Capital Markets Law Journal Advance Access originally published online on March 26, 2008
Capital Markets Law Journal 2008 3(2):217-240; doi:10.1093/cmlj/kmn007
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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. Prospectus Directive (PD)
CESR FAQs regarding prospectuses
On 20 December 2007, the Committee of European Securities Regulators (CESR) published a fourth version of its ‘Frequently asked questions regarding Prospectuses: Common positions agreed by CESR Members’.
New topics covered in the CESR FAQs include retail cascades (Question 51), the delineation between a Base Prospectus and Final Terms (Question 52), guidance as to the meaning of indirect and contingent indebtedness (Question 56), IAS 8 (Question 15) and Pro Forma financial information (Questions 48 & 49).
The full text of the CESR FAQs is available here:
http://www.cesr-eu.org/index.php?page=home_details&id=260
CESR Table: Language requirements for prospectuses and summaries
In December 2007, CESR published a table which sets out:
- the languages accepted for use in prospectuses in each Member State where the relevant CESR member (such as the Financial Services Authority (FSA)) is acting as home competent authority for the vetting and approval of prospectuses; and
- requirements for translation of the summary where prospectuses are being passported into the relevant Member State.
CESR approach to prospectuses for employee share scheme offers
Updated passporting factsheet
2. Transparency Directive (TD)
ESME report
Implementation of the TD in Luxembourg
CESR Level 3 work
3. Market Abuse Directive (MAD)
CESR reports on administrative measures and sanctions under MAD
HM Treasury consultation on the UK Market Abuse Regime
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Section B—Company Law |
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1. Companies Act 2006: final implementation timetable
2. Companies Act 2006: Fifth Commencement Order made
3. Overseas Companies Regulations 2008: charges over UK property
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Section C—ICMA publications |
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1. New ICMA portal for retail bond investors
2. ICMA Regulatory Policy Newsletter January 2008
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Section D—FSA publications |
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1. UKLA issue 17 of List!
2. FSA Paper on Islamic finance in the UK: regulation and challenges
3. FSA Discussion Paper on definition of capital
4. FSA consults on new disclosure and transparency rules to implement EU Directives
5. FSA financial regulatory framework for commodity and exotic derivatives
6. FSA publishes discussion paper on banks’ liquidity requirements
7. FSA on amendment to the Listing Rules affecting investment entities
8. FSA publishes review of the structure of the listing regime
9. FSA launches first criminal prosecution for insider dealing
10. FSA proposals to amend Chapter 2.2 of GENPRU
11. FSA, UK Government and Bank of England publish joint consultation document on Financial Stability and Depositor Protection
12. FSA Guidance—Treating Customers Fairly and UK Authorised Collective Investment Scheme Managers
13. UKLA Update February 2008
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Section E—ISDA Publications |
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1. ISDA Physical Settlement Matrix and Confirmation: Additional Provisions for LPN and STMicroelectronics NV
2. 2007 Partial Lookthrough Depository Receipt Supplement to the 2002 ISDA Equity Derivatives Definitions
3. Revised settlement matrix for Mark-to-market Currency Swaps
4. Revised settlement matrix for Early Termination and Swaptions
5. LCDX Best Practices for Credit Events, Secured List Early Termination Events and Novations
6. Publication of Supplement 4 to 2006 Definitions
7. European Equity MCA Depository Receipt Supplement Implementation Side Letter
8. ISDA publishes European Variance Swap Protocol
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Section F—Accounting/Auditing |
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1. EU–US cooperation on reporting standards, auditing and regulation
2. Determining fair value of financial instruments in current market conditions
3. Auditor liability: FRC draft guidance on liability limitation agreements
4. CESR consultation on the equivalence of Chinese, Japanese and US GAAPs
5. Equivalence of third country GAAP to IFRS
6. Draft Commission decision on transitional period for audit activities of certain third country auditors
7. Statutory Audit Directive: Publication by POB of draft regulations
8. Revised APB guidance—preliminary results announcements by listed companies
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Section G—Securitization |
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1. Extension of the interim tax regime for securitization companies
2. Amendments to the permanent tax regime for securitization companies
3. Taxation of insurance securitization companies
4. Changes to FSA securitization reporting requirements
5. HM Treasury to consult on ‘gold standard’ for mortgage-backed securities and covered bonds
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Section H—AIM |
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1. LSE privately censures and fines an AIM company and a nominated adviser
2. LSE confirms disciplinary action against AIM companies
3. LSE issues public censure notice
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Section I—Miscellaneous |
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1. CEBS consults on a common EU definition of Tier 1 hybrids
2. HM Treasury approves JMLSG Money Laundering Guidance
3. Basel II takes effect in the UK
4. EU large exposures regime
5. Insurance Contract Law—Joint Law Commissions paper
6. Response to the European Commission's ‘Call for Evidence on Substitute Products’
7. Hedge Fund best practice standards published
8. CESR consultation on the role of credit rating agencies in structured finance
9. UK Regulated Covered Bonds Regulation 2008
10. Financial Stability Forum Publishes Interim Report
11. European Commission puts forward proposals on financial stability
12. Rules of the London Stock Exchange
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US |
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1. SEC proposes to significantly accelerate deadlines for annual reports filed by foreign private issuers on Form 20-F
2. SEC proposes changes to disclosures required in annual reports on Form 20-F
3. SEC proposes amendments to Rule 12g3-2(b) registration exemption for certain foreign private issuers
4. SEC proposes to amend Exchange Act Rule 13e-3 to reference recently adopted deregistration and termination of reporting rules applicable to foreign private issuers
5. SEC proposes to allow companies to assess eligibility for foreign private issuer status once per year
6. US Supreme Court rules on ‘scheme liability’ theory
7. SEC proposes additional one-year extension for compliance with Section 404 of the Sarbanes-Oxley Act by non-accelerated filers
8. Chairman Christopher Cox of the SEC and European Commissioner for the Internal Market and Services Charlie McCreevy jointly direct staff to work on a possible framework for EU–US mutual recognition for securities in 2008
9. SEC holds two roundtables to discuss use of International Financial Reporting Standards by US domestic registrants
10. SEC's Office of Interactive Disclosures releases for public comment US GAAP taxonomy and related instructions for XBRL financial statements
11. SEC Advisory Committee on Improvements to Financial Reporting publishes interim progress report for public comment
12. Public Company Accounting Oversight Board (PCAOB) approves Auditing Standard No. 6, on ‘Evaluating Consistency of Financial Statements’
13. Financial Accounting Standards Board (FASB) publishes codification of US generally accepted accounting principles (GAAP) for one-year public verification period
14. Staff of the SEC's Office of the Chief Accountant and Division of Corporation Finance issue Staff Accounting Bulletin No. 110 (SAB 110) for written loan commitments recorded at fair value under GAAP
15. SEC begins study of costs and benefits of Section 404 of Sarbanes-Oxley for smaller companies and provides various guides and resources for smaller companies
16. Chief Accountant of the SEC issues letter addressing questions raised by current sub-prime mortgage environment in the United States
17. SEC settles first enforcement case that includes ‘clawback’ pursuant to Section 304 of Sarbanes-Oxley
18. SEC Division of Corporation Finance posts sample letter sent to public companies concerning disclosures about off-balance sheet entities
19. NYSE and Nasdaq file proposed rule changes to establish listing standards for SPAC's
20. US federal government enacts ‘Sudan Accountability and Divestment Act of 2007’
21. SEC amends procedures for payments of fees
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