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Documents and publications

The EFMLG makes selected documents available to the public through its website; more information may be obtained by contacting the secretariat using the link above.
Other documents are currently being prepared which may in due course be published on the internet. Documents available online may form part of projects that are still under way.
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2017

2017-09-14 EFMLG letter regarding the proposed revision of the Bank Recovery and Resolution Directive (BRRD II)

2017-08-31 EFMLG letter to the European Banking Federation regarding the European Master Agreement

EFMLG Newsletter Q1 2017

2017-03-30 Letter to EC Proposal for a Directive on Preventing Restructuring Frameworks and Second Chance

2017 -02-22 EC Reply to the EFMLG letter on PRIIPS Regulation - OTC Derivatives

2017-01-31 Letter from EFMLG to EC and EP on PRIIPS Regulation - OTC Derivatives

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2016

2016-10-24 EMMI reply to EFMLG - Euribor Seamless Transition

2016-07-01 EFMLG - Letter to EMMI - Euribor Seamless Transition

European Commission reply to EFMLG - European Regulatory Framework for Financial Markets

2016-08-23 EFMLG letter to EC - European Regulatory Framework for Financial Markets

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2015

2015-12-28 EFMLG letter to European Commission - Article 55 of the European Bank Recovery and Resolution Directive

2016-01-15 EC reply to the EFMLG - Article 55 of the European Bank Recovery and Resolution Directive

 

2015-04-26 EFMLG letter to the European Commission - Level playing field

2015-08-05 EC reply to EFMLG - Level playing field


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2014

2014-10-30 EFMLG letter to the European Commission and European Banking Authority on Banking secrecy

2015-05-12 EC reply to the EFMLG - Banking secrecy

 

2014-11-07 European Commission reply to the EFMLG - Legal consequences of the introduction of a new index replacing the Euribor

2014-09-25 EFMLG letter to the European Commission - Legal consequences of the introduction of a new index replacing the Euribor

 

2014-02-24 EFMLG letter to ESMA on the interpretation of EU legislation

2014-05-07 ESMA reply - Interpretation of EU legislation by ESMA




2013

2013-08-16 EFMLG letter to ESMA on issues of Legal Uncertainty and the European Market Infrastructure Regulation (“EMIR”)

2013-10-08 ESMA reply - Issues of Legal Uncertainty and the European Market Infrastructure Regulation (EMIR)

 

2013-04-04 EFMLG letter to Honourable CFTC Chairman Gary Gensler on Dodd Frank extraterritorial effects

 


2012

2012-09-28 EFMLG letter on the proposal for a Directive establishing a framework for the recovery and resolution of credit institutions and investment firms

2012-10-11 Response of the Commission to the EFMLG regarding the proposal for a Directive establishing a framework for the recovery and resolution of credit institutions and investment firms

 



2011

2011-03-24 EFMLG letter to the FED, SEC and the CFTC - Application of Title VII of the Doddd-Frank Act to foreign Banks' Global

 


2010

Standard Market Documentation

2010-11-22 Reply from ISDA - Lessons learned from the current financial crisis - Summary report

2010-04-12 EFMLG Report on Standard Market Documentation - Lessons to be drawn from the financial turmoil

 

2010-09-13 EFMLG Report - Review of the GMRA 2000 - update on progress

 

2010-07-09 EFMLG letter to the European Commission on proposals for central counterparty (CCP) clearing of derivatives contracts

2010-06-23 EFMLG letter to the European Commission on the projected EU legislation on Legal Certainty of Securities Holdings and Dispositions (Securities Law Directive)

 

2010-07-16 EFMLG letter to the Commission regarding the EFMLG proposal on investment advice and legal certainty

 


2009

2009-07-30 EFMLG letter to the European Commission on the consultation on the review of Directive 94/19/EC on Deposit-Guarantee Schemes


In December 2008 two academic groups – the Study Group on a European Civil Code and the Research Group on EC Private Law (Acquis Goup) –  submitted to the European Commission the final version of a joint Draft Common Frame of Reference (DCFR) which provides for a set of ‘model rules' covering core fields of civil law such as contract law and proprietary security rights in movable assets. Although it is not yet decided what will be the future function of the DCFR, this set of non-binding rules could have an important impact on the financial industry and could be a source of inspiration and guidance for both the European and national legislators . The EFMLG has therefore decided to contribute to this project by pointing to some particular aspects of the DCFR that are relevant for financial services. The EFMLG is of the view that the DCFR should be compatible with existing Community financial market regulation and with the industry's practices, as represented, for instance, by standard agreements used for some financial instruments traded in the financial markets.

2009-09-01 The Draft Common Frame of Reference - A position paper by the EFMLG

 

Standard Market Documentation: EFMLG urges market associations to draw the lessons from the financial crisis
On 15 September the EFMLG sponsored a Legal Symposium on standard market documentation, which was attended by about 50 participants from various market and banking associations, financial institutions, companies and international law firms. The purpose of the Symposium was to discuss the lessons to be learned from the financial crisis and to identify potential areas for the harmonisation of crisis-related clauses in the standard market documentation used for different financial products. This forum will be reconvened in mid-2010 in order to monitor and evaluate the progress made.

EFMLG Report on Standard Market Documentation

2009-09-18 EFMLG – Press release - Standard Market Documentation - EFMLG urges market associations to draw the lessons from the financial crisis

Legal Symposium's Agenda

Presentations:

'Bankruptcy' and 'Act of Insolvency‘ - A Need For Harmonization In Light Of New Legislation On Bankruptcy Procedures?

Notice Provisions and Enforcement

Automatic Early Termination under the ISDA, the GMRA, the GMSLA and the EMA: issues and perspectives

Calculation of Close-out Amounts

Collateral & Margin Dispute Resolution

 


2008

2008-04-14 ISDA letter to EC on Directive 2002/47/EC on Financial Collateral Arrangements - Proposal for a European Netting Directive

2008-02-04 EFMLG letter to EC on interaction of the work of the Legal Certainty Groups and of UNIDROIT

2008-02-11 EFMLG letter to EC on MiFID and forward foreign exchange agreements

2009-07-30 EFMLG letter to the European Commission on the consultation on the review of Directive 94/19/EC on Deposit-Guarantee Schemes

 

JUDICIAL EFFICIENCY FOR FINANCIAL SERVICES CLAIMS

On 31 July 2008, the EFMLG adopted its report entitled «Towards improved judicial efficiency for financial services claims”. The impulse for the report came from the Council of EU Ministers of Economy and Finance (ECOFIN), which following its informal meeting in Helsinki in October 2006 requested the ECB and Commission to “monitor and assess the institutional features that hinder the effective functioning of the financial system, with a view to improving the framework conditions of the markets”.
The courts are integral to the institutional infrastructure on which well-functioning financial markets rely, for example to provide legal certainty and resolve disputes. In view of this, in early 2007 the ECB approached the EFMLG and asked it to assess the efficiency of the courts in resolving claims of financial institutions, and if it found shortcomings, to advise how the situation could be improved.

The EFMLG report is not to be regarded as an empirical study but it does highlight issues, which in the EFMLG members' judgment and experience hinder the efficient and timely resolution of creditors or investors claims - something clearly to the detriment of the financial markets. The report makes nine recommendations, which if implemented would help to improve the situation for financial institutions trying to enforce simple claims. The principal recommendation is that policy makers should adopt measures to reduce the time between filing of a claim to first judgement, to introduce specialised financial market courts at appeal level and to encourage the wider use of pan European arbitration by international financial groups.
It is hoped that the Report will raise awareness of these issues among policy makers and that it will prompt EU Ministers to take measures in the recommended areas, in order to improve the efficiency of the courts in resolving financial claims.

2008-07-31 EFMLG report - Towards improved judicial efficiency for financial services claims

 


2007

LEGAL OBSTACLES TO CROSS-BORDER SECURITISATIONS IN THE EU

On 7 May 2007, the EFMLG adopted its report on legal obstacles to cross-border securitisations in the EU. Over the past years, both at the national and European level, securitisation markets have witnessed important legislative and regulatory developments. At the Member States level, a number of initiatives have been taken to establish an appropriate legal and regulatory environment to facilitate the development of domestic securitisation markets across Europe. However, the securitisation landscape in the European Union (EU) is characterised by its diversity and its fragmentation and a number of legal impediments affect the development of true pan-European securitisations.

The assessment of national legal frameworks undertaken by the EFMLG in the fifteen 'old' EU Member States (i.e. the EU Member States before the May 2004 enlargement), indicates that full harmonisation of securitisation laws is not a realistic or even desirable objective, since such an exercise would affect a number of areas of law which are, for some Member States, intimately related to the roots of their domestic legal systems. However, following extensive consultation with market participants, the EFMLG concluded that a certain number of principles common to all jurisdictions need to be applied to ensure a high level of transparency, efficiency and legal certainty with regard to securitisation transactions. Most of these principles have been translated into EFMLG recommendations for further convergence of securitisation laws in the EU, which are set out in the report. As an alternative to a full harmonisation scenario, these principles could be enshrined in an EU directive dealing with certain legal aspects of securitisation.

A more effective and homogeneous application of Internal Market principles to the European securitisation industry would contribute to the diversification of opportunities offered to professionals involved in the securitisation market and to investors across the EU Member States. This could be particularly beneficial in the Member States that have not developed a specific legal framework on securitisation and/or where the securitisation market remains underdeveloped.

The EFMLG trusts that the recommendations contained in the enclosed report will increase the awareness of legislators to the need to take legislative action to promote the development of an integrated European securitisation market. Without the support of public action, it is unlikely that pan-European integration of this promising financial sector will occur.

2007-05-07 EFMLG report on legal obstacles to cross-border securitisations in the EU

 


2006

SIGNING AUTHORITIES

The EFMLG is looking into the matter of signing authorities in connection standard market documentation. The work comprises the elaboration of a comprehensive overview of the national requirements in the EU and the elaboration of best practice recommendations inclusive of the preparation of a draft template power of attorney. The latter tries to reflect practical deficiencies (defective or unclear powers of attorney issued by market participants) that have been identified.

BEST PRACTICE STATEMENT re evidence of Corporate Authorisations for Financial Markets Agreements (May 2006)

POWER OF ATTORNEY (May 2006)

 

HARMONISATION OF COLLATERAL LAWS IN THE EU

The EFMLG has closely followed the implementation by EU Member States of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (the ‘Collateral Directive'). This Report presents the findings of the EFMLG survey on the implementation of  Collateral Directive, following-up on the June 2000 EFMLG report ‘ Proposal for an EU Directive on collateralisation' on the creation of a harmonised framework with regard to collateralisation in Europe ."

2006 March - EFMLG report on the survey on the implementation of Directive 2002/47/EC on Financial Collateral Arrangements

The EFMLG elaborated and circulated to the relevant European institutions in June 2000 a report proposing an EU directive to harmonise some basic legal features regarding collateralisation. It concluded that n ew legislation at a European level to simplify and harmonise the law relating to collateral is necessary and is justified by the benefits it would bring to participants in the international financial markets and to consumers in the form of enhanced stability in those markets and lower costs.

The aim of any new legislation should be to create a clear, simple and effective framework for collateralisation. It should reduce the formalities and administrative procedures associated with the creation and enforcement of pledges and transfers of title and should provide appropriate protection from the application of insolvency law to collateral provided under pledges and transfers of title. It should not adversely affect consumers.

STATEMENT on a Proposal for a Directive on Financial Collateral Arrangements (COM (2001) 168)

The EFMLG is grateful that most of the issues raised in the EFMLG proposal were considered by the Commission when preparing a draft Directive on Financial Collateral Arrangements. The EFMLG is pleased to see that the passage of the proposal through the EU legislative process has addressed most of the concerns contained in the EFMLG report and that on 13 December the ECOFIN has given its political approval to the draft directive and on the same day the European Parliament adopted a resolution endorsing Mr Pérez Royo's report on that draft.

2000 June PROPOSAL for an EU Directive on Collateral

 


2005


HARMONISATION OF NETTING PROVISIONS

The EFMLG is making public on its website a Report on the 'Protection for Bilateral Insolvency Set-off and Netting Agreements under European Community Law' which identifies various legal uncertainties resulting from the EU Insolvency Regulation, Collateral Directive and Banks Winding-up Directive. The EFMLG notes that an opportunity to clarify Community law on the scope of protection for insolvency close-out netting arrangements might arise during a possible review of the Collateral Directive. The EFMLG would urge the Commission to take advantage of such a review process to also amend and expand the Collateral Directive's close-out netting provisions.

2005 October EFMLG report - the Regulation of close-out netting in the new member states of the EU

 


2004

2004 October EFMLG report - Protection for Bilateral Insolvency Set-Off and Netting Agreements under EC Law

2004-11-02 EFMLG letter to the Council, EC and EP on EFMLG views on protection for bilateral insolvency set-off and netting agreements under EC law

2004-08-16 FMLC letter to ISDA and EFMLG on Netting Directive

 


2003

Short-Term European Paper (STEP)

The EFMLG has provided its support to the work of the ACI -The Financial Markets Association regarding Short-Term European Paper (STEP).

2003-12-15 EFMLG Up-date Report - The Money Market - Legal Aspects of Short-Term Securities

2003-12-15 Information Memorandum for Short-Term European Paper (STEP)

2002-09-02 Consultation Report by the Euribor-ACI Short Term European Paper Task Force - Recommendations for the development of a pan-European market

More information concerning the project is available on the ACI website at www.aciforex.com , including the overall proposals and reommendations of the Euribor-ACI STEP Task Force.
 
 

FORCE MAJEURE CLAUSES AND FINANCIAL MARKETS IN AN EU CONTEXT

The EFMLG has undertaken the task of considering whether it would be suitable to harmonise force majeure clauses which are incorporated, for example, into the standardised master agreements governing financial transactions in the EU, with a view to decreasing legal impediments to cross-border financial activity. The EFMLG has produced some guidelines for transactions affected by force majeure events as well as recommendations which focus respectively on strikes and computer breakdowns as possible force majeure events.

2003 November EFMLG report - Force Majeure Clauses and Financial Markets in an EU context
 

HARMONISATION OF LAWS RELATING TO SECURITIES HELD IN BOOK-ENTRY FORM IN THE EU

2003 June EFMLG report on Harmonisation of the Legal Framework for Rights Evidenced by Book-Entries In Respect of Certain Financial Instruments in the EU
 



2002

2002-09-02 EFMLG report - The Money Market - Legal Aspects of Short-Term Securities

2002-09-02 Consultation Report by the Euribor-ACI Short Term European Paper Task Force - Recommendations for the development of a pan-European market

 

HAGUE CONVENTION ON PRIVATE INTERNATIONAL LAW

The EFMLG has provided its views in respect of the activities of the Hague Conference on Private International Law's work on a Draft Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary.

2002-03-11 EFMLG letter to Hague Conference on Private International Law - Preliminary draft Convention on the law applicable to certain rights in respect of securities held with an intermediary

 


2001

EFMLG Statement on a Proposal for a Directive on Financial Collateral Arrangements (COM(2001) 168)

 


2000

2000 June EFMLG Proposal for an EU Directive on Collateralisation

 


 

 


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