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Charter of the EFMLG
The European Financial Markets Lawyers Group (EFMLG) is committed to provide legal support to the historical task of achieving an integrated financial market in the European Union (EU), on the basis of professional excellence of its membership, of the breadth of knowledge brought together on national and European financial law, of cooperative work among the legal services of the wholesale banking industry in Europe and of the support of the banking institutions which are represented in the Group.
The Group strives at examining legislative and regulatory issues and differing market practices that hinder the full development of a EU-wide single financial market, and at identifying major barriers, providing advice, recommendations, and best practices, aimed at facilitating harmonisation and convergence in the EU financial markets.
The EFMLG is an group of senior lawyers of major commercial banking institutions of the European Union, who are able to provide high-quality input to the Group's activities, to identify and propose areas of work, and to contribute to the collective activity with resources drawn from the institutions they represent. A bank is represented by one member with certain exceptions relating to banking groups. The maximum number of members is 30. The Group’s composition is revised annually. EFMLG members with a minimum 5 years of EFMLG seniority may remain EFMLG members when they leave their major commercial banking institution provided that they remain involved in the fields of EFMLG activity. The European Central Bank (ECB), committed to European financial integration, offers to the Group a neutral chairmanship, one member and a small secretariat. The views of the EFMLG neither bind the ECB nor the credit institutions which have appointed its members.
In order to fulfil its Mission, the following are the main activities of the Group:
The EFMLG was created in 1999 at the moment of the introduction of the euro, when (i) the possibility of cross-border financial transactions, using existing and newly created links between market infrastructures, was enhanced, (ii) a significant step towards the completion of a single financial services and wholesale banking market in the EU was made; (iii) a single money market reflected in single market rates (the Euribor and the Eonia) was established. Similar pan-European financial market groups were created in the areas of the money market, payment systems, and market operations. Account was taken of the positive influence that resulted from similar legal groups in New York, London and Tokyo, sponsored by the respective central banks, in the evolution of regulation and of market practices in the respective markets.