Capital Markets Law Journal Advance Access originally published online on June 30, 2007
Capital Markets Law Journal 2007 2(3):306-324; doi:10.1093/cmlj/kmm023
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Published by Oxford University Press. All rights reserved.
UK and EU
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Section A—Financial Services Action Plan |
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1. Transparency Directive (TD)—final implementation measures
The directive containing detailed rules for the implementation of certain provisions of Transparency Directive (the Level 2 Directive) was adopted by the European Commission on 8 March 2007 and published in the Official Journal on 9 March 2007. Member States have until 8 March 2008 to implement the Level 2 Directive.
The Level 2 Directive is available at the following link:
http://eur-lex.europa.eu/LexUriServ/site/en/oj/2007/l_069/l_06920070309en00270036.pdf
2. Equivalence of the GAAP of third countries
CESR advice—IFRS convergence and EU market use of GAAPs
On 6 March 2007, the Committee of European Securities Regulators (CESR) published advice to the European Commission on the work programmes of the Canadian, Japanese and US standard setters, the definition of equivalence and the list of third country GAAPs currently used in the EU capital markets.
This is to assist the European Commission in establishing a definition of equivalence, setting up an equivalence mechanism and determining the equivalence of third country GAAP in accordance with the timetable set by the Decision in relation to the Transparency Directive
CESR Report: Use of Third Countries’ GAAP in the EU
CESR—consultation on the mechanism for determining the equivalence of the GAAP of third countries
CESR—advice on the mechanism for determining the equivalence of the GAAP of third countries
3. The Markets in Financial Instruments Directive (MiFID)—publication of the final Level 3 guidance and recommendation
4. The Capital Requirements Directive (CRD)
DBRS becomes a recognized rating agency for Basel II purposes
Capital Requirements Directive–new securitization papers
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Section B—Company Law |
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1. Companies Act 2006—provisions effective on 6 April 2007
2. Companies Act 2006—publication of draft statutory instruments
3. Companies Act 2006—DTI consultation on registration of Scottish floating charges under the Companies Act 2006
4. Companies Act 2006—revised draft of The Companies (Political Expenditure) Exemption Order 2007 published
5. ICSA launches Companies Act 2006 website
6. Shareholder Rights—government response to DTI consultation on proposed directive
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Section C—FSA publications |
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1. FSA Market Watch Newsletter No. 19
2. Amendments to the Listing Rules (LR) and the Disclosure and Transparency Rules (DTRs)
3. FSA listing fee arrangements
4. Disclosure and Transparency Rules: equivalence of Non-EEA regimes
5. UKLA publishes an updated version of LIST! No. 14 on the TD
6. UKLA issues LIST! No. 15 on its Market User Survey
7. FSA Market Watch Newsletter No. 20
8. FSA Paper—Conduct of Business Regime: Non-MiFID deferred
9. FSA Policy Statement on reforming Conduct of Business Regulation
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Section D—ISDA publications |
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1. Publication of ISDA Cash Settlement Matrix
2. Telerate as information vendor in ISDA definitions
3. ISDA Global Physical Coal Annex
4. 2007 ISDA Property Index Derivatives Definitions
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Section E—Accounting/Auditing |
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1. DTI consultation on implementation of amendments to accounting directives
2. Statutory Audit Directive—DTI consultation on implementation
3. ASB consults on proposed IFRS for small and medium entities
4. The Financial Reporting Review Panel—proposal to encourage voluntary disclosure of qualified audit reports
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Section F—Securitization |
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1. Budget 2007—securitization companies
2. Basel II—US divergence from EU on securitization
3. Revised frameworks for Swap counterparty criteria application from S&P and Moody's
4. New Standard & Poor's framework on credit analysis in European CMBS
5. Eurostat—Government securitizations of fiscal claims and on-balance sheet treatment
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Section G—miscellaneous |
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1. The Davies Review of Issuer Liability—Final Report published
2. ICMA's Regulatory Policy Newsletter—April 2007
3. ICMA—Legal opinions on standard repo agreement for 55 countries
4. EU—rating agencies
5. HMRC—Recognition of Stock Exchanges and definition of ‘listed’ for tax purposes
6. First publication of Short-Term European Paper (STEP) yield statistics
7. LSE proposes new Registered Organisation regime for AIM securities
8. Private placement regimes—Commission call for evidence
9. FTSE issues practice note on how it assigns nationality
10. Changes to UK REITs regime published in May 2007
11. SPVs—IOSCO report
12. CRESTCo—Change of name to Euroclear
13. Retail structured products—Draft principles for managing the provider–distributor relationship
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US |
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1. SEC approves management guidance to improve implementation of internal control reporting under SOX 404
2. PCAOB approves new audit standard for ICFR audits under SOX 404
3. SEC proposes rules to simplify small company capital formation and reduce restrictions on private sales of securities
4. SEC proposes acceptance of IFRS financial statements and confirms next steps
5. SEC to make IFRS comment letters more easily accessible
6. SEC, FSA and FRC announce signing of a protocol for sharing information on the application of IFRS
7. SEC and German BaFin announce signing of regulatory cooperation agreement
8. SEC announces agreement in principle with CESR on a form of protocol regarding information sharing relating to application of IFRS and US GAAP
9. PCAOB and EU representatives meet to discuss cooperation in audit firm oversight
10. SEC adopts final rules to implement the Credit Rating Agency Reform Act of 2006
11. Nasdaq proposes to re-establish a quotation and trading system for PORTAL
12. SEC announces a new policy regarding monetary penalties in enforcement activities
13. US Chamber of Commerce Commission releases recommendations on regulation of the US capital markets
14. SEC adopts revisions to rules governing short sales
15. NYSE proposes amendments to corporate governance rules
16. NYSE publishes updated FAQs for equity compensation plans
17. SEC publishes first "ComplianceAlert" letter
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