BIS: Press Release On 14 January 2011, the Basel Committee issued a set of minimum requirements to ensure that all classes of capital instruments fully absorb losses at the point of non-viability before taxpayers are exposed to loss. The requirements are in addition to the Basel III capital rules which were published in December 2010. In order for an instrument issued by a bank to be included in Additional (ie non-common) Tier 1 or in Tier 2 capital, it must meet or exceed minimum requirements set out in annex attached. Date January 13, 2011

SEC No-Action Letter In a letter to SIFMA, the SEC Division of Market Regulation extended, with modifications, relief previously granted under Exchange Act Rule 17a-8 for broker-dealers to rely upon registered investment advisers to perform some or all of its Customer Identification Program obligations. Among other things, the new letter allows a broker-dealer to rely on an adviser when such reliance is "reasonable under the circumstances." The letter specifies that reasonable reliance requires a BD to undertake "appropriate due diligence" commensurate with the adviser's anti-money laundering

News Article Regulators on Thursday proposed new curbs on speculative trading in 28 commodities, seeking to prevent distorted prices at the gas pump and in the supermarket. The commission advanced its plan in a 4-to-1 vote. One of the two Republican commissioners opposed the proposal because she said that the commission first needed to understand how widespread speculative trading had become. The Republican commissioner who voted for the plan, Scott D. O'Malia, said he was "very skeptical" of it. The commission's proposal for spot-month position limits, or limits on a contract closest to

CFTC Dodd-Frank Rulemaking The CFTC will hold a public meeting on Thursday, January 20, 2011, at 9:30 a.m. to consider the issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics: Commodity Options and Agricultural Swaps; Commodity Pool Operators and Commodity Trading Advisors; Amendments to Compliance Obligations; Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF (joint with the Securities and Exchange Commission); and Swap Trading Relationship

Article at pages 15-16 discusses CFTC's budget situation in light of Dodd-Frank and Republican takeover of the House, and the position points proposal, which is intended to serve as a "glide path" for more permanent and stricter position limits. Publication Energy Metro Desk Date January 10, 2011 Cross References (links may require a Cabinet subscription) Dodd-Frank Act, Title VII, Sec. 737