In This Issue:

European Union and International Regulatory Developments:

p1 The EU’s Transparency Directive: European Commission Proposal for an Amending Directive; p1 BCBS Consultation on Capitalisation of Exposures to CCPs; p1 Financial Stability Board Recommendations on Shadow Banking; p2 BCBS Adopts Basel Capital Framework Changes Relating to Trade Finance; p3 BCBS Consultation on Capitalisation of Exposures to CCPs; p3 EU Developments in the Fund Management Sector; p4 ESAs’ Joint Board of Appeal; p4 G20 Cannes Summit: Financial Services Issues; and, p4 Briefing Notes on CRD IV.

UK Regulatory Developments:

p4 FSA Guidance Consultation on Proportionality and Remuneration; p4 FSA Policy Statement on Remaining CRD III Amendments; p5 Legal Uncertainty in CASS and Arising from the Lehman Brothers Litigation; p5 First Investment Firm to Enter the New Special Administration Regime; p6 Structured Products: FSA Review Findings and Guidance Consultation on Retail Product Development and Governance; and, p6 FSA Policy Statement on Product Disclosure.

Please see full newsletter below for more information.