SEC Litigation Release LR-21826 January 26, 2011 The SEC announced the filing of civil insider trading charges against a former Galleon trader for his alleged trading ahead of certain acquisitions. The complaint alleges that the insider information came from former attorneys at Ropes Grey, who tipped information to a proprietary trader at a broker-dealer in exchange for kickbacks, and that the information was then tipped from the proprietary trader to Galleon. In related charges, the Galleon trader pled guilty to criminal charges relating to the insider trading scheme. SEC Complaint Exchange

SEC Staff Study The SEC release a staff study, required by § 919B of the Dodd-Frank Act, on improving access to registration information about investment advisers and broker-dealers. The study makes a number of recommendations - which § 919B requires the SEC to implement within 18 months - regarding the expanded use of BrokerCheck and IAPD and of how the SEC can make those services more useful for investors. Date January 26, 2011 Cross References SEC PR 2011-28 Dodd-Frank § 919B

European Parliament On 26 January 2011 the European Parliament's Committee on Economic and Monetary Affairs published amendments to the Draft Report on credit rating agencies - future perspectives. Date January 20, 2011

CFTC Speeches CFTC Commissioner Brad Chilton, in remarks delivered at the Institutional Investor TraderForum calls for regulators to consider whether there should be limits on advanced analytic trading and imposition of legal responsibility on high frequency and algo robot trading that roils markets and causes concerns and obstacles for traditional traders. "I think those who instigate runaway high frequency or algo robot trades should be held accountable when they hurt other market participants or injure consumers." Chilton also advocates imposing "reasonable fees" upon the industry if the

HM Treasury On 26 January 2011, the UK government announced a package of measures to enhance consumer protection in the mortgage market. These measures will: (i) transfer the regulation of new and existing second charge residential mortgages from the Office of Fair Trading to the Financial Services Authority; (ii) ensure consumer protections are maintained when a mortgage book is sold by a mortgage lender to an unregulated firm; and (iii) extend the current regulation of the sale and rent back market to all providers, to ensure appropriate protection for consumers. The statutory instruments