Minutes of the 4th meeting of the European Financial Markets Lawyers Group

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4th meeting of the European Financial Markets Lawyers Group

Wednesday, 27 September 2000

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

Agenda

ITEM 1: Approval of the agenda and of the minutes of the last meeting

ITEM 2: Pledges and transfer of title

a) Follow-up on the EFMLG proposal for an EC Directive on Collateral and information on the state of affair as regards the Commission's preparatory work on this subject.

b) Organisation of the finalisation of the country annexes to the EFMLG proposal by the members of the Group.

Documents: Overview; Country annexes: Austria, Belgium, Denmark, England, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden.

c) Differing concepts of repurchase transactions throughout the European Union.

ITEM 3: Issues relating to the Securities Markets in Europe - The “Wise Men
Initiative”: a market perspective

Documents: A paper written by Antonio Sáinz de Vicuña on the issue of Self-regulation as a means for the integration of the securities markets in Europe; on-line questionnaire of the Committee of Wise Men on the Regulation of Euro; the IOSCO model for effective regulation; HM Treasury paper on completing a dynamic single European Financial Services market.

ITEM 4: Other matters and follow-up

•  Outstanding issues

Short oral presentations on the outstanding issues of legal concepts of debt, dematerialisation and force majeure will be given by the rapporteurs. The group will be asked to reflect on the appropriate course of action in respect of these subjects.

•  Other matters

In addition the members of the Group may wish to recall that the Group was established with the aim of identifying areas where legal matters create barriers against a move towards a fully harmonised European financial market.

•  Follow-up work and possible date for a new meeting.:

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