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*** 10th meeting of the European Financial Markets Lawyers Group Tuesday, 5 November 2002 Room CII, 36th floor, at the ECB in Frankfurt Agenda ITEM 1: Approval of the agenda and of the aide-mémoire of the last meeting ITEM 2: Collective action clauses and sovereign debt The Argentina crisis - legal effects in Europe Gathering of experiences of the EFMLG members and general discussion. G-10 Working Group on contractual clauses Presentation of the work undertaken by the G-10 Working Group on contractual clauses and general discussion on the issue. Documents: Communiqué of the Ministers and Governors of the Group of Ten, 27 September 2002; Statement of G-7 Finance Ministers and Central Bank Governors, 27 September 2002; Report of the G-10 Working Group on Contractual Clauses, 26 September 2002 ( please note that this document has not been published by the G-10 Ministers and Governors, and is made available to EFMLG members on an informal basis only ); International Monetary Fund, The Design and Effectiveness of Collective Action Clauses (prepared by the Legal Department, IMF, June 6, 2002 ); and ‘There is a better way to manage debt crises', article published by Dr. Josef Ackermann, Chairman, Deutsche Bank, Financial Times, September 25, 2002 ITEM 3: Short-term securities Presentation of the final EFMLG report and the on-going public consultation, discussion of the follow-up. Documents: EFMLG report on the money market: Legal aspects of euro area short-term securities; “The Short-Term Paper Market in Europe” prepared by the Euribor-ACI Short Term Paper Task Force (ACI-STEP). [not available] ITEM 4: Dematerialisation Presentation of the work conducted by the EFMLG subgroup on dematerialisation of securities and general discussion. Document: Draft EFMLG statement [not available] ITEM 5: Repurchase transactions Information on the work on an EFMLG statement on repurchase transactions in the EU. Document: Draft EFMLG statement [not available] ITEM 6: Issues of relevance to the Financial Markets Unidroit project on the harmonisation of rules relating to indirectly held securities Information on the work of Unidroit on the global harmonisation of substantive securities laws. European Commission's communication on clearing and settlement Information on the Commission's communication. European Commission's consultation of interested parties on financial regulation, supervision and stability Information on the Commission's consultation and the related EFC report on financial regulation, supervision and stability of 9 October 2002 (http://www.europa.eu.int/comm/ internal_market/en/finances/cross-sector/index.htm). US Sarbanes-Oxley Act and US Patriot Act – Application to European banks Information and general discussion. ITEM 7: The Financial Markets Law Committee Report on the initial range of legal issues considered by the new committee sponsored by the Bank of England ITEM 8: Other issues a) Website – Presentation of the new EFMLG website b) Date of next meeting |
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