Board of Governors of the Federal Reserve System January 27, 2011

SEC Release 34-63784 January 27, 2011 The SEC approved a FINRA proposal to adopt new books and records rules in the consolidated FINRA rulebook. The new rules are substantially derived from NASD Rule 3110 and NYSE Rule 410 (and the interpretations thereto). Among other things, the rule change adopts (1) NASD 3110(a) as FINRA Rule 4511; (2) NASD Rule 3110(d-e) as FINRA Rule 4512; (3) NASD Rule 3110(f) as FINRA Rule 2268; (4) NASD Rule 3110(g) as FINRA Rule 4514; (5) NASD Rule 3110(h) as FINRA Rule 7440(a)(4); and (6) NASD Rule 3110(j) as FINRA Rule 4515. In addition, the rule change adopts NYSE

ISDA publishes Single Name CDS Swaption Standard Terms Supplement and Credit Default Swaption Confirmation. January 20, 2011

Federal Reserve Bank of New York International supervisory authorities and major market participants met Jan. 27 th 2011 at the Federal Reserve Bank of New York to discuss ongoing efforts and future priorities for improving infrastructure and reducing risk in the over-the-counter derivatives markets. The meetings between the OTC Derivatives Supervisors Group and major market participants have served as a venue for open dialogue and collective action to effect practical improvements in these global markets. January 27, 2011

U.S. Securities Exchange Commission Summary: The CFTC and the SEC are proposing new rules under the Commodity Exchange Act and the Investment Advisers Act to implement provisions of the Dodd-Frank Act. The proposed SEC rule would require investment advisers registered with the SEC that advise one or more private funds to file Form PF with the SEC. The proposed CFTC rule would require commodity pool operators ("CPOs") and commodity trading advisors ("CTAs") registered with the CFTC to satisfy certain proposed CFTC filing requirements by filing Form PF with the SEC, but only if those CPOs and