Issue:

The Chairman would give an update on the preparations relating to the Single Supervisory Mechanism (SSM) whilst Inigo Arruga would update on the Single Resolution Mechanism (SRM), followed by an exchange of views by the EFMLG.

Documents:

Presentation by Antonio Sainz de Vicuna - The single supervisory mechanism
Presentation by Inigo Arruga Oleaga - Legal basis for the Single Resolution Mechanism

Rapporteur:

The Chairman; Inigo Arruga

Issue:

It is proposed that members should discuss on the legal uncertainties that have arisen recently for market participants in implementing certain EU financial services legislation (EMIR, AIFMD, Short-selling, etc.).  Using EMIR as an example, (i) there is still lack of clarity as to which parts of the Level 1 text are effective as well as the extra-territorial impact; (ii) there are arguments that the ESMA may have acted outside the scope of the Level 1 text in its RTS on confirmations; and (iii) even the Commission acknowledges that there is lack of clarity in the text, and the public is directed to their "Frequently Asked Questions", which are not legally binding.  

Documents:

Presentation by  Susan O’ Malley - Issues of Legal uncertainty in implementing EMIR
Presentation by Pedro Ferreira Malaquias - Contingent capital instruments in Portugal

Rapporteur:

Susan O’ Malley; Pedro Ferreira Malaquias

Issue:

The scandals regarding LIBOR prompted the review of the preparation and use of benchmarks in financial markets. It is proposed to discuss the associated consultations and the expected legislative actions and their possible implications on existing financial instruments and contracts under applicable domestic law.

Documents:

Rapporteurs:

Ulrich Parche

Issues:

The nationalisation of SNS Reaal Bank by the Dutch Government highlighted some significant issues as regards the impact of bail-ins on CDS protection. This is of key importance to the CDS markets and it either needs to be considered in the context of bail-in legislations or when drafting CDS contracts.

 Documents:

Presentation by Otto Heinz - Bail-in, CDS protection and set-off

Rapporteur:

Otto Heinz

Issue:

The notion of market-making is gaining importance, and is used for various purposes in different areas (exemption to short selling, exemption to the Financial Transaction Tax in some countries, transparency rules, ring-fencing of activities, etc.). This merits an EFMLG discussion.

Documents:

ESMA Final Report – Guidelines on the exemption of market making activities and primary market operations under Regulation (EU) 236/2012 of the European Parliament and the Council on short selling and certain aspects of Credit Default Swaps.

Rapporteur:

Bertrand Brehier

Issue:

Pedro Ferreira Malaquías will give a short presentation outlining the most important features of the CoCos recently issued by some Portuguese banks.

Documents:

Rapporteur:

Pedro Ferreira Malaquías

Issue:

It is proposed to have an exchange views on the recently published Second Consultative Document on Margin requirements for non-centrally cleared derivatives by BIS and IOSCO

Documents:

Presentation - Margin requirements for Non-Centrally Cleared Derivatives
Second Consultative Document on Margin requirements for non-centrally cleared derivatives by BIS and IOSCO

Rapporteur:

Adolfo Fraguas

Issue:

On 22nd of March 2013, the Greek Council of State (Highest Administrative Court) discussed 28 petitions for the annulment of:
a) the decision of the Council of Ministers for the enactment of the PSI process,
b) the Council of Ministers’ decision for the approval of the Greek Government Bonds’ (GGB) swap, implementing also application of Collective Action Clauses (CACs); and 
c) the Bank of Greece Act confirming the results of the GGBs holders voting process. 
A presentation will be given by Dimitris Tsibanoulis who represented the Bank of Greece in those proceedings.

Documents:

Presentation by Dimitris Tsibanoulis - Legal proceedings regarding the Greek PSI before the Greek Council of State (Conseil d’ Etat)

Rapporteur:

Dimitris Tsibanoulis

Issue:

The EFMLG membership was objectively defined on the basis of the EURIBOR panel composition. Such EURIBOR panel is gradually being reduced, with some banks withdrawing. In this context it is proposed to have an open and informal discussion on EFMLG’s membership definition, and exchange views on possible re-definition for the future.

Documents: 

n/a

Rapporteur:

 The Chairman

Issue:

It is proposed to have a short discussion on two items that there was no time for during the January EFMLG meeting:Regulatory treatment of reliance on rating. Update on UNIDROIT close-out netting activities.

Documents: 

UNIDROIT Netting Meeting March Report, with four attachments
Annotated draft agenda - Unidroit meeting - Rome March 2013
Draft Principles regarding the enforceability of close-out netting provisions
Joint proposal submitted by the Governments of France, UK and US concerning Principles 3 and 4
Revision notes - Draft Principles regarding the enforceability of close-out netting provisions
UNIDROIT Netting Meeting March Report

Rapporteur:

Holger Hartenfels

Issue:

It is proposed to have a brief discussion on the agenda of the next Quadrilateral meeting and the representation of the EFMLG.

Documents: 

Draft agenda of the Quadrilateral Meeting of 2 July 2013; Summary Minutes

Rapporteur:

Otto Heinz; Inigo Arruga

Issues:

In the context of ring-fencing/structural separation proposals (Liikanen Report, national normative initiatives). It is proposed that the group discusses legal issues arising from such initiatives.

Documents:

Rapporteur:

Francis Dickinson