Aide memoire of the 24th meeting of the European Financial Markets Lawyers Group

***

24th meeting of the European Financial Markets Lawyers Group

Monday 15 October 2007 10.00-17.30

Room CV, 2nd floor, at the ECB in Frankfurt

Agenda

ITEM 1: Approval of the agenda and of the aide-mémoire of the last meeting

ITEM 2: Implementation of the MiFid

2.1. Forward foreign exchange transactions: EFMLG draft legal paper + cover ( for discussion )

2.2. Other issues: classification of credit institutions as ‘eligible counterparties' or ‘professionals', draft/sample documentation of financial institutions ( for discussion )

Documents: Draft eligible counterparties and professionals under the MiFID 10.10.07 + sample documentation of financial institutions

ITEM 3: Structured finance/securitisation

3.1. Meetings with FBE and Commission (DG MARKT), 11.10.07 re. the follow-up on the EFMLG report on legal obstacles to cross-border securitisations in the EU ( for information/discussion )

Documents: Presentation to Commission on Report 11.10.07

3.2. Commission's impact assessment on the White Paper on Mortgage Credit: up-date ( for information )

3.3. Issues related to the ‘sub-prime loans' crisis (ratings and structured finance, ESF-SIFMA statement on industry initiatives for structured products, ABCP disclosure) ( for discussion )

Documents: ESF response to CESR's Questionnaire regarding the rating of structured 31.07.07 + SIFMA Statement on Industry Initiatives for Current Structured Products Market Environment 10.09.07 + Michael Prada opening address ESF/IMN European CDOs, Credit Derivatives & Structured Credit Products Summit 07.09.07 + Standard & Poor's structured financed commentary + CESR Press Release European Commission Issues an Additional Request to Review the Role of Credit Rating Agencies12.09.07 + CESR questionnaire regarding the rating of structured finance instruments August 2007 + Speech by Commissioner Charlie McCreevy at the European Parliament ECON Committee European Parliament ECON Committee 11.09.07

ITEM 4: Suitability and due diligence standards

4.1. Retail Structured Products: Principles for managing the provider-distributor relationship (ESF, ICMA, ISDA, LIBA, SIFMA, 10.07.07) ( for discussion )

Documents: Providers and distributors: responsibilities in relation to retail structured products September 2007 + FMLC letter to DG Internal Market 'FMLC Issue 103: Prospectus Directive - "Offer to the Public"' + Retail Structured Products: Principles for managing the provider-distributor relationship

4.2. Self-assessment suitability tests by credit institutions in relation to complex and structured products (Italease case) ( for discussion )

4.3. Derivatives trading, public entities and due diligence standards: a revival of Fulham and Hammersmith in Europe ? ( for discussion )

ITEM 5: Legal Certainty Group/Hague Convention/Unidroit/Commission review of the Settlement Finality Directive/Collateral Directive: up-date on recent developments

Presentation by Mr Philipp Paech , Secretary of the Legal Certainty Group, European Commission, DG MARKT

ITEM 6: EMA follow-up: inter-banking deposit netting ( for discussion )

ITEM 7: Use of rating-related trigger provisions in termination clauses ( for discussion )

ITEM 8: Efficiency of judicial systems in the area of financial services: up-date ( for information )

ITEM 9: Other issues of relevance to the EU financial markets

ITEM 10: Other issues - Next meetings:

Date and place of the next regular EFMLG meetings: 25th - 25 January 2008 in Frankfurt am Main and 26th - 31 March 2008 in Athens.

The next Quadrilateral meeting is scheduled to take place in June 2008 in New York.

BACK TO TOP