Minutes of the 1st meeting of the European Financial Markets Lawyers Group

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1st meeting of the European Financial Markets Lawyers Group

Thursday 10 June 1999

Room CI, 36th floor, at the ECB in Frankfurt

Agenda

ITEM 1: Introduction and approval of the agenda, raison d'être of informal grouping

ITEM 2: Tour de table for general comments on grouping

ITEM 3: Consideration of preliminary list of items

(i) legal barriers to cross-border use of pledges and of pooling of collateral;

(ii) legal barriers to cross-border use of cash and claims (book debts) as collateral;

(iii) ways to trade debt throughout the EU on a basis wholly consistent with the computerised nature of the capital markets;

(iv) different concepts of debt, debt instruments, securities, asset-backed securities;

(i) the use and effectiveness of master netting agreements;

(ii) documentation for the EU fx spot market;

(i) practices in disclosing or identifying underlying principals when trading through agents and intermediaries;

(ii) the legal aspects of the existing movement to adopt harmonised market conventions;

(iii) the possibility of a pan-European definition of “business day” and/or “bank holiday”;

(iv) the possibility of a pan-European definition of “force majeure” for use in financial market transactions;

(i) possible solutions to problems arising from cross-border use of different legal payment instruments (for example, different legal status of cheques);

ITEM 4: Any follow-up work and future meetings

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