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Lawmakers intensify demands for special inquiry commission to identify causes of financial crisis

Alston & Bird LLP
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USA
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April 23 2009

Yesterday, the U.S. Senate voted to create an independent bi-partisan Financial Markets Commission (FMC) to investigate the causes of the financial crisis

Treasury and other financial regulators issue financial sector self-assessment reviews to IMF

Alston & Bird LLP
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USA
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August 31 2009

Today, the U.S. Treasury and various other U.S. financial system supervisors and regulators, including the Federal Reserve, Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation, Securities and Exchange Commission, Commodity Futures Trading Commission, and National Association of Insurance Commissioners, submitted financial sector self-assessment reviews for banking, securities, insurance, and payment systems to the International Monetary Fund (IMF

IOSCO publishes recommendations on unregulated financial markets and products

Alston & Bird LLP
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Global
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May 6 2009

Yesterday, the International Organization of Securities Commissions’ (IOSCO) Technical Committee released a report prepared by its Task Force on Unregulated Financial Markets and Products

SEC files first credit default swap insider trading enforcement action

Alston & Bird LLP
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USA
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May 6 2009

Yesterday, the Securities and Exchange Commission filed a civil action against two individuals working in the financial services industry, charging them with insider trading in credit default swaps of VNU N.V., an international holding company that owns Nielsen Media and other media businesses

House Financial Services Committee holds hearing on effect of Lehman Brothers bankruptcy on state and local governments

Alston & Bird LLP
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USA
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May 5 2009

Today, the House Financial Services Committee, chaired by Representative Barney Frank (D-MA), held a hearing on the effects of the Lehman Brothers bankruptcy on state and local governments and other publicly-funded entities

AIG announces intention to sell part of its stake in Transatlantic Holdings

Alston & Bird LLP
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USA
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May 29 2009

Yesterday, American International Group, Inc. (AIG) announced its intentions to sell a portion of its 59 stake in Transatlantic Holdings Inc. (TRH), a reinsurer that is publicly traded on the New York Stock Exchange, in an underwritten secondary offering intended to raise capital for AIG

SEC permits Eurex Clearing AG and ICE Clear Europe Limited to operate as central counterparties for credit default swaps

Alston & Bird LLP
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USA
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July 23 2009

Today, the Securities and Exchange Commission (SEC) announced its approval of conditional temporary exemptions to allow Eurex Clearing AG (Eurex) and ICE Clear Europe Limited (ICE) to operate as central counterparties (CCPs) to clear credit default swaps (CDS

SEC charges Citigroup and two executives in connection with misleading information regarding exposure to subprime assets

Alston & Bird LLP
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USA
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July 30 2010

Yesterday, the Securities and Exchange Commission ("SEC") charged Citigroup with misleading investors concerning the company's exposure to subprime mortgage-related assets

FSA publishes discussion paper on fundamental changes to trading activity regulation

Alston & Bird LLP
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United Kingdom
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August 25 2010

Today, the U.K. Financial Services Authority (FSA) published a discussion paper entitled “The prudential regime for trading activities - a fundamental review” that considers fundamental changes to the regulation of trading activities

SEC proposes new regulatory framework governing mutual fund distribution fees to replace Rule 12b-1

Alston & Bird LLP
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USA
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August 30 2010

On July 21, 2010, the Securities and Exchange Commission (SEC) voted unanimously to propose new rule and rule and form amendments under the Investment Company Act of 1940 (the "1940 Act"), the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"), each as amended, regarding the regulation of distribution fees paid by registered open-end management investment companies, or mutual funds (the "Proposal"