On March 26, 2007, Bob Tortoriello authored an Alert entitled “Speaker Notes: Securities Activities of Banks in the GLB Era: Complex Structured Finance and Operational Risk Issues”. This nine-page memo is an update, current as of March 19, that complements the Outline, Alert 9-2007, “Securities Activities of Banks in the GLB Era: Complex Structured Finance and Operational Risk Issues” (current as of January 15). Both documents were prepared in connection with the SIFMA Compliance and Legal Division Annual Seminar held on March 26, 2007. The matters discussed in the Alerts --participation in complex structured finance transactions, operational risk issues and supervisory developments -- have general applicability for financial institutions with U.S. banking and securities operations.