Financial Services Authority March 17, 2011 The FSA has published the Prudential Risk Outlook (" PRO"), which sets out its assessment of macro economic and financial trends as a context for its micro-prudential regulation and supervision of firms. Over the past two years the capital and liquidity position of the UK banks has improved significantly, increasing resilience to shocks. But the PRO describes still important risks to financial stability. It highlights in particular: incomplete progress in deleveraging required to create a less vulnerable system; progress towards improved global

Financial Services Authority March 16, 2011 In a speech entitled 'Leverage, Maturity Transformation and Financial Stability: Challenges Beyond Basel III', Lord Turner, chairman of the FSA, stated that: that already agreed regulatory reforms will have a major beneficial impact, but further reforms are needed to make the financial system stable; and that regulators need to recognise that the financial system will continually mutate, creating new risks, and requiring a continually evolving regulatory regime. Lord Turner stated three conclusions for public policy: (i) Basel III capital standards

Bank for International Settlements March 17, 2011 The Basel Committee on Banking Supervision (" BCBS") and the Committee on Payment and Settlement Systems (" CPSS") are establishing a joint working group to revise the BCBS's Supervisory guidance for managing settlement risk in foreign exchange transactions, to ensure that financial institutions adequately control their foreign exchange settlement exposures. The committees plan to issue revised guidance by the end of this year for public comment.

HM Treasury March 17, 2011 HM Treasury has opened a Consultation on 'Early Implementation of Amendments to the Prospectus Directive'. On 23 September 2009, the European Commission published a proposal to amend the Prospectus Directive. On 17 June 2010, the European Parliament adopted a common approach, which was endorsed by the Council on 11 October 2010. The UK must implement the Directive by 1 July 2012. In November 2010, the Government indicated that it intended to implement two of the measures early both the threshold for an offer of securities, and the minimum number of investors for

CFTC Dodd-Frank Rulemaking 76 FR 14825 March 18, 2011 Closing Date: 4/18/2011 The CFTC is extending the comment period for proposed regulation 38.502(a) ("Minimum Centralized Market Trading Percentage Requirement"), in light of the recent public release of the off-market volume data referenced by the Commission in the Federal Register release for the notice of proposed rulemaking for "Core Principles and Other Requirements for Designated Contract Markets", 75 FR 80572 (Dec. 22, 2010). The comment period is being extended for this regulation to permit interested persons to submit comments on