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Aide memoire of the 26th meeting of the European Financial Markets Lawyers Group *** 26th meeting of the European Financial Markets Lawyers Group 31 March 2008 09.30-16.00 Athens, Aegli Zappiou complex (Zappion Gardens), meeting room ‘Prive’ Agenda ITEM 1: Approval of the agenda and of the aide-mémoire of the last meeting ITEM 2: EFMLG internal matters ( for discussion ) 2.1 Reflections on the EFMLG Issue: The EFMLG Chairman invites the members to reflect critically on the EFMLG: its mission statement, organisation, membership criteria, internal rules of procedures and other related issues. EFMLG members will be invited to provide their views on these aspects. Document: Letter of the EFMLG Chairman 2.2 10th anniversary of the EFMLG Issue: In the context of the celebration of the 10th anniversary of the EFMLG in 2009, the group will discuss (i) the possibility to launch of a EFMLG collective book devoted to issues related to the legal integration of European financial markets and (ii) examine possible practical arrangements for the launch of this project. Members are invited to provide their views on this project and propose possible topics and individual contributions for the above book. Document: Letter of the EFMLG Chairman ITEM 3: EU/US financial law issues ( for discussion ) Issue : The EFMLG is requested to ascertain transatlantic/global legal issues where further work
might be usefully carried out by the Group on the basis of the documentation circulated to the
group and in particular the EU-US Coalition on financial regulation work programme. Although a
new sub-group dealing with this issue was set up, contributions of all EFMLG members on this
topic would be appreciated. Documents: Communication from Bertrand Huet 22.2.2008, Convergence of investor categorisation regimes (draft), 22.7.2008, Achieving direct cross-border institutional access for capital market market intermediaries (draft), 9.7.2007, Standardising the disclosure of significant shareholdings (draft), 12.9.2007, cross-border regulatory reform framework for SEC recognition of non-US securities firms, 30.7.2007, presentation - SIFMA: Regulation of Cross-Border Capital Markets Lunch: 12h30-14h. Venue: Cibus restaurant, Aegli Zappiou complex ITEM 4: Preparations of the Quadrilateral meeting of 12 June 2008 ( for discussion ) Issue: In view of the New York Quadrilateral meeting, the EFMLG will select the legal items of transatlantic/global interest that the group would like to discuss in June. ITEM 5: Retail structured products: follow-up ( for discussion ) Issue : The sub-group will report on the work initiated and the EFMLG will comment on the draft report prepared by the sub-group and discuss the next steps of the initiative. Documents: First tentative draft EFMLG report based on the answers to the questionnaire, Presentation - working group Retail Structured Products - status report ITEM 6: Transparency requirements: the issue of disclosure obligations applicable to economic exposures Issue: The issue of the appropriate level of disclosure for certain types of financial instruments (such as cash-settled OTC derivatives)/substantial economic interests in shares held, for instance, through derivatives such as contracts for difference is currently examined by various authorities and bodies. The EFMLG will discuss whether and how it could contribute to foster at the EU level a harmonised approach in this field. Documents: UK FSA Consultation Paper 07/20, 'Disclosure of Contracts for Difference: Consultation and draft Handbook text', ISDA position, 'Disclosure of contracts for differences', 12.2.2008, Commission directive 2007/14/EC of 8 March 2007 , OJ L69/27 of 9.3.2007, Statement of the European Corporate Governance Forum on Proportionality, 25.8.2007 Transparency requirements: presentation + text ITEM 7:
Efficiency of judicial systems in the area of financial services: follow-up to the Issue: In 2007 the EFMLG answered a questionnaire on the efficiency of judicial systems for
financial services claims. This survey is part of the ECB’s response to ECOFIN’s invitation to the
ECB and the Commission in October 2006 to ‘monitor and assess the relevant institutional
features that hinder the efficient functioning of the financial system, and to pursue efforts aimed
at improving the financial market framework conditions’. The EFMLG is invited to consider
whether draft recommendations could be presented to ECOFIN along the lines of the attached. Documents: Letter of the EFMLG Chairman and Draft EFMLG report entitled ‘Follow up to the
ECOFIN October 2006 ─ Towards improved judicial efficiency for financial services claims: ITEM 8: Other issues of relevance to the EU financial markets 8.1 Reflections from a legal perspective on internal controls regarding OTC and exchange-traded derivatives (for discussion) Document: Report to the Prime Minister on lessons to be learned from recent events at Societe Generale, 4.2.2008; FSA Newsletter on Market Conduct and Transaction Reporting Issues, March 2008, Senior Supervisors Group Observations on Risk Management Practices during the Recent Market Turbulence, 6.3.2008 8.2. Netting law reform/Proposed amendments to the Collateral Directive/SFD (for information) Documents: Letter to David Wright of the European Commission on Interaction of the work of the Legal Certainty Group and of UNIDROIT 4 February 2008, Letter (draft) to David Wright - Directive 2002/47/EC on Financial Collateral Arrangements – Proposal for a European Netting Directive, Appendix to draft letter to David Wright on Proposal for a European Netting Directive, Outline of a Directive on Close-Out Netting Arrangements 8.3. Forward foreign exchange transactions and MiFID (for information) Document: Letter to David Wright of the European Commission on MiFID and forward foreign exchange agreements 11 February 2008, Implementation of MiFID regarding forward foreign exchange agreements in various EU jurisdictions 8.4. Securitisation/Commission's White Paper on Mortgage Credit: up-date (for information) Documents: Summary of European Industry Commitments to the European Commission regarding Transparency in the European Securitisation Market, 8.2.2008, Europe's financial system: adapting to change - Contribution of the Commission to the European Council, 27.2.2008 ITEM 9: Other issues Draft common frame of reference: principles, definition and model rules of European private law. |
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