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Aide memoire of the 18th meeting of the European Financial Markets Lawyers Group *** 18th meeting of the European Financial Markets Lawyers Group Monday, 14 November 2005 09.30-17.00 Agenda ITEM 1: Approval of the agenda and of the aide-mémoire of the last meeting ITEM 2: EFMLG sub-group on securitisation The group will be debriefed on the progress made on the preparations of the EFMLG report on legal obstacles to cross-border securitisations in the EU Documents: Draft EFMLG replies to the questionnaire on legal obstacles to cross-border securitisations in the EU: QUESTION 1: Securitisation Law, QUESTION 2: Special Purpose Vehicles (SPVs), QUESTION 3: Other Parties Involved In Securitisation Transactions, QUESTION 4: Transfer And Ring-Fencing Of Assets, QUESTION 5: Data Protection And Banking Secrecy and QUESTION 6: Insolvency; QUESTION 7: Tax Treatment, QUESTION 8: Rights Of Investors, QUESTION 9: Legal Obstacles To Cross-Border Securitisations And Applicable Law; Draft annexes to the EFMLG report (inventory of domestic laws on securitisations; charts on securitisation structures; typology and supervision of securitisation vehicles in the EU). ITEM 3: EFMLG-sub-group on signing authorities and the enforceability of master agreements Members of the sub-group will debrief the EFMLG on the current state of conclusions reached in the sub-group on signing authorities. The EFMLG will be asked to discuss the draft best practice recommendation and draft power of attorney prepared by the subgroup at their last meeting Documents: Draft best practice recommendation; Draft power of attorney; Template description of national practices; Overview table on national legislation ITEM 4: Documentation of emission trading Holger Hartenfels will present the documentation difficulties facing the OTC market in emission allowances. The topic is related to a FMLC initiative (FMLC issue 116) and the group is asked to discuss the subject and address the possibility of a joint-project between the EFMLG and the FMLC on the issue. ITEM 5: Rules on conflict of interests under MiFID Emilio De Lillo will present the topic and suggest to the the members of the EFMLG to embark on an analysis on the investment services conflict of interest rules and procedures to be improved in view of the MiFID. Documents: Presentation; Organisational requirements and identification management and disclosure of conflicts of interest by investment firms - working doc ITEM 6: Updated draft report on netting arrangements in the new Member States As a follow-up to the status report presented at the October 2004 meeting of the EFMLG, the members will be provided with a revised draft report on the enforceability of netting arrangements in the new Member States for discussion. Furthermore, the members will be asked to discuss if and if yes, how, the EFMLG should continue its efforts to achieve an improvement of the EU legislative framework for netting, taking into account parallel activities by industry associations such as ISDA.Documents: Draft report on the netting arrangements in the new Member States; Letter from ISDA to DG Internal Market dated 1 August 2005 ITEM 7: White labelling Further to the discussion during the EFMLG March 2005 meeting, Cornelis Blokbergen will present an in-depth overview of the issue of "white labelling" concerning the issuance of debt products by a bank, for the customers of smaller (private) banks or securities institutions (in which case the name of these products often refers to the name of purchaser). ITEM 8: Update on the draft Unidroit Convention and the Commission's legal certainty project The members will be debriefed on the state of affairs both as regards the Unidroit meeting of governmental experts in Rome in May 2005 and subsequent activities regarding the draft Unidroit convention on intermediated securities and on the work conducted by Commission's EU legal certainty group since June 2005. Document: New version of the draft Unidroit Convention ITEM 9: Report on the status of implementation of the Collateral Directive The group will be presented with a new report on the status of the implementation of the Collateral Directive, which in a descriptive manner contains a more elaborate explanation of the relevant provisions of the Directive and its implementation than the tables discussed on earlier occasions. Document: Draft report on the status of implementation of the Collateral Directive by Member States. ITEM 10: CRMPG II report ‘Towards Greater Financial Stability, a Private Sector Initiative' David Bloom will present the Counterparty Risk Management Policy Group II report to the members of the group for its further consideration. Document: CRMPG II report ITEM 11: Other issues of relevance to the EU financial markets 11(a): ECJ: Opinion of Advocate General on Eurofoods IFSC Ltd. (Case C-341/04) Helen Moran will report on the opinion of Advocate General Jacobs of 27 September 2005 , in particular as regards a clarification provided therein as regards the concept of a debtor's ‘center of main interests' (COMI) under EC Insolvency Regulation (1346/2000). 11(b): Standard Market Documentation used in the European Financial Markets The group will be informed about a meeting which took place on 7 September 2005 at the ECB between those market associations which sponsor or are affiliated with standard market documentation used in European financial markets in the areas of derivatives, foreign exchange, repurchase and securities lending transactions. 11(c): Practical issues surrounding the Prospectus Directive The group will be requested to provide information on any practical issues they may be aware of which has arisen as a result of the Prospectus Directive. Members may also raise any other items which are of interest to the European financial markets. 11 (d): Up-date on the implementation of the STEP initiative The group will be briefly up-dated on the developments of the STEP initiative and its formal launch scheduled for 2006. In addition, the group will be informed of the impact of the joint ACI-EFMLG contribution of June 2005 on the draft revised CESR Advice on Clarification of Definitions concerning eligible assets for investments of UCITS, as published in October 2005. Documents: 11 (e): Property Interest and Investment Securities The group will be informed about a letter from the FMLC dated 6 June 2005 thanking the EFMLG re its contribution to the FMLC work on property interests in indirectly held investment securities. ITEM 12: All other business 12(a): Trilateral meeting between the FMLG, FMLC and the EFMLG in Paris in June 2006 12(b): Date and place of the next meeting |
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