20th meeting of the European Financial Markets Lawyers Group,

Joint FMLG/FMLC/EFMLG Meeting

13 June 2006 09.00-17.30

Agenda

ITEM 1: Welcome by H. Le Guen, Banque de France and A. Sáinz de Vicuña, EFMLG Chairman

ITEM 2: Presentation of the Financial Law Board and its activities Moderator: T. Shimoda / K. Tamura

ITEM 3: Documentation Moderator: J. Hansen

a) 2005 Barrier Option Supplement (R. Salaman, FMLG)

Documents: FXC press release to revised exhibits 5.5.2006, Revised Exhibits I II to 2005 Barrier Option Supplement, 2005 Barrier Option Supplement

b) NDF Master Confirmation Agreement and other NDF Developments (D. Miller and R. Spielman, FMLG)

Documents: NDF Master Confirmation Bilateral 5.5.2006, NDF Master Confirmation Multilateral 5.5.2006, NDF Confirmation Practice Notes 5.5.2006, NDF Master confirmation - proposal to CLS 27.4.2006

c) Confirmation White Paper (M. Douvas, FMLG)

Documents: Operations Managers Working Group: confirmation white paper 20.4.2006, Confirmation white paper meeting 13.4.2006 - notes and takeaways

d) Signing Authorities (H. Moran, EFMLG)

Documents: EFMLG best practice statement May 2006, EFMLG power of attorney May 2006

e) EU Documentation for the use of UCITs in derivatives or securities financing transactions (H. Hartenfels, EFMLG)

ITEM 4: Global Financial Infrastructure Moderator: A. Sáinz de Vicuña

a) Update on UNIDROIT Project and Hague Convention (H. de Vauplane, EFMLG)

Document: UNIDROIT preliminary draft convention on substantive rules regarding intermediated securities

b) EU Legal Certainty Project and other EU Legal Developments (Collateral Directive Transposition, Rome I Regulation, “Better Regulation”) (K. Löber/D. Tsibanoulis, EFMLG)

Documents: EFMLG report on collateral implemetation March 2006, Proposal for a Regulation of the European Parliament and Council on the law applicable to contractual obligations (Rome I) 15.12.2005

c) EU competition issues in financial services - presentation (D. Livingston, FMLC)

d) A proposal for a new European netting instrument ( E. Murray , FMLC)

Documents: EFMLG report October 2005, EFMLG response to the Commission questionnaire regarding the transposition of Directive 2002/47/EC on Financial Collateral Arrangements 7.4.2006

e) Islamic financing (H. Motani, FMLC) - presentation

f) Hedge fund developments (M. Nelson, FMLG)

Documents: Patrick M Parkinson statement 16.5.2006, Testimony of Randal K. Quarles 16.5.2006, Testimony of Susan Ferris Wyderko 16.5.2006

g) Back office infrastructure (credit derivatives, etc.) (J. Hansen, FMLG)

Documents: credit industry commitment letter 4.10.2005, credit industry commitment letter 16.12.2005, credit industry commitment letter 10.3.2005

h) CLS Bank Initiatives (R. Laslo, FMLG)

Documents: CLS Initiatives presentation 31.5.2006, list of members' working groups, summary of draft CLS Bank international rules regarding NDFs, summary of draft CLS Bank international rules regarding options, list of Members of CLS Bank International as of May 2006, CLS settlement profile, CLS press announcement 9.9.2005, CLS magazine Issue 11 Spring 2006, 'About CLS'

ITEM 5: Legal and Regulatory Landscape Moderator: T. Miller

a) Developments in retail distribution of structured products - presentation (S. Gleeson, FMLC)

b) Issues around Confidentiality, Disclosure, and Use of Client Information / data protection / privacy obligations owed by financial services firms to their clients (T. Miller, FMLC)

Documents: Privacy rights vs. compliance obligations - presentation 12.6.2006, ARTICLE 29 Data Protection Working Party - Opinion 1/2006 on the application of EU data protection rules to internal whistleblowing schemes in the fields of accounting, internal accounting controls, auditing matters, fight against bribery, banking and financial crime, adopted 1.2.2006

c) Conflicts of interests under the MiFID (E. de Lillo, EFMLG)

Document: EFMLG letter on MiFID 5.5.2006

d) Legal obstacles to cross-border securitisations in the EU ( S. Kerjean , EFMLG)

Documents: EFMLG hearing on securitisation - agenda 12.6.2006, questions to the participants, preliminary assessment of the replies to the EFMLG questionnaire on legal obstacles to cross-border securitisation in the EU 12.6.2006

e) FX Control History (D. Bloom, FMLG)

f) Customer Information Project (M. Nelson , FMLG)

Document: Customer Information Project Factual Scenarios for Analysis

g) AML / USA PATRIOT Act and FX Prime Brokerage (R. Spielman, FMLG)

Documents: Proposed Question and Answer regarding Foreign Exchange Prime Brokerage (draft) 1.5.2006

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