Speech by Rick Ketchum February 8, 2011 In a speech before the CCOutreach BD National Seminar, FINRA Chairman and CEO Rick Ketchum discussed a number of issues relevant to broker-dealers. Mr. Ketchum expressed support for the movement to a fiduciary duty for broker-dealers that provide investment advice, and noted that FINRA believes that customers should receive more disclosure from broker-dealers about products, conflicts of interest, and services provided. In addition, Mr. Ketchum highlighted a number of exam priorities, including (i) suitability as to products; (ii) private placements and

News Article ETF Trends February 4, 2011 According to a recent study conducted by the Agricultural Applied Economics Association, index funds had little to do with the speculative price changes, such as oil prices hitting nearly $150 a barrel, in the months leading to the market crash in September 2008, Strong demand, among other reasons, were the actual causes of the huge price increases. Cross References Dodd-Frank Act, Title VII, Sec. 737

Financial Stability Board On 9 November 2010, the Financial Stability Board (" FSB") published a report on progress since the Washington Summit in the Implementation of the G20 Recommendations for Strengthening Financial Stability. The report includes discussion on the following: (i) New capital and liquidity standards - national implementation of the risk-based capital requirements will begin on 1 January 2013; (ii) Addressing the moral hazard risk associated with systemically important financial institutions - the FSB has agreed a policy framework, work processes and timelines; (iii)

Information Notice February 8, 2011 FINRA published a notice to announce that the SEC recently approved a supplement to the Options Disclosure Document which adds additional disclosures relating to credit default options that contemplate only a single credit event. The FINRA notice also reminds firms of their obligations with respect to the furnishing of the ODD. Cross References Exchange Act Rule 9b-1 FINRA Rule 2360(b)(11)(A)

www.isda.org February 7, 2011 ISDA and SIFMA have published a comment letter in response to three Notices of Proposed Rulemaking: Real-Time Public Reporting of Swap Transaction Data; Swap Data Recordkeeping and Reporting Requirements; and Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants issued by the CFTC to implement provisions of Title VII of the Dodd-Frank Act. Cross References CFTC 17 CFR Parts 23, 43 45