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

USA - 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").

David Baum

U.S. Bankruptcy Court approves GM’s Section 363 asset sale

USA - July 6 2009 Late last night, after presiding over a three-day hearing on the matter last week, U.S. Bankruptcy Judge Robert Gerber of the U.S. Bankruptcy Court for the Southern District of New York issued an order authorizing the sale of substantially all of the assets of General Motors Corporation (“Old GM”) under Section 363 of the Bankruptcy Code (“Section 363 Sale”).

ISDA Credit Derivatives Determinations Committees and Auction Settlement CDS Protocol

USA - April 8 2009 Today, the International Swaps and Derivatives Association, Inc. (ISDA) announced the successful implementation of the ISDA Credit Derivatives Determinations Committees and Auction Settlement CDS Protocol (otherwise referred to as the “Big Bang” Protocol), with over 2,000 parties adhering to the Protocol.

Financial Crisis Inquiry Commission holds first day of hearings on role of derivatives in financial crisis

USA - June 30 2010 Today, the Financial Crisis Inquiry Commission (FCIC) held the first of two days of hearings related to the role of derivatives in the financial crisis, and specifically through the prism of two companies, American International Group (AIG) and Goldman Sachs.

NAFH National Bank acquires all the deposits of two institutions in Florida and one institution in South Carolina in second use of OCC “shelf charter”

USA - July 19 2010 On Friday, the Florida Office of Financial regulation closed Metro Bank of Dade County, headquartered in Miami, Florida, and Turnberry Bank, headquartered in Aventura, Florida, and the OCC closed First National Bank of the South, headquartered in Spartanburg, South Carolina.