14th meeting of the European Financial Markets Lawyers Group,

Joint FMLG/FMLC/EFMLG Meeting

Wednesday, 10 June 2004 09.30-17.30

Agenda

ITEM 1: Welcome by Lord Browne-Wilkinson

ITEM 2: Netting - desirability of wide scope of netting Moderator: J. Hansen

a) Cross-product netting

• Status in UK [FMLC - Motani]
• Cross-Product Master Agreement [FMLG - Sims]
  • Lack of use
  • Lack of legal certainty for cross-product netting in U.S. under bankruptcy law; political issues surrounding bankruptcy reform legislation

b) Deposit netting [EFMLG - Myhrman]

c) Insolvency close-out netting arrangements under EU legislation [EFMLG –Lenihan /Ferreira Malaquias]

d) Status of netting in EU accession countries [EFMLG - Tillian ]

Document: report

ITEM 3: Force majeure and related contractual provisions Moderator: J. Hansen

a) Current FMLC work [FMLC - Tudor John ]

b) Developments in the US [FMLG - Bloom ]

• Efforts of force majeure task force from several years ago
• Model language untested

c) Discussion of results under 3 force majeure scenarios

ITEM 4: Documentation - the potential global documentation for financial markets transactions Moderator: A. Sáinz de Vicuña

a) The European Master Agreement and its new derivatives annex . [EFMLG - Hartenfels, de Vauplane ]

• Frequency of use
• Scope of counterparties

b) The current effort to update the FEOMA agreements – the IFXCO [FMLG - Sims ]

• Continued relevance of FEOMA
• Terms approach .

c) FMLG efforts w ith respect to /r/t NDF documentation [FMLG - Laslo ] .

d) Signing authorities [EFMLG - Moran ]

e) GDSC – genesis and goals [FMLG - Hansen]

ITEM 5: Undisclosed principals Moderator: A. Sáinz de Vicuña

NIPs code revision, confidentiality provisions and status of implementation/experience in both the UK [FMLC - Harding, Thomas ] and the US [FMLG ]

ITEM 6: Collateral Moderator: J. Hansen

Indirectly held securities issues law reform

(EU , [EFMLG - Tsibanoulis, de Vauplane ]

UNIDROIT [ EFMLG - Nizard ]

UK [FMLC - Benjamin ]

ITEM 7: Legal Risk Moderator: J. Hansen

a) The IBA project [EFMLG - L ö ber ]

b) The EFMLG project [not yet advanced, I am afraid …] [EFMLG - Parche ] X

c) FMLG reactions to these [FMLG]

ITEM 8: Anti-money laundering

Review of practical difficulties in international financial markets [all]

ITEM 9: Retail/wholesale interface in the fx market

[FMLG]

ITEM 10: Any other items

ITEM 11: Rapporteur's summary

BACK TO TOP