NY Times February 10, 2011 Interview with CFTC Chairman Gensler who "has been pushing aggressively to impose the Dodd-Frank rules, although he has had to dial back on a few occasions in order to strike a compromise." Gensler states that the CFTC has had 475 meetings with outsiders in 5 months on Dodd-Frank and that the CFTC needs 400 more people. Cross References Dodd-Frank Act, Title VII

Reuters February 10, 2011 The CFTC's attempt to rein in speculation could give rise to a plethora of smaller market players, posing an oversight challenge for the understaffed agency, industry insiders said. Gregory Mocek, a former enforcement director at the CFTC, and current partner at Cadwalader said it is possible that imposing position limits could spur smaller firms without cutting back on the volume of activity in markets. Mocek also commented on the CFTC's failure to issue definitions under Dodd-Frank. "There's a real possibility that the fact that the commission will put out the

Reuters February 10, 2011 Businesses that use over-the-counter derivatives to hedge their risks still face the specter of higher costs if swaps dealers are forced to put up capital for the deals, a Republican commissioner at the U.S. futures regulator warned on Thursday. CFTC Commissioner Scott O'Malia stated: " We need to be very sensitive if we're going to assess a capital charge on swap dealers for all their uncleared trades, that's going to have an impact on end users." O'Malia said he was "very pleased" that Gary Gensler, the chairman of the CFTC, took pains at a Capitol Hill hearing on

Reuters February 10, 2011 CFTC Chairman Gensler sought to ease the fears of lawmakers and businesses about the costs and scope of regulations for the over-the-counter swaps market, while admitting the agency was falling behind in rolling out the new rules. The overflowing hearing was civil, but lawmakers put Gensler on notice they would scrutinize the outcome of the CFTC's work. Highlights of the hearing: "Some of these rules will be put in place after July," Gensler said, noting the agency would take a "pause period" in February and March to consider public comments. End User Margin: "I

Guidance Consultation 10 February 2011 The Financial Services Authority (FSA) has published a draft code of practice designed to enhance coordination and collaboration amongst auditors and financial regulators. The principles based draft code of practice examines the nature of the relationship between the FSA and a firm's external auditor. The FSA also recommends an appropriate level of communication and exchange of information between auditors and the FSA. The draft code of practice is subject to consultation.