FDIC Proposes Amendments To Its Annual Audit And Reporting Rules Under Part 363

Developments of Note

1. Indian Authorities Propose to Modify Market Access Rules
2. Basel Committee Publishes Consultative Document on Incremental Default Risk in the Trading Book
3. FDIC Proposes Amendments to its Annual Audit and Reporting Rules under Part 363
4. Director of SEC Division of Investment Management Discusses Operation Risk and Division Initiatives

Other Items of Note

1. Additional Relief Provided by IRS under Section 409A
2. Comptroller Dugan Discusses Timing on US Basel Initiatives

The Securities and Exchange Board of India ("SEBI") issued proposals to significantly restrict the ability of Foreign Institutional Investors ("FIIs") to write market access products (TRS, ZSW, etc.) with underlying Indian securities, know as Participatory Notes ("P-Notes") or Offshore Derivative Instruments ("ODIs") in the market.