SEC Press Release The SEC submitted to Congress a study (required under § 913 of the Dodd-Frank Act) in which the staff recommends, among other things, a uniform fiduciary standard of conduct for broker-dealers and investment advisers. The study states that such a standard would be "no less stringent" than the standard currently applied to advisers under the Investment Advisers Act and would apply to financial professionals that provide "personalized investment advise about securities to retail investors." The study recommends that the SEC undertake rulemaking focused on assisting broker

Commentary Prof. Craig Pirrong critiques CFTC position limit proposal as "a good example of bad regulation . . . [that] inflicts harm on 'massive passives,'" i.e., pension funds and ETFs "even though they do not pose the risks that the Commission uses to justify the imposition of limits." Publication Streetwise Professor Date January 24, 2011 Cross References (links may require a Cabinet subscription) Dodd-Frank Act, Title VII, Sec. 737

International Swaps and Derivatives Association ISDA publishes Standard Terms Supplement and Confirmation for Syndicated Secured Loan Contingent Credit Default Swap Transaction. Date January 21, 2011 Cross References (links may require a Cabinet subscription) Single Name CDS Swaption Standard Terms Supplement Credit Default Swaption Confirmation

SEC Release (Enforcement) The SEC announced a settled administrative proceeding against a UK-based investment advisor for a violation of Rule 105 of Regulation M. The release alleges that the firm sold short common stock of a company in the five days prior to receiving shares in a secondary offering of the securities. Document Number SEC Release 34-63757 / IA-3143 Date January 24, 2011 Cross References (links may require a Cabinet subscription) Regulation M, Rule 105

News Article Commodities trading firms and exchanges are in the process of drafting robust responses to new rules, outlined under the European Commission's review of the markets in financial instruments directive, which they fear European governments may use as a 'back door' for price controls. The European Commission's proposed rules seek to prevent traders from manipulating commodities markets, a common political accusation in the summer of 2008 when food and energy prices soared to record highs. The EU is following in the footsteps of the US, which introduced similar rules under the Dodd