customer records to another firm. The SEC also alleged that the firm failed to ensure that its policies and procedures were reasonably designed to safeguard confidential customer information. Cross References Regulation S-P, Rules 7(a), 10(a), 30(a) SEC Release No. 34-64222 (action against firm's CCO) SEC Release No. 34-64221 (action against firm's president) SEC Release No

European Parliament April 5, 2011 The European Parliament has provided an update in relation to the legislative timetable for amendments to Directive 98/26/EC, on OTC derivatives, central counterparties and trade repositories: (i) the political agreement of the Council on the final act is expected to be set for 17 May; and (ii) the European Parliament is scheduled to have a first or single reading of the report on 25 May 2011.

European Commission March 31, 2011 The European Commission has published a chart detailing all planned Commission actions expected to be adopted from March 2011 until the end of December 2011.

SEC Press Release 2011-84 April 5, 2011 The SEC announced that national securities exchanges and FINRA filed a proposal to establish a new "limit up-limit down" mechanism to address volatility in the U.S. equity markets. The proposal would establish a range (tied to recent prices for the relevant security) in which transactions in listed stocks would need to be executed. For stocks currently subject to the circuit breaker pilot, the range would be 5%. The range would be 10% for stocks not currently subject to the pilot. If approved, all trading centers (including ATSs and broker-dealer