Aide memoire of the 28th meeting/Quadrilateral meeting of the EFMLG, FLB, FMLC, FMLG, HKMA, MAS and SNB

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29th meeting of the European Financial Markets Lawyers Group

on Tuesday, 11 November 2008

from 10.30 to 17.00 h, Frankfurt am Main

ECB, Eurotower, Kaiserstrasse 29, room CVI

Revised draft Agenda

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

ITEM 2: Legal issues related to the current stress on the financial markets (for discussion).

Guest speaker: Mrs Kirsty Devonport, Legal Counsel, ISDA.

Issue: Follow-up to the EFMLG teleconference of 25 September 2008 . The EFMLG will discuss legal issues related to market documentation in the context of the financial turmoil. EFMLG members will be invited to a tour de table on these issues.

Documents: Extract from PricewaterhouseCoopers website: Frequently asked questions on Lehman Brothers' Administration; Summary minutes of the teleconference with EFMLG, FLB, FMLC, FMLG, HKMA, MAS and SNB on 20 October 2008

ITEM 3: On-going EU and national legislative developments relating to the financial turmoil (for discussion).

Issue: The EFMLG will be up-dated on the main on-going EU and national legislative developments relating to the financial turmoil. EFMLG members will be invited to debrief the EFMLG on possible legal issues arising out from the application of the national rescue schemes.

Document: Presentation EFMLG update November 2008

ITEM 4: Review of the Collateral Directive/UNIDROIT Diplomatic Conference/ Legal Certainty Group: recent developments (for discussion).

Issue: The EFMLG will be debriefed on the state of play of these various initiatives.

Documents: Second Advice of the Legal Certainty Group, August 2008; Revised Presidency compromise on the FCD/SFD proposal, 10.9.2008; Draft UNIDROIT Convention on substantive rules regarding intermediated securities, 12.9.2008.

ITEM 5: Netting law reform initiatives (for discussion).

Issue: The EFMLG will be debriefed on the state of play of the joint EFMLG-ISDA initiative.

Documents: KBC position paper on the Netting Directive, July 2008.

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

6.1. Draft Common Frame of Reference and follow-up to the French Presidency Conference on European Contract Law.

Documents: Draft report to the Council on the setting up of a Common Frame of Reference for European contact law; Common Frame of Reference for European contract law - Points to be examined; French Conference on European Contract Law

6.2. Follow-up to the EFMLG Report on Judicial Efficiency.

6.3. EU Commission's Initiative on Credit Derivatives; First meeting of the working party on derivatives; Meeting of working group on derivatives on 5 November: The summary of Questions transmitted by the Commission with the comments transmitted by ISDA SFIMA LIBA and EBF [Notes taken by ISDA]

ITEM 7: Other issues - Next meetings.

7.1. Final version of the EFMLG Charter and internal rules of procedure (for information).

7.2. Secondment programme (for information).

7.3. Preparations of the Quadrilateral meeting (scheduled for June 2009) and of the event with General Counsels for the 10th anniversary of the EFMLG (for discussion).

The 30th EFMLG meeting should take place in early 2009 (venue and date to be confirmed).

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