Aide memoire of the 10th meeting of the European Financial Markets Lawyers Group

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10th meeting of the European Financial Markets Lawyers Group

Tuesday, 5 November 2002

Room CII, 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: Collective action clauses and sovereign debt

•  The Argentina crisis - legal effects in Europe

Gathering of experiences of the EFMLG members and general discussion.

•  G-10 Working Group on contractual clauses

Presentation of the work undertaken by the G-10 Working Group on contractual clauses and general discussion on the issue.

Documents: Communiqué of the Ministers and Governors of the Group of Ten, 27 September 2002; Statement of G-7 Finance Ministers and Central Bank Governors, 27 September 2002; Report of the G-10 Working Group on Contractual Clauses, 26 September 2002 ( please note that this document has not been published by the G-10 Ministers and Governors, and is made available to EFMLG members on an informal basis only ); International Monetary Fund, The Design and Effectiveness of Collective Action Clauses (prepared by the Legal Department, IMF, June 6, 2002 ); and ‘There is a better way to manage debt crises', article published by Dr. Josef Ackermann, Chairman, Deutsche Bank, Financial Times, September 25, 2002

ITEM 3: Short-term securities

Presentation of the final EFMLG report and the on-going public consultation, discussion of the follow-up.

Documents: EFMLG report on the money market: Legal aspects of euro area short-term securities; “The Short-Term Paper Market in Europe” prepared by the Euribor-ACI Short Term Paper Task Force (ACI-STEP). [not available]

ITEM 4: Dematerialisation

Presentation of the work conducted by the EFMLG subgroup on dematerialisation of securities and general discussion.

Document: Draft EFMLG statement [not available]

ITEM 5: Repurchase transactions

Information on the work on an EFMLG statement on repurchase transactions in the EU.

Document: Draft EFMLG statement [not available]

ITEM 6: Issues of relevance to the Financial Markets

•  Unidroit project on the harmonisation of rules relating to indirectly held securities

Information on the work of Unidroit on the global harmonisation of substantive securities laws.

•  European Commission's communication on clearing and settlement

Information on the Commission's communication.

•  European Commission's consultation of interested parties on financial regulation, supervision and stability

Information on the Commission's consultation and the related EFC report on financial regulation, supervision and stability of 9 October 2002 (http://www.europa.eu.int/comm/ internal_market/en/finances/cross-sector/index.htm).

•  US Sarbanes-Oxley Act and US Patriot Act – Application to European banks

Information and general discussion.

ITEM 7: The Financial Markets Law Committee

Report on the initial range of legal issues considered by the new committee sponsored by the Bank of England

ITEM 8: Other issues

a) Website – Presentation of the new EFMLG website

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