Aide-mémoire of the 30th meeting of the European Financial Markets Lawyers Group

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30th meeting of the European Financial Markets Lawyers Group

Wednesday, 4 March 2009
from 10.00 to 17.30 hrs

Venue: ING Bank NV , Bijlmerplein 888 , 1102 MG Amsterdam

Meeting room: AMP C 05.00

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

ITEM 2: Appointment of the EFMLG Vice-Chair

ITEM 3: Draft Common Frame of Reference (for discussion)

Documents: Principles, Definitions and Model Rules of European Private Law - Draft Common Frame of Reference (DCFR), version of December 2008 – Draft potential outline of the EFMLG paper.

ITEM 4: Preparation of the next meetings (for discussion)

4.1. Preparations of the agenda of the EFMLG meeting of Thursday 18 June and of the
Quadrilateral meeting of Friday 19 June in Milan

Documents: Aide-Mémoire of the last Quadrilateral meeting, 12 June 2008

4.2. Preparations of the EFMLG event with General Counsels for the 10th anniversary of the
EFMLG (scheduled for Wednesday 21 October).

Documents: FMLC Prospectus

ITEM 5: Review of the Financial Collateral/Settlement Finality Directive/UNIDROIT Diplomatic Conference/ Follow-up to Legal Certainty Group advice: recent developments (for discussion)

Documents: Second Advice of the Legal Certainty Group, August 2008 – Draft Council Conclusions on clearing and settlement, 24.11.2008 – Financial Collateral Directive/Settlement Finality Directive proposal (Council version of 12.12.2008 and EP resolution of 18.12.2008) – Speech by Dr. Philip Paech

ITEM 6: Netting law reform initiatives (for discussion)

Documents: KBC position paper on the Netting Directive – Draft EBF comparative assessment with the joint EFMLG-ISDA proposal – French Banking Federation paper on the netting directive – UK Banking Bill; A&O Briefing Paper – Banking Bill; memorandum submitted by the FMLC.

ITEM 7: Legal issues related to the crisis on the financial markets (for discussion)

Documents: ISDA Close-out Amount Protocol (final draft) – ISDA Close Out Amount Protocol Execution Version – ISDA Close Out Amount Protocol-Q & A

ITEM 8: Other issues of relevance to the EU financial markets (for discussion/information)

8.1. Legal aspects of on-going initiatives in the field of credit derivatives clearing
Commission release CDS clearing – ISDA-EBF letter CDS clearing – ISDA-EBF press release CDS clearing – Meeting regarding the establishment of CCP(s) for credit default swaps

8.2. Reducing Trade Risk: Using Technology to Bind Counterparties to Deals

8.3. EMA - Draft Deposit Annex and the related Special Provisions – Explanations

8.4. De Larosière Group Report on financial supervision in the EU
Report from the High-Level Group on Financial Supervision in the EU (de Larosière report) –
Speech by José Manuel Durão Barroso on the de Larosière report

Date and place of the next regular EFMLG meeting

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