In this issue:

- “Obey-the-Law” Injunction Too Vague in Sham Transaction Case

- Government May Not Use Work Product Protected Communications Made to a Cooperator

- SEC Issues “Roadmap” for the Remaining Security-Based Swaps Rules

- Agencies Seek Comment on Regulatory Capital Rules and Finalize Market Risk Rule

- UK Banking Reform White Paper Published

- European Commission Proposes Bank Recovery and Resolution Framework

An excerpt from "SEC Issues “Roadmap” for the Remaining Security-Based Swaps Rules"

On June 11, the Securities and Exchange Commission issued a policy statement on the sequencing of issuance and compliance dates for the remaining Dodd-Frank Wall Street Reform and Consumer Protection Act rules related to security-based swaps. The SEC’s statement discusses issues related to and presents a general sequence for the following five categories of rules: rules defining “security-based swap,” security-based swap agreement,” and “mixed swap” (Definitional Rules) and the rules concerning treatment of cross-border security-based swap transactions and certain activities of non-U.S. persons (Cross-Border Rules); rules pertaining to the registration and regulation of swap data repositories (SDRs), the reporting of security-based swap transactions, and the public dissemination of security-based swap transaction data; rules related to the mandatory clearing process of security-based swap transactions, clearing agency standards, and the end-user exemption from mandatory clearing; rules pertaining to the registration and regulation of security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs); and rules related to the mandatory trading of security-based swap transactions, including registration and regulation of security-based swap execution facilities (SEFs).