Basel II Final Credit Risk Mitigation, Securitization, Equity Exposure, Operational Risk And Disclosure Rules

Developments of Note

Other Items of Note

1. SEC Publishes Release Proposing Mutual Fund Disclosure Changes
2. SEC and FINRA Announce Date of CCOutreach BD National Seminar

Basel II Final Credit Risk Mitigation, Securitization, Equity Exposure, Operational Risk and Disclosure Rules

The final rulemaking (the "Rule") regarding Basel II by the federal banking agencies (the "Agencies"), discussed (as to the scope and credit-based asset aspects) in the November 6, 2007 Alert, also provides a framework for addressing capital and risk management issues in the context of credit risk mitigation ("CRM"), securitization transactions, equity exposures, operational risk and disclosure. These issues, and the changes from the Notice of Proposed Rulemaking ("NPR") issued in 2006 as well