News Article According to a report in the Wall Street Journal, the SEC is investigating whether banks and private equity firms are violating the FCPA in their dealings with sovereign wealth funds. The report indicates that no specific allegations have been alleged, but that firms have been requested to retain documents and asked about their dealings with sovereign wealth funds. Publication Wall Street Journal Date January 14, 2011

News Article According to a report from Bloomberg, the SEC is currently debating whether to make recommendations to Congress in its reports (due next week) on the regulation of brokers and advisers. The report also notes that the SEC is considering recommending that Congress enact legislation authorizing the SEC to designate a self-regulatory organization for investment advisers, and notes that SEC Chairman Mary Schapiro has recused herself from this question, due to her previous status as head of FINRA. Date January 14, 2011

SEC Release The SEC voted to propose Rule 15Fi-1 under the Exchange Act to require security-based swap dealers and major security-based swap participants to provide counterparties with a trade acknowledgment detailing information specific to the transaction. Among other things, the new rule specifies (1) when a counterparty must be provided with a trade acknowledgment; (2) written policies and procedures that must be in place and designed to obtain verification of the terms outlined in the trade acknowledgment; (3) which entity is responsible for providing a trade acknowledgment; (4) the

Royal Bank of Scotland The Group Chief Executive of RBS, Stephen Hester, has replied to a letter from the Chairman of the Treasury Committee, Andrew Tyrie MP. In the letter, Hester confirms that RBS has no objection to a public discussion of the key issues which led to its need for re-capitilisation during the financial crisis. He also agrees to make public the report into the re-capitilisation, and certain other confidential material. Date December 16, 2010

CFTC Speeches CFTC Chairman Gensler, in a speech delivered at the George Washington University School of Law, discussed several issues in connection with the agency's implementation of Dodd-Frank, including promoting transparency, impartial access to SEFs, and non-discriminatory open access to clearinghouses. Date January 14, 2011 Cross References (links may require a Cabinet subscription) Dodd-Frank Act, Title VII