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On October 13, 2008, the UK Government announced the details of its Credit Guarantee Scheme for approved UK incorporated banks and building societies (including UK subsidiaries of specified foreign institutions).

This week's Department of Justice report, “Competition and Monopoly: Single-Firm Conduct Under Section Two of the Sherman Act,” proposed new enforcement standards for single-firm conduct under Sherman Act Section 2 and sparked unusual public criticism from the Federal Trade Commission. The dispute between the two U.S. antitrust agencies has created new areas of conflict of which companies must be mindful when formulating competitive strategies.

On July 15, 2009, the Board of Governors of the Federal Reserve System (Board) released implementing regulations for two key provisions of the Credit CARD Act of 2009, Pub. L. 111-24, 123 Stat. 1734 (2009).

The Securities and Exchange Commission has issued an amendment to its emergency order banning short sales in financial companies, which was originally published and went into effect on September 18, 2008.

The Securities and Exchange Commission has amended its emergency order of September 18, 2008 requiring that certain institutional investment managers report their short sales of certain publicly traded securities.

On July 1, 2009, the SEC approved a number of significant proposed rule amendments, including amendments that would:

On September 17, 2008, the U.S. Securities and Exchange Commission issued an emergency order adopting temporary rules aimed at abusive “naked” short selling activity.

President Obama signed the American Recovery and Reinvestment Act (the “Act”) on February 17, 2009 (the “Enactment Date”).

As previously announced, on December 19, 2008, the Federal Reserve Board issued revised terms relating to its Term Asset-Backed Securities Loan Facility.

On February 6, 2009, the Federal Reserve Board released additional terms and conditions, including preliminary loan rates and collateral haircuts, relating to its previously announced Term Asset-Backed Securities Loan Facility.

On June 30, 2009, the Obama administration released proposed legislation (the “Consumer Financial Protection Agency Act,” or, the “CFPA Act”) that would create an independent federal agency, the Consumer Financial Protection Agency (the “Agency”), to regulate the provision of financial products and services to consumers.

Recent radical swings in commodity and currency values have prompted holders of certain derivative and option contracts to seek to avoid their obligations, leaving their counterparty banks to suffer the corresponding financial effect of a volatile market.

On February 27, 2009, the Federal Deposit Insurance Corporation issued an interim rule to extend the Temporary Liquidity Guarantee Program to include issuances of certain mandatory convertible debt.

On March 17, 2009, the Federal Deposit Insurance Corporation issued an interim rule which extends its Temporary Liquidity Guarantee Program from June 30, 2009 to October 31, 2009 for all insured depository institutions participating in the debt guarantee program of the TLGP and other participating entities; however other participating entities that have not issued senior unsecured debt guaranteed by the FDIC under the TLGP.

On Tuesday, February 10, 2009, Secretary of the Treasury Timothy Geithner outlined the six-point Financial Stability Plan (FSP), pursuant to which the Department of the Treasury, in cooperation with Federal Reserve, the FDIC, the Office of Thrift Supervision and the Office of the Comptroller of the Currency, hopes to bring stability to the U.S. credit markets.

A September 4 decision from the Ninth Circuit holds that portions of California's statute restricting the sharing of information among affiliates are not preempted by the Fair Credit Reporting Act, and must be severed from those portions of the statute that are preempted.

The Securities and Exchange Commission has issued three new emergency orders in response to unsettled market conditions.