Aide memoire of the 25th meeting of the European Financial Markets Lawyers Group

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25th meeting of the European Financial Markets Lawyers Group

25 January 2008 10.00-17.30

Dresdner Bank, Estrella 1, Theodor-Heuss-Allee 44, Rooms 101-104

Agenda

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

An ISDA delegation will participate to the morning session for the items 2, 3 and 4.

ITEM 2: Proposed amendments to the Collateral Directive/SFD ( for discussion )

Documents: Letter to Commission from FMLG on Directive 2002/47/EC on Financial Collateral Arrangement 13 November 2007, EBF position on the review of the Financial Collateral Directive 20.11.2007,

ITEM 3: Legal Certainty Group/Unidroit/Conflicts of law ( for discussion )

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

Documents: Proposal for a Regulation of the European Parliament and the Council on the law applicable to contractual obligations (Rome I) - outcome of the European Parliament's first reading 3 December 2007, UNIDROIT preliminary draft convention on substantive rules regarding intermediated securities July 2007

ITEM 4: Netting law reform ( for discussion )

4(a) Follow- up to the EFMLG report of 2004 on netting/set-off

4(b) Winding-up directive for credit institutions (Art. 25)

Documents: Memorandum Directive 2002/47/EC on Financial Collateral Arrangements (the “FCD”) – the Commission's Evaluation Report of 20th December 2006 – Proposal for a Revision of the FCD or New Directive 19 October 2007, Directive 2001/24/EC of 4 April 2001 on the reorganisation and winding up of credit institutions

ITEM 5: Forward foreign exchange transactions and MiFID ( for discussion )

Documents: Forward foreign exchange transactions and MiFID - paper - 23 January 2008, Annex - The evolution of the list of financial instruments from the ISD to the MiFID, Regulation of forward foreign exchange transactions in the United States - summary prepared by David Bloom October 2007

ITEM 6: Retail structured products: follow-up ( for discussion )

Documents: Draft questionnaire on retail structured products 15 January 2008, Commission call for evidence - need for a coherent approach to product transparency and distribution requirements for "substitute" retail investment products

ITEM 7: EMA follow-up/Inter-banking deposit netting/capital adequacy rules ( for discussion )

Documents: master agreement for financial transactions - product annex for deposits and loans Edition January 2008, master agreement for financial transactions - draft product annex for deposits and loans - explanatory memorandum, master agreement for financial transactions - special provisions

ITEM 8: Structured finance/securitisation/Commission's White Paper on Mortgage Credit: up-date (for information )

Documents: Commission White Paper on the Integration of EU Mortgage Credit Markets 18 December 2007, Commission staff working document accompanying the White Paper on the Integration of EU Mortgage Credit Markets, impact assessment 18 December 2007, White Paper on the Integration of EU Mortgage Credit Markets - FAQs 18 December 2007, Speech by Commissioner McCreevy at European Parliament's Economic and Monetary Committee (ECON) 18 December 2007

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

Use of rating-related trigger provisions in termination clauses ( for information )

ITEM 10: All other business

Date and place of the next regular EFMLG meeting : 31 March 2008, Athens

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