Aide memoire of the 21st meeting of the European Financial Markets Lawyers Group

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21st meeting of the European Financial Markets Lawyers Group

Thursday, 12 October 2006 10.00 - 17.30

Agenda

ITEM 1: Approval of the agenda and of the aide-mémoire of the 19th meeting

ITEM 2: Presentation of the activities of the ECB's Operations Managers Group

Documents: Global Operations Managers Conference - draft programme, OMG presentation 12.10.2006

ITEM 3: EU documentation for the use of investment funds in derivatives or securities financing transactions

Documents: issues note, 1.10.2006

ITEM 4: Preparation of the EFMLG Report on legal obstacles to cross-border securitisations

Documents: draft report, ESF letter to EFMLG, 5.10.2006

ITEM 5: Commission review of the Collateral Directive

Documents: Agenda for 19 September 2006 meeting of the EFMLG sub-group on collateral, the CLLS Legal Working Party on collateral and the European Commission – DG Markt regarding the review of the Collateral Directive, 7.4.2006, EFMLG Response to the Commission Questionnaire regarding the Transposition of Directive 2002/47/EC on Financial Collateral Arrangements 7.4.2006

ITEM 6: Application of the derogation powers under the Takeover Bids Directive

Documents: Possible issues raised by application by the Member States of the derogation
power granted by Article 4(5) of Directive 2004/25/EC on takeover bids

ITEM 7: FX market issues and FX transactions not governed by a master agreement

Documents: FX Joint standing committee response to Treasury consultation December 2005, Treasury letter to Bank of England 21.6.2006, Issues note 1.10.2006, IFEMA guide 1997

ITEM 8: Other issues of relevance to the EU financial markets

8(a) Hedge Fund developments

Document: Report of the Alternative Investment Expert Group July 2006

8(b) ECJ judgment in the case of Eurofood IFSC Ltd

8(c) Impact of the proposed Rome I Regulation

Document: Proposal for a Regulation of the European Parliament and the Council on the law applicable to contractual obligations (Rome I), 15.12.2005

8(d) Clearing and settlement update / Advice of the Legal Certainty Group

Documents: letter to DG-Markt, 28.7.2006, Commission Advice, 11.8.2006, Commission Advice Annex July 2006, UNIDROIT preliminary draft convention on substantive rules regarding intermediated securities March 2006

ITEM 9: Members from the ten new Member States

ITEM 10: Planning of meetings for 2007

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