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Documents and publications 2023 2023-09-25 EU Retail Investment Strategy - EFMLG legal comments 2023-02-08 EFMLG Ad-hoc Report on non-bank lending 2022 2022-04-29 EFMLG Letter on ESMA Opinion on TV Perimeter Final CLEAN 2021 2021-03-03 EFMLG letter to EC and ESMA - MiFID Quick Fix and MIFID 2 review 2021-03-19 FMLC and EFMLG - Joint letter to ESMA on LIBOR transition 2021-03-19 FMLC and EFMLG - Joint letter to FCA - Financial Conduct Authority - on LIBOR transition 2021-03-19 FMLC and EFMLG - Joint letter to FSB on LIBOR transition 2021-03-19 FMLC and EFMLG - Joint letter to HM Treasury on LIBOR transition 2021-03-19 FMLC and EFMLG - Joint letter to IOSCO on LIBOR transition 2021-03-19 FMLC and EFMLG - Joint letter to the EU Commission on LIBOR transition 2020 2020-03-11 EFMLG Letter to SRB re SRB MREL Policy under the Banking Package 2020-06-10 EFMLG Letter to EBA on Extension of the deadline of private moratoria on loan repayments 2020-10-06 EFMLG Letter to the Commission on Proposal to amend the Benchmark Regulation 2019 2019-12-18 Letter with EFMLG comments on AECE 2019-12-18 Letter with EFMLG comments on CMU 2019-12-20 Letter with EFMLG comments on Securitisation 2019-12-23 Letter with EFMLG comments on Benchmark Regulation 2018 2017 2017-08-31 EFMLG letter to the European Banking Federation regarding the European Master Agreement 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 ******************************************************************************** 2016 2016-10-24 EMMI reply to EFMLG - Euribor Seamless Transition2016-10-17 European Commission reply to EFMLG - European Regulatory Framework for Financial Markets 2016-08-23 EFMLG letter to EC - European Regulatory Framework for Financial Markets 2016-07-01 EFMLG - Letter to EMMI - Euribor Seamless Transition ********************************************************************************2015 2015-12-28 EFMLG letter to European Commission - Article 55 of the European Bank Recovery and Resolution Directive2016-01-15 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
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
2014-02-24 EFMLG letter to ESMA on the interpretation of EU legislation 2014-05-07 ESMA reply - Interpretation of EU legislation by ESMA
2013
2012
2010 Standard Market Documentation 2010-11-22 Reply from ISDA - Lessons learned from the current financial crisis - Summary report
2010-09-13 EFMLG Report - Review of the GMRA 2000 - update on progress
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
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 EFMLG Report on Standard Market Documentation Presentations: 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 2008-02-11 EFMLG letter to EC on MiFID and forward foreign exchange agreements
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”. 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.
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 ." 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
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 2004-08-16 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) 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. 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. HARMONISATION OF LAWS RELATING TO SECURITIES HELD IN BOOK-ENTRY FORM IN THE EU 2002 2002-09-02 EFMLG report - The Money Market - Legal Aspects of Short-Term Securities
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.
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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