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*** 5th meeting of the European Financial Markets Lawyers Group Wednesday, 14 March 2001 Room CI, 36th floor, at the ECB in Frankfurt Agenda ITEM 1: Approval of the agenda and of the aide-mémoire of the last meeting ITEM 2: Repurchase transactions in EU Countries At its last meeting, the EFMLG decided that it might be worthwhile to investigate whether the existing variants in the definitions of repurchase transactions in the European Union are posing a problem to the integration of the EU financial markets and whether a common definition could be proposed. To collect the necessary background information for this topic, a questionnaire has been prepared by Pierre Fiset, trying to identify the legal nature of repo type transactions under each of the national EU legal systems, as well as other issues related thereto and problems encountered in practice. The group is asked to discuss, and eventually approve, the draft questionnaire if deemed suitable for the aforementioned purpose.Document: Draft questionnaire on “Repos in European countries” of 26 February 2001. ITEM 3: Force majeure On the basis of an issues note prepared by Ulrich Bosch, the group is asked to consider specific issues of relevance to force majeure clauses and their use by the markets. Document: issues note ITEM 4: Dematerialised debt a) As a follow-up to the discussion at the last meeting in September, a draft questionnaire has been prepared by Hubert de Vauplane and Frederic Nizard in order to get a full picture of the differences between the existing national legal frameworks for the issuance of securities. Moreover, information is requested on the way that securities are held and transferred inside the European Union and what the nature of the investors' interests is. The group is asked to consider and approve the draft questionnaire. On the basis of the information gained by such questionnaire, the group will have to assess if any, and what steps could be taken to promote a single legal framework for the issue of securities. Documents: Draft questionnaire for the project on dematerialised debt of 2 March 2001; practical questionnaire; Guidelines for the questionnaires; advantages and questions to be addressed b) In addition, Martin Thomas will present a current initiative in the UK to promote dematerialization, in particular as regards settlement in CREST. Document: “The future of money market instruments”, an interim report of Bank of England, dated January 2001 ITEM 5: The Hague Convention on the Law applicable to dispositions of securities held in indirect holding systems The group is asked to consider the work currently being conducted in the context of the Hague Conference on Private International Law. The Hague Conference intends to draft an international convention to determine the applicable law for cross-border transactions of indirect held securities. An oral presentation on the work of an expert group of the Hague Conference will be given by Klaus Löber. The group is asked to analyse the draft convention that resulted from the first meeting of the expert working group in the Hague.Documents: Draft Hague Convention and a report on the results of the expert working group meeting; background report prepared by the secretary of the Hague Conference, Christoph Bernasconi. ITEM 6: Legal issues of relevance to the European securities markets On the basis of the final report delivered by the Committee of Wise Men on the regulation of European securities markets, the group is asked to consider, from a market participants' view, the issues and solutions proposed by the Committee of Wise Men. In addition, the group is asked to express its views on the current content of the proposed draft EC Directive on the use of collateral.Documents: Final report of the Committee of Wise Men; Draft EC Directive on the use of collateral ITEM 7: Other matters and follow-up a) Outstanding issues Short oral presentations on the outstanding issue of the finalisation of the country annexes to the EFMLG proposal for a draft directive on collateral will be given by Klaus Löber. b) Activities of other groupings Oral information will be given on the current activities of related groups, i.e. the Financial Market Lawyers Group of the Federal Reserve Bank, New York; and the Financial Law Board of the Bank of Japan. c) Website for the EFMLG The Chairman will report on the status of the preparatory work to set up an EFMLG website. d) 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. In the light of that, they are urged to consider, in advance of the meeting, what problems of this kind the experience of the last six months has revealed. e) Follow-up and possible date for a new meeting |
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