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Draft Common Frame of Reference (DCFR) 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. A EFMLG paper will be soon available on the EFMLG website. The EFMLG has recently initiated a dialogue with the leading industry organisations sponsoring standard market documentation, the purpose of which is to discuss the lessons to be learned from the market turmoil regarding specific provisions commonly used in financial transactions documentation, also with a view on potential divergences between various master agreements. More information will be available in due course on the EFMLG website regarding the next steps of this initiative.
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