17th meeting of the European Financial Markets Lawyers Group,

Joint FMLG/FMLC/EFMLG Meeting

6 June 2005 09.00-17.00

Agenda

ITEM 1: Netting Moderator: Joyce Hansen

a) U.S. Bankruptcy Law Reform (Leader: Pamela Hutson, FMLG)

b) Developments on EU Netting Laws

c) Updates on EU Accession Countries (Leader: Ulrich Parche, EFMLG) FMLC/FMLG Enron v. TXU Work Group (Leader: David Bloom, FMLG)

d) Cross-Product Netting and Regulatory Capital (Leader: Diane Virzera, FMLG)

TEM 2: Global Clearing and Settlement Moderator: Antonio Sáinz de Vicuña

a) Indirect Securities Holdings

i) EC Legal Certainty Project (Leader: Martin Thomas, EC)

ii) Update on UNIDROIT Project and Hague Convention (Leader: Joyce Hansen, FMLG)

iii) FMLC Issue 3 Project on Property Interests in Investment Securities (Leader: Joanna Perkins, FMLC)

iv) [Swiss Implementation (Leader: Hans Kuhn, SNB representative if attending)]

b) EU Collateral Directive

i) Implementation of EU Collateral Directive (Leader: Klaus Loeber, EFMLG)

ii) U.S. Perspectives on EU Collateral Directive (Leader: David Miller, FMLG)

Document: Table - Survey on the implementation of the Collateral Directive,

ITEM 3: Documentation Moderator: Antonio Sáinz de Vicuña

a) Signing Authorities (Leader: Christopher Kienle, EFMLG)

b) IFXCO Master Agreement (Leader: Gary Sims, FMLG)

c) FX Prime Brokerage Give-Up Agreement (Leader: Bob Spielman, FMLG)

d) Asian NDF Documentation (Leader: Diane Virzera, FMLG)

ITEM 4: Legal and Regulatory Landscape Moderator: Joyce Hansen

a) Prospectus Directive and Regime for Non-EU Issuers (Leader: Cliff Dammers, FMLC)

b) USA Patriot Act (Leader: Bob Spielman, FMLG)

c) Impact of EU Anti-Money Laundering Directive (Leader: Joanna Perkins, FMLC)

d) [Regulation of FX in Asia (Leader: HKMA/MAS if attending)]

e) Liquidation of Foreign Bank Branches (Leader: Joyce Hansen, FMLG)

f) CFTC Reauthorization (Leader: Michael Nelson, FMLG)

g) Competition Law and its Effect on OTC Industry Groups (Leader: Michael Nelson, FMLG)

ITEM 5: Other Capital Markets Developments Moderator: Joanna Perkins

a) Counterparty Risk Management Group II (Leaders: Ricardo Salaman and Locke McMurray, FMLG)

b) Developments in Sovereign Debt Markets (Leaders: Niall Lenihan EFMLG/FMLC & Michael Nelson, FMLG)

c) EU Cross-Border Securitization (Leaders: Simon Gleeson, FMLC & David Bloom, EFMLG)

d) The U.S. GSEs – The story of Fannie & Freddie (Leader: Michael Nelson, FMLG)

e) FRBYN/FSA Warnings on Credit Derivatives Market – Back Office Backlogs (Leaders: Michael Nelson, FMLG & David Bloom, FMLG)

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