On 27 December 2010, the Basel Committee on Banking Supervision issued a consultative document on Pillar 3 disclosure requirements for remuneration. The proposed Pillar 3 disclosure requirements on remuneration cover the main components of sound remuneration practices and take full account of the Financial Stability Board's Principles for Sound Compensation Practices and their related Implementation Standards. The proposals add greater specificity to the disclosure guidance on this topic that was included in the supplemental Pillar 2 guidance issued by the Committee in July 2009. Comments

European Parliament On 17 December 2010, the European Parliament's Committee on Legal Affairs published a draft opinion on the proposal for a regulation on OTC derivatives, central counterparts and trade repositories. The proposed regulation sets out the conditions for authorising Central Counterparties, the criteria to apply in order to ensure appropriate characteristics for central clearing, and the reporting of derivatives to trade repositories when aggregate information can be used inter alia for analysis of systemic risk. Date January 5, 2011

Committee of European Banking Supervisors On 31 December 2010, the Committee of European Banking Supervisors ("CEBS") published its final guidelines on the application of Article 122a of the Capital Requirements Directive ("CRD"). Article 122a requires credit institutions acting as originator or sponsor, to retain on an on-going basis a material net economic interest of not less than 5%. 122a also imposes due diligence and disclosure requirements on credit institutions acting as originators or sponsors. CEBS expects its Members to adopt the guidelines into their national supervisory framework

SEC Release (MSRB Rulemaking) The SEC granted approval to an MSRB rule change to increase certain transaction assessments and to institute a new technology fee on reported sales transactions. The MSRB stated that the increased fees were directly related to the costs of administering its operations, including newly acquired duties under the Dodd-Frank Act. The SEC approved the rule change despite substantial criticism from a number of commenters, who, among other things, criticized the lack of transparency in the MSRB's budget process. Document Number SR-MSRB-2010-10 SEC Release 34-63621 Date

News Article CFTC Commissioner Scott O'Malia stated that the agency needs to consider a "Plan B" on how it will police the $600 trillion swaps market if Congress fails to deliver a 50 percent increase in its budget. "We may not get more dollars, so what are we going to do next? What's our Plan B?" said Scott O'Malia, a Republican commissioner on the CFTC, in an interview with Reuters. O'Malia also expressed support for an extension of the deadlines imposed by Dodd-Frank and expressed skepticism that the agency will define "disruptive practices" prohibited by that Act with any degree of