SEC Release 34-64005 (SR-FINRA-2011-007) March 2, 2011 The SEC declared immediately effective a FINRA proposal that would amend a number of rules of the Code of Arbitration Procedure for Customer Disputes (Customer Code). The rule changes are intended to update cross-references in the Customer Code to reflect a recent FINRA proposal to allow optional all-public panels. Cross References FINRA Rules 12213, 12309, 12314, 12503, 12800, 12903

SEC Release 34-64017 March 3, 2011 The SEC published for comment a proposal under Dodd-Frank regarding registration of clearing agencies and the operation and governance of clearing agencies. Among other things, the proposed rules would require clearing agencies to (i) maintain risk management standards; (ii) have safeguards for protecting confidential information; (iii) identify and address conflicts of interest; (iv) designate a chief compliance officer; and (v) disseminate pricing and valuation information if they perform central counterparty services for security-based swaps. In addition

Financial Services Authority March 1, 2011 The European Court of Justice has delivered its ruling on the legality of the opt-out derogation. The FSA are working with the industry and with relevant stakeholders to understand the practical implications of the judgment for firms and for consumers, and will communicate further in the near future. In the judgment, the Council expressed its doubts as to whether, in the context of certain branches of private insurance, the respective situations of men and women policyholders may be regarded as comparable, given that, from the point of view of the

HM Treasury February 27, 2011 On 26 February 2011 the United Nations Security Council adopted Resolution 1970 (2011), to freeze the foreign assets of Libya's Muammar Qadhafi. The UK has since issued an Order in Council which applies to all UK banks and other financial institutions requiring them to deny funds, financial assets and economic resources to designated persons including various members of the Qadhafi family. The effect of the asset freeze is not limited to assets held in the name of a designated person, it also extends to any funds, other financial assets or economic resources owned

On 25 February 2011, LCH.Clearnet Ltd updated its rulebook. The rulebook consists of: the General Regulations, the Settlement Finality Regulations, the Default Rules, the Default Fund Rules and the Procedures. Only the General Regulations and Default Rules have been updated. In addition, the FCM Regulations, FCM Procedures and FCM Default Rules have also been updated.