Aide memoire of the 27th meeting of the European Financial Markets Lawyers Group

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27th meeting of the European Financial Markets Lawyers Group

11 June 2008 09.30-13.00

Barclays Bank, 200 Park Avenue, New York, NY 10166, USA

Agenda

Introduction by Mr Alan Kaplan, Deputy General Counsel, Barclays Bank

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

ITEM 2: EFMLG internal matters (for discussion)

2.1. Follow-up to the reflections on the future of the EFMLG: draft Charter/draft internal rules of procedure

Issue: As agreed at its Athens meeting, the EFMLG is invited to discuss a first draft Charter and a first draft of internal rules of procedure .

Documents: Summary of the Athens findings, draft Charter, draft internal rules of procedure

2.2. 10th anniversary of the EFMLG: state of play of the EFMLG book project

Issue: The EFMLG will be debriefed on the state of play of the EFMLG book project and EFMLG members will be invited to communicate the topic of their proposed contributions

Document: letter from EFMLG Chairman and Chair of the EFMLG Editorial Board to the EFMLG 30.4.2008, List of contributions

ITEM 3: Draft common frame of reference: principles, definition and model rules of European private law (for discussion)

Issue: The EFMLG is invited to discuss the letter of the EFMLG Chairman regarding the above topic

Documents: Draft Common frame of reference, Letter from the EFMLG Chairman to the EFMLG, 13.5.2008

ITEM 4: Reflections from a legal perspective on internal controls regarding OTC and exchange-traded derivatives (for discussion)

Issue: This issue was not discussed in Athens due to a lack of time

Documents: Report to the French Prime Minister on lessons to be learned from recent events at Societe Generale, FSA Newsletter on Market Conduct and Transaction Reporting Issues, March 2008, Société Générale - Mission Green - summary report 20.5.2008, Summary of PwC diagnostic review and analysis of the action plan 23.5.2008, Internal control and financial market activities: fighting fraud

ITEM 5: MiFID: FX/Supervision of branches (for information/discussion)

Issue: The EFMLG is invited to discuss the Commission's note of 18.6.2007 attached as Annex to the CESR Protocol on the supervision of branches under MiFID and in particular the ‘grey area' issue

Documents: CESR Protocol on the supervision of branches under MiFID, EU letter from McCreevy to LIBA cross border scope of MIF, 21.3.2007, MIFID Responsibilities for branches, June 2008

ITEM 6: Other issues of relevance to the EU financial markets ( for information )

(a) Netting law reform/Proposed amendments to the Collateral Directive/SFD

Documents: Commission Executive Summary to the Impact assessment acompanyng the Proposal to amend Collateral Directive/SFD, Impact assessment acompanyng the Proposal to amend Collateral Directive/SFD, Proposal to amend Collateral Directive/SFD 17.2.2008, ISDA/EFMLG letter to Commission 14.4.2008

(b) EMA developments

Documents: EMA Product Annex for Deposits and Loans and the related menu for the Special Provisions

(c) Retail structured products

Document: ISDA exposure draft 12.5.2008

(d) MiFID/FX Commission Q&A on the MiFID (FX)

(e) UBS Shareholder Report on UBS's Write-Downs 18.4.2008

ITEM 7 : Other issues - Next meeting

The 29th EFMLG meeting should take place in October or November 2008 in Frankfurt am Main (ECB premises, date to be confirmed).

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