Islamic Financial Services Board March 31, 2011 The IFSB has adopted two new Guidance Notes for the Islamic financial services industry: 1. Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (GN-4) 2. Guidance Note on the Recognition of Ratings by External Credit Assessment Institutions(ECAIs)on Takāful and ReTakāful Undertakings (GN-5) Neither of the guidance notes that have been adopted have yet been published, but will be

Financial Services Authority March 2011 The FSA has published a consultation paper setting out the FSA's proposals for removing the rules permitting the use of non-EEA regulators' rules in calculating the group capital requirements of a UK banking/investment firm group on a standardised approach. The FSA proposes to revoke the equivalence rules in BIPRU 8. That is, they propose to delete BIPRU 8.7.35R, 8.7.36G and 8.7.38R from the FSA Handbook. This will mean that for the purpose of aggregating the capital requirements of a non-EEA subsidiary into the consolidated capital requirements of a UK

CFTC Congressional Testimony March 30, 2011 Testimony of Chairman Gary Gensler Before the U.S. House Committee on Agriculture. Chairman Gensler's testimony touches upon several subjects including entity and product definitions under Dodd-Frank; the end user exception; rule-writing process, and phasing in implementation of the Act. Cross References Dodd-Frank Act, Title VII

Financial Services Authority The FSA have written to all general insurance firms with their concerns about how current market conditions are increasing the risks of inadequate reserving, and its potential effect on pricing, in the sector, and creating potential pressures within firms' reserving governance arrangements. The purpose of the letter is to remind insurance firms of the FSA's relevant rules and guidance in the area and, in relation to these, of insurance firms' responsibilities for setting adequate claims reserves. The FSA asks firms to ensure that there is appropriate recognition of

March 30, 2011 The Director of Public Prosecutions (DPP) Keir Starmer QC, and the Director of the Serious Fraud Office (SFO), Richard Alderman, have issued joint guidance for prosecutors on the Bribery Act 2010. The Bribery Act, which is expected to come into force later this year, creates four distinct criminal offences of: bribing another being bribed bribing a foreign official (for commercial organisations) failing to prevent bribery. The purpose of the guidance is to set out the Directors' approach to deciding whether to bring a prosecution under the Act.