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UK and EU
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Section A—Financial Services Action Plan |
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1. The Markets in Financial Instruments Directive (MiFID): 1 November 2007 implementation
MiFID came into effect on 1 November 2007, when it replaced the existing Investment Services Directive (ISD). MiFID extends the coverage of the current ISD and introduces new and more extensive requirements that firms will have to adapt to, in particular for their conduct of business and internal organization.
MiFID is available on the European Commission website at:
http://eur-lex.europa.eu/LexUriServ/site/en/oj/2004/l_145/l_14520040430en00010044.pdf
2. MiFID—commodity and exotic derivatives
The Committee of European Securities Regulators (CESR) has provided the second part of its response to the European Commission's request for assistance in assessing whether MiFID's regulatory framework is appropriate for commodities and exotic derivatives—CESR's latest response assists the European Commission in this by setting out information gathered on the way in which Member States have interpreted and applied MiFID exemptions under Article 2(1)(i) and (k) of MiFID and Article 38 of the Implementing Regulation. Eighteen of the 22 respondents stated that they were copying out the relevant Article 2 exemptions.
3. Prospectus Directive (PD)
Prospectuses: CESR updates FAQs
European Securities Markets Expert Group Report on Prospectus Directive
4. Commission recommendation on single electronic network for the storage of regulated information
5. Private placement regimes in the EU: Commission call for evidence
6. Lamfalussy Process
European Commission publishes a review of the Lamfalussy Process
Strengthening the EU regulatory and supervisory framework
IIMG publishes final report on Lamfalussy Process
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Section B—Company Law |
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1. Deferral of full Companies Act 2006 implementation to October 2009
2. Companies Act 2006: 1 October 2007 implementation
3. Application of Companies Act 2006 to limited liability partnerships
4. Companies Act 2006: BERR publishes draft Companies (Reduction of Capital) Regulations 2008
5. Shareholders’ Rights: results of third Commission consultation
6. Insolvency Service consults on Leyland DAF reversal provisions
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Section C—ICMA Publications |
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1. ICMA retail cascades guidance note
2. Seventh ICMA Regulatory Policy Newsletter
3. ICMA figures show third quarter fall in new international debt issues
4. European Financial Services Industry Standard of Good Practice on Bond Market Transparency for retail investors
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Section D—FSA Publications |
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1. FSA new Conduct of Business Rules
2. FSA updates financial promotion pages: includes MiFID & NEWCOB Rules
3. FSA paper—Islamic Finance in the UK: Regulation and Challenges
4. FSA Capital Markets Bulletin—Issue 1
5. FSA consultation on disclosure of cash-settled derivatives
6. CP07/19 Regulatory fees and levies
7. FSA to change transaction reporting rules for the reporting of on-exchange transactions in non-securities derivatives
8. Listing and Prospectus Rules: consequential amendments arising from implementation of MiFID
9. FSA Policy Statement on Conduct of Business Regime: right to sue for breach of financial promotion rules modified
10. FSA confirms Exchange's status as Approved Reporting Mechanism
11. Listing Rules: FSA consultation on minor changes
12. FSA Market Watch No. 23
13. Minor changes to Listing, Prospectus & Disclosure and Transparency Rules
14. FSA publishes Reporting Requirements for CRD Firms
15. FSA issues policy statement on industry guidance
16. FSA memorandum on Recent Turbulence in Global Financial Markets and Northern Rock's Liquidity Crisis
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Section E—London Stock Exchange Publications |
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1. Admission and Disclosure Standards: November 2007 version available
2. LSE Specialist Funds Market launched on 1 November 2007
3. Updated London Stock Exchange Rules
4. LSE guidance on when issued dealing
5. Revised notification procedures of when issued dealings
6. LSE on UK implementation of the Directive on Statutory Audit
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Section F—ISDA Publications |
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1. ISDA 2007 Master Bond Total Return Swap Derivatives Confirmation Agreement
2. ISDA: regional comparison chart of ISDA variance swap templates
3. ISDA publishes supplements to 2006 ISDA Definitions
4. ISDA revised MTM Matrix
5. ISDA Equity MCA Protocol
6. European Master Equity Derivatives Confirmation Agreement
7. 2007 Full Lookthrough Depository Receipt Supplement
8. Swaption Matrix
9. LCDS Auction Settlement Terms
10. RPX TRS and Forward confirmations
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Section G—Accounting/Auditing |
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1. CESR's review of the implementation and enforcement of IFRS in the EU
2. Proposed amendments to IAS 39 Financial Instruments
3. IASB issues revised standard on the presentation of financial statements
4. ICAEW publication of Tech 02/07
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Section H—Covered Bonds |
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1. Treasury announces delay in implementation of covered bonds regime
2. Various industry responses to HM Treasury/FSA Consultation Paper on proposals for a UK recognized covered bonds legislative framework
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Section I—Miscellaneous |
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1. The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment No. 2) Order 2007 extended to exempt EEA approved prospectuses
2. HMRC publishes new documents on the Money Laundering Regulations 2007
3. New repo tax regime
4. ECOFIN meeting—regulatory and supervisory framework
5. CESR asked to investigate rating agencies
6. Industry standards to improve international securities processing efficiency
7. Government publishes discussion paper on Reform of SDRT Legislation for Collective Investment Funds
8. European Council conclusions on clearing and settlement
9. FISCO recommends simplification of tax formalities in EU clearing and settlement
10. TARGET2 settlement
11. EU—retail structured products
12. IOSCO—structured products
13. IOSCO—hedge funds
14. UK—hedge funds
15. Consultation on possible specific insolvency regime for banks
16. Proposed insolvency procedural changes and call for review of UK insolvency law
17. Government sterling sukuk issuance: a consultation
18. Luxembourg rules and regulations
19. Draft legislative resolution on Rome 1 Regulation adopted
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US |
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1. SEC adopts rule amendments to eliminate US GAAP reconciliation requirement for foreign private issuers that prepare IFRS financial statements
2. NASDAQ announces its support for SEC rules allowing use of IFRS without reconciliation and submits proposal to allow non-US companies to satisfy NASDAQ's financial listing requirements using IFRS
3. SEC holds roundtables on allowing US issuers to report using IFRS
4. FASB pursues meaningful convergence with the IASB and issues new and revised statements on business combinations and noncontrolling interests in consolidated financial statements
5. SEC Advisory Committee on Improvements to Financial Reporting meets and subcommittees provide working papers
6. SEC issues Concept Release on mechanisms to access disclosures relating to business activities in or with countries designated as state sponsors of terrorism
7. Staff of the SEC's Office of the Chief Accountant and Division of Corporation Finance issue Staff Accounting Bulletin No. 109 (‘SAB 109’) for written loan commitments recorded at fair value under GAAP
8. SEC approves new FINRA Rule 2290 on fairness opinions
9. Staff at the SEC updates its disclosure guidance for management's report on internal controls
10. US Department of the Treasury's Advisory Committee on the Auditing Profession releases discussion and project outline for public comment
11. XBRL taxonomy for US GAAP completed
12. PCAOB releases report on issues identified in inspections of US firms that audited 100 or fewer public companies
13. PCAOB releases for public comment staff guidance on auditing internal control over financial reporting for smaller public companies
14. COSO releases discussion document for guidance on monitoring internal control systems
15. Coalition files petition with SEC for interpretive guidance on disclosure of global climate change risk
16. Pension funds and other investors petition SEC to increase disclosure of financial and other relationships among underwriters and registrants
17. SEC approves amendments to its Rules 144 and 145 concerning resales of restricted securities
18. SEC issues Concept Release seeking comment on possibility of revisions oil and gas reserves disclosure requirements
19. SEC adopts amendments to Forms S-3 and F-3 to allow smaller public companies to use short-form Registration Statements with forward incorporation by reference
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