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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 May 2008, the Committee of European Securities Regulators (CESR) published a fifth version of its ‘Frequently asked questions regarding Prospectuses: Common positions agreed by CESR Members’ (CESR FAQs).
New topics covered in the CESR FAQs include:
- Item 20.1 of Annex I Prospectus Regulation: interpretation of ‘such shorter period that the issuer has been in operation’ (Question 17);
- Supplement to prospectuses: right of withdrawal (Question 21);
- Information on taxes on the income from the securities withheld at source (Question 43); and
- Rights issues to existing shareholders (Question 58).
The full text of the CESR FAQs is available at:
http://www.cesr-eu.org/index.php?page=home_details&id=291
Position on Article 10 of the PD in relation to the Transparency Directive
The European Commission asked the European Securities Markets Expert Group (ESME) in March 2008 to analyse the relationship between Article 10 of the PD and any comparable disclosure obligations contained in the Transparency Directive (TD).
Article 10 of the PD requires issuers whose securities are admitted to trading on a
2. Market Abuse Directive (MAD)
CESR: administrative measures and sanctions under MAD
Consultation on the third set of CESR guidance on the operation of MAD
Summary of responses to the consultation on the sunset clauses
3. Markets in Financial Instruments Directive (MiFID)
CESR MiFID Guide
MiFID—transparency
CESR publishes MiFID Q&A
4. ESME Paper: Impact of Definitions on the Perimeter of FSAP Directives
5. CESR and CEBS Joint Consultation on their Advice to the European Commission on Commodities Business
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Section B—Company Law |
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1. Further Companies Act 2006 provisions in force
2. Change to execution of documents by UK companies
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Section C—FSA publications |
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1. New taping rules for firms to help prevent and detect market abuse
2. Amendments to the listing rules affecting investment entities
3. FSA's review of UK sponsor regime
4. FSA Market Watch 25
5. UKLA issue 18 of ‘List!’
6. FSA publishes Capital Markets Bulletin Issue 2
7. FSA Market Watch Newsletter 26
8. Feedback statement on liquidity requirements
9. FSA publishes final regulatory fees and levies for 2008/09
10. FSA Market Watch Newsletter 27
11. FSA warning to issuers to file annual reports within 4 months
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Section D—ISDA publications |
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1. First list of monoline obligations
2. CDS Monoline Supplement Agreement
3. 2008 Americas Master Designated/Exchange-Traded Contract Option Confirmation Agreement
4. Standard Terms Supplement and Confirmation for CMBS Index Basis Swap
5. 2008 AEJ Master Equity Confirmation Agreement
6. Supplement 5 to the 2006 ISDA Definitions on USD Swaption Expiration
7. European Loan CDS Protocol
8. 2008 Japanese Dividend Swap Master Confirmation Agreement
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Section E—Accounting/Auditing |
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1. CESR advice: equivalence of US, Japanese and Chinese GAAPs to IFRS
2. CESR consultation and advice: equivalence of Canadian and South Korean GAAPs to IFRS
3. Commission Report on Convergence of Third Country GAAPs to IFRS
4. The Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008 published
5. Notification of change of auditor to the appropriate audit authority: POB guidance
6. FRC: choice in the UK audit market and further consultation
7. True and fair view concept still applies
8. POB publishes proposals for regulating audit firms from outside the European Union
9. Commission Recommendation on limiting auditors' liability
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Section F—Miscellaneous |
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1. Banking (Special Provisions) Act 2008
2. AIC guidance for investment companies on disclosing investment policies
3. IOSCO paper: objectives and principles for securities regulation
4. Abolition of £5 stamp duty charges
5. European Commission proposes changes to the Financial Collateral Directive and the Settlement Finality Directive
6. ICMA Regulatory Policy Newsletter April 2008
7. CEBS publishes proposals for definition of Tier 1 capital
8. Eurobonds and the deduction of tax
9. EU Consumer Credit Directive adopted
10. Treasury sets up mortgage finance working group
11. Review of the Capital Requirements Directive and Basel II
12. Financial Stability Forum report
13. FESE comments on the credit crisis
14. Bank of England Special Liquidity Scheme
15. Joint Forum report on customer suitability in the retail sale of financial products and services
16. Industry Associations release exposure draft of: ‘Structured Products: Principles for Managing Distributor—Individual Investor Relationship’
17. IOSCO—Revised Code of Conduct for Rating Agencies published
18. CESR report on credit rating agencies
19. EU – state aid and guarantees
20. UK Consumer Protection from Unfair Trading Regulations 2008
21. IOSCO final report on sub-prime crisis
22. Banking Reform Bill scheduled for autumn 2008
23. Consultation on sukuk: Government's response
24. Fitch publishes exposure draft on covered bond swap criteria
25. TARGET2
26. Rome I Regulation on Law Applicable to Contractual Obligations
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US |
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1. US Securities and Exchange Commission (SEC) publishes release proposing changes to the cross-border tender offer and related rules
2. SEC publishes proposing release to mandate reporting of financial information in XBRL format
3. SEC announces next steps for implementation of mutual recognition concepts
4. SEC announces schedule for completion of US—Canada Mutual Recognition Process Agreement
5. SEC signs protocol with UK financial regulators and other European regulators for sharing of information on the application of IFRS
6. SEC proposes ‘naked short selling’ anti-fraud rule
7. SEC staff provides guidance regarding MD&A disclosures for fair value measurements
8. SEC Division of Corporation Finance publishes lists of ‘international registered and reporting companies’
9. SEC issues press release to announce that filing fees at the SEC will rise dramatically in fiscal year 2009
10. US Treasury Department releases ‘blueprint’ to restructure financial regulatory systems in the United States
11. US Treasury Department releases study on financial restatements
12. US Treasury Department's Advisory Committee on the Auditing Profession publishes draft report for public comment
13. US Public Company Accounting Oversight Board (PCAOB) adopts new ethics and independence rule concerning communications with audit committees and amendment to its existing tax services rule
14. FASB publishes consultative documents seeking public input on joint project with IASB to develop conceptual framework
15. US Senators introduce bill to require beneficial ownership reporting by private companies
16. SEC publishes subcommittee reports of SEC Advisory Committee on Improvements to Financial Reporting
17. FASB adopts Statement No. 162, The Hierarchy of Generally Accepted Accounting Principles
18. FASB issues Statement No. 161, Disclosures about Derivative Instruments and Hedging Activities
19. SEC approves New York Stock Exchange (NYSE) rule changes to permit listing of SPACs (special purpose acquisition vehicles)
20. SEC's Division of Corporation Finance releases revised Staff Legal Bulletin No. 3A
21. SEC's Division of Corporation Finance publishes guidance on its filing review process
22. Staff of the SEC prepares recommendations for SEC to consider modernizing oil and gas disclosure
23. FASB issues Exposure Draft on disclosure of certain loss contingencies
24. SEC proposes revisions to its rules relating to credit agencies
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