Directive 2010/73/EU of November 24, 2010, amending Directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, has been published in the Official Journal of the European Union on December 11, 2010. The Directive, amongst other things, increases the minimum denomination for exempt offerings in the EU from EUR 50,000 to EUR 100,000 (existing offerings are

The Financial Services Authority ("FSA") and HM Treasury ("HMT") have published a joint consultation paper setting out proposals for the implementation of the revised UCITS IV Directive. The UCITS IV Directive modernises the regulatory framework and procedures for selling retail investment funds cross-border in Europe. It must be implemented into national law by all EU member States by July 1, 2011. UCITS IV introduces the following changes: a UCITS management company will be allowed to operate a UCITS fund authorised in a different EU Member State, without the need to be established in the

The CFTC announced the appointment of Dr. Andrei Kirilenko as the CFTC's Chief Economist. Dr. Kirilenko has been with the CFTC since 2008. He received his Ph.D. in Economics from the University of Pennsylvania, where he specialized in Finance. His research has focused on the informational properties and the microstructure of financial markets. Prior to joining the CFTC, he spent 12 years at the IMF working on global capital markets issues. Most recently, Dr. Kirilenko has been working on issues related to algorithmic and high frequency trading and played a key role in the review of the unusual

In accordance with Section 712(d)(1) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 the CFTC and SEC, in consultation with the Board of Governors of the Federal Reserve System, are proposing rules and interpretative guidance under the Commodity Exchange Act and the Securities Exchange Act of 1934, to further define the terms "swap dealer," "security-based swap dealer," "major swap participant," "major security-based swap participant," and "eligible contract participant." Document Number75 Fed. Reg. 80174 DateDecember 21, 2010 Cross Reference (links

New U.S. rules to limit speculation in commodity markets could move forward quickly, and with few alterations, after objections by the measure's most vocal supporter unexpectedly delayed a key vote. CFTC Chairman Gary Gensler, abruptly postponed a vote on Thursday to open proposed new position limits to public comment, evidence of mounting pressures internally as the agency implements dozens of rules meant to make markets safer and more transparent. Gensler has managed to maneuver around the two Republican commissioners who have several times voted against releasing new rules, concerned they