Capital Markets Law Journal Advance Access originally published online on October 15, 2007
Capital Markets Law Journal 2007 2(4):427-454; doi:10.1093/cmlj/kmm030
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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)
Transparency Directive: CESR call for evidence
On 13 July 2007, the Committee of European Securities Regulators (CESR) published a call for evidence on possible CESR Level 3 work it could undertake in relation to the TD and its implementing directive (Level 2 Directive). Matters on which it sought views included:
- whether CESR should start working in its Level 3 capacity in order to promote a consistent application of the TD and the Level 2 Directive;
- which areas CESR's work should cover, and their level of priority;
- whether CESR's work to harmonize the application of the TD and the Level 2 Directive should be published in the form of a Q&A section of its website; and
- whether CESR should facilitate the establishment of an EU network of national storage mechanisms.
http://www.cesr-eu.org/data/document/07_487.pdf
Responses were requested by 14 September 2007.
Implementation of TD in Ireland
With effect from 13 June 2007, the TD has been implemented
2. Equivalence of the GAAP of third countries
European Commission Report: Convergence between GAAP & IFRS in the EU
Prospectus and Transparency Directives: Draft regulation for equivalence of third countries’ GAAP to IFRS
3. Market Abuse Directive (MAD)
CESR guidance on the operation of the MAD
CESR publishes work programme on the MAD
4. CESR assesses equivalence of supervisory powers under MAD and PD
5. The Markets in Financial Instruments Directive (MiFID)
FSA publishes MiFID transposition tables
Changes to the FSA handbook in relation to MiFID and COBS
FSA policy statement on implementing MiFID best execution requirements
CESR publishes advice on future extension of MiFID to bond markets
Commission publishes summary of responses to call for evidence on commodity and exotic derivatives
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Section B—Company Law |
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1. Companies Act 2006: Ministerial statement on implementation consultation
2. Companies Act 2006: Ministerial statement on directors’ duties under the Companies Act 2006
3. EU company law action plan: timing update
4. Companies Act 2006: Companies House update FAQs
5. Companies Act 2006: BERR adds FAQs
6. Directive on shareholders’ rights published in the EU Official Journal
7. Companies Act 2006: The Companies (Political Expenditure Exemption) Order 2007
8. BERR publishes draft Companies (Prescribed Particulars of Company Charges) Regulations 2007
9. Companies Act 2006: Final version of third commencement order published
10. Companies Act 2006: BERR table of commencement dates
11. BERR publishes draft model articles and response statement
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Section C—FSA publications |
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1. Amendments to the Listing and Prospectus Rules
2. FSA explanation regarding the amendments to DTR 3.1.4 and LR 9.8.6
3. Financial reporting procedures in listed companies
4. Listing overseas investment funds on the London main market
5. FSA market watch newsletter No. 21
6. FSA policy statement: Implementing the RRO in relation to guidance
7. FSA publishes List! No. 16
8. FSA FAQs for shareholders to assist with establishing notifiable interests under DTR 5
9. FSA market watch newsletter No. 22: Special issue on transaction reporting
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Section D—ISDA publications |
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1. ISDA Revised 2007 European Variance Swap Master Swap Confirmation Agreement
2. ISDA 2007 iTRAXX® Europe Maximum Deliverable Amount Protocol
3. ISDA LCDS protocol
4. ISDA European Loan CDS standard terms supplement and confirmation
5. ISDA Single Name CDS Swaption standard terms supplement and confirmation
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Section E—Accounting/Auditing |
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1. European Commission publishes consultation results on possible reform of auditor liability regimes in the EU
2. Auditor liability: FRC establishes working group to produce guidance
3. Disclosure of auditor liability limitation agreements and guidance on offences in connection with auditor's report
4. ASB publishes a statement on ‘Half-Yearly Financial Reports’
5. Government response on implementation of Statutory Audit Directive
6. Government publishes response statement on implementation of Directive on Company Reporting
7. Auditor remuneration: revised ICAEW guidance on disclosure
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Section F—Securitization |
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1. Regulatory calls, securitization and BIPRU: FSA open issues
2. Basel II Pillar 2: FSA assessment framework
3. Eurostat decision on government accounting for securitizations
4. HMRC publish draft regulations for securitization companies
5. Temporary UK tax regime for securitization companies and proposed extension for certain existing companies
6. Companies Act 2006—Leyland Daf reversal provisions—consultation launched regarding corresponding rules
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Section G—Covered bonds |
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1. New HM Treasury and FSA proposals for a UK covered bond regime
2. Covered Bonds: Treasury announcement and FSA consultation paper on the forthcoming changes to the FSA's Insurance Prudential Rules
3. European Commission consults on reorganization and winding up of credit institutions
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Section H—AIM Companies |
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1. First time implementation of IFRS by UK AIM companies—FRC guidance
2. LSE to introduce concept of ‘AIM Primary Market Registered Organisation’
3. AIM: QCA website guide published
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Section I—Money Laundering |
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1. HM Treasury publishes Money Laundering Regulations
2. Implementation the Third Money Laundering Directive: beneficial ownership issues
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Section J—Miscellaneous |
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1. ICMA approved new form debt selling restrictions and final terms
2. ICMA regulatory policy newsletter—July 2007
3. Principles for the distribution of retail structured products
4. HMRC Recognised Stock Exchange: ASM
5. List of Recognised Stock Exchanges
6. LSE publishes dividend procedure timetable for 2008
7. LSE: Launch of specialist fund market
8. LSE: Consultation on proposed amendments to the Admission and Disclosure Standards
9. PLUS Markets granted RIE Status and PLUS-listed becomes a regulated market
10. Methodology for monitoring equities and bonds trading and post-trading
11. CESR publishes final Level 3 guidelines on the classification of hedge fund indices as ‘financial indices’
12. IMA concerned about flawed European Commission proposals for UCITS management company passport
13. Rating agency responses to IOSCO code of conduct consultation
14. CESR questionnaire on rating structured finance instruments
15. CESR publishes responses to questionnaire on the rating of structured finance instruments
16. ICSA template warning to shareholders regarding boiler room scams
17. Brussels Regulation and Service Regulation extended to Denmark from 1 July 2007
18. Luxembourg Rules
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US |
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1. SEC publishes proposed rules for elimination of US GAAP reconciliation requirement for foreign private issuers that prepare IFRS financial statements
2. SEC publishes staff summary report on its reviews of IFRS filings from 2006 and provides online database of staff comment letters on IFRS filings
3. SEC publishes Concept Release soliciting public views on the possibility of allowing US issuers to report in IFRS
4. SEC completes regulatory amendments intended to improve implementation of Section 404 of the Sarbanes-Oxley Act
5. SEC holds roundtable on selective mutual recognition
6. SEC publishes six rulemaking releases related to modernization of private offerings and smaller company capital raising
7. SEC establishes and then quickly removes new ‘web tool’ to provide links to issuers’ disclosure about business contacts in countries on the US State Department's list of State Sponsors of Terrorism
8. SEC approves NASDAQ amendments to its discretionary authority over issuers’ initial and continued listing status
9. SEC adopts final amendments to Rule 105 of Regulation M concerning short selling in connection with a public offering
10. SEC approves creation of Financial Industry Regulatory Authority through consolidation of member firm regulatory functions of the NASD and the NYSE
11. PCAOB proposes new ethics and independence rule concerning auditors’ communications with audit committees
12. Staff of the SEC's Office of the Chief Accountant updates its FAQs on auditor independence
13. NASDAQ's PORTAL® platform for trading Rule 144A securities gets back in operation
14. SEC Division of Corporation Finance to undertake review of disclosure requirements relating to reserves of oil and gas companies
15. US Supreme Court holds that securities laws preclude antitrust complaint against underwriters in IPOs
16. US District Court dismisses case alleging securities fraud on basis that corporate defendant did not owe any duty to disclose to holders of its convertible notes
17. US Treasury Secretary Henry M. Paulson, Jr. announces ‘next steps’ in project to improve US's global competitiveness
18. SEC staff holds CCOutreach programme for investment advisers in Europe
19. NASDAQ staff updates its FAQs on equity compensation plans
20. SEC convenes Advisory Committee on Improvements to Financial Reporting to examine the US financial reporting system
21. SEC adopts new antifraud rule that will clarify the SEC's ability to bring enforcement actions under the Advisers Act
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