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UK and EU
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Section A—Financial Services Action Plan |
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1. CESR data on approved and passported prospectuses 2006 and 2007
On 13 June 2008, the Committee of European Securities Regulators (CESR) published tables compiling data in relation to the number of prospectuses approved and passported between July 2006 and June 2007 (with quarterly disclosure).
The tables are available at:
http://www.cesr-eu.org/index.php?page=home_details&id=294
2. Commission publishes ESME's advice on commodity and exotic derivatives and related issues
On 8 July 2008, the European Commission published the advice it has received from the European Securities Markets Expert Group (ESME) on:
- revisions to exemptions in the Markets in Financial Instruments Directive and the Capital Adequacy Directive for certain firms providing investment services relating to commodity derivatives and exotic derivatives;
- record keeping and transparency of transactions in electricity and gas supply contracts and derivatives;
- a possible clarification of the scope of the Market Abuse Directive in relation to trading in commodities and commodity derivatives.
The European Commission had issued a mandate to ESME requesting advice on these issues in December 2007.
The advice is available at:
http://ec.europa.eu/internal_market/securities/docs/esme/commodity_derivatives_en.pdf
3. CESR FAQs regarding prospectuses: sixth updated version
On 7 August
4. Study on the impact of the Prospectus Regime on EU financial markets
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Section B—FSA Publications |
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1. FSA warning to issuers to file annual reports within four months
2. FSA fines Woolworths for failure to disclose inside information
3. FSA forces disclosure of short sales on rights issues
4. Market Watch 28
5. New continuing obligations for London-listed issuers
6. FSA fines IT professional £85,000 for market abuse
7. FSA publishes further proposed revisions to the sponsor regime
8. FSA publishes Capital Markets Bulletin—Issue 3
9. FSA consults on delayed disclosure of emergency liquidity support for banks
10. FSA feedback statement on its definition of capital discussion paper
11. FSA imposes fine for structured products systems failures
12. FSA guidance on continuing obligations for issuers of depositary receipts
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Section C—ISDA Publications |
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1. ISDA revisions to 1998 FX and Currency Option Definitions
2. CDS Physical Settlement Matrix and Confirmation Version 6—US Municipal Reference Entities
3. TRS Confirmation for the NCREIF Real Estate Index
4. Supplements 6, 7 and 8 to the 2006 ISDA Definitions
5. US Oil Annex—Published Form of Confirmation
6. Form RPX Forward Confirmation for use with 2007 Property Derivatives Definitions
7. Recommended EMTA-ISDA Market Practice for BRL CDI Non-deliverable Interest Rate
8. ISDA CDS Swaption Transactions: notice of publication of revised ISDA Swaption Matrix
9. ISDA revised MTM Matrix
10. ISDA revised Annex A to the 2007 ISDA Property Derivatives Definitions
11. ISDA revised ISDA 2006 Settlement Matrix for Early Termination and Swaptions
12. 2008 best practice guidance for collateralized portfolio reconciliation between derivative market professionals
13. Amendment to the revised 2005 Asia (ex Japan) (AEJ) Interdealer Master Equity Derivatives Confirmation Agreement and 2007 AEJ Master Variance Swap Confirmation Agreement
14. Statement on Settlement of a Monoline Credit Event
15. Supplement 9 and Exhibit II-J to the 2006 ISDA Definitions
16. 2008 Asia (ex-Japan) (AEJ) Master Equity Confirmation Agreement
17. 2008 ISDA Portfolio Reconciliation in Practice Paper
18. Supplement 10 to the 2006 ISDA Definitions
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Section D—Accounting/Auditing |
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1. Draft Regulation to Amend Prospectus Regulation in Relation to Third Country GAAP
2. Auditor liability limitation agreements: FRC publishes guidance and ISC publishes statement on the views of institutional investors
3. Commission decision on transitional period for third country audit firms
4. Draft Statutory Auditors and Third Country Auditors (Amendment) (No 2) Regulations 2008 published
5. FRC proposes to revise guidance for directors on ‘going concern’ and financial reporting
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Section E—Securitization |
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1. EU CRD: Proposed 10 per cent originator holding
2. Ten industry initiatives to increase transparency
3. SIFMA, ASF and ESF announce global working group to restore confidence in the securitization markets
4. The Institute of International Finance releases the final report by its committee on market best practices
5. Irish Stock Exchange's new transparency services for ABS markets
6. ‘Gold standard’ proposals for UK mortgage-backed products—mortgage market liquidity working group—interim report published
7. ESF submits response to the CEBS Consultation Paper ‘Technical Advice to the European Commission on Liquidity Risk Management’
8. The Bank of England's Special Liquidity Scheme: addendum to market notice published
9. Changes to the ECB collateral framework
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Section F—Rating agencies |
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1. EU set to regulate rating agencies
2. Rating agencies: new EU legislation in October
3. EU draft legislation on rating agencies
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Section G—Equities |
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1. AIM imposes public censure and fine in respect of breaches of AIM Rules
2. LSE continued clamp down on breaches of AIM Rules
3. Pre-emption Group publishes updated Statement of Principles
4. Rights Issue Review Group is created by the Chancellor of The Exchequer
5. LSE guidance on rights issues
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Section H—Miscellaneous |
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1. Financial Services and Markets Act 2000 (Market Abuse) Regulations 2008
2. Basel Committee: Draft Principles for Liquidity Risk Management
3. CEBS report on issues regarding the valuation of complex and illiquid financial instruments
4. ICMA Regulatory Policy Newsletter July 2008
5. Structured Products Distributor–Investor Principles
6. UK decision on Rome I
7. Open hearing on retail investment products
8. Treasury consults on extending issuer liability
9. Tripartite authorities to introduce new special resolution regime to reduce impact of a failing bank
10. Regulated Covered Bonds (Amendment) Regulations 2008 in force
11. Basel Committee, IOSCO and IAIS recommendations for the credit risk transfer market
12. JMLSG revised guidance on equivalent jurisdictions
13. JMSLG issue proposed amendments to 2007 guidance notes
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US |
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1. US Securities and Exchange Commission (SEC) adopts amendments to its Cross-Border Business Combination Rules
Eligibility to rely on the exemptions
Tier I exemptions
Tier II exemptions
2. SEC adopts amendments to its Rule 12g3-2(b) regarding exemption from registration requirement for securities of certain foreign private issuers
3. SEC accelerates filing deadline for annual reports on Form 20-F and adopts related package of rules intended to enhance foreign private issuer disclosure and simplify filing requirements
4. SEC issues interpretive guidance on treatment of corporate websites under the securities laws
5. SEC proposes rules to modernize oil and gas reserves disclosure
6. SEC proposes ‘Roadmap’ for the potential future use of IFRS by US domestic issuers
Limited early adoption of IFRS by select US domestic issuers
7. SEC holds roundtable on relative performance of IFRS and US GAAP during recent credit crises
8. Division of Corporation Finance at SEC provides updated Compliance and Disclosure Interpretations regarding Regulation S-K
9. SEC's Advisory Committee on Improvements to Financial Reporting publishes final report
10. SEC announces that EDGAR filings database will be replaced with new system called ‘IDEA’
11. SEC Announces ‘21st Century Disclosure Initiative’
12. SEC takes a series of emergency actions to address perceived short selling abuses
13. SEC proposes amended exemptions for certain foreign broker-dealers pursuant to the Exchange Act
14. SEC provides additional one-year extension of ICFR audit requirement for smaller public companies
15. SEC holds roundtable on fair value accounting
16. SEC Approves Public Company Accounting Oversight Board's (PCAOB) new rules related to auditor independence, tax services and audit committee communications
17. The SEC and Australia sign formal mutual recognition arrangement
18. Director of SEC's Division of Corporation Finance gives speech outlining Division's objectives for remainder of 2008
19. US Department of Justice publishes new guidelines regarding corporations’ cooperation with federal investigations
20. US Court of Appeals upholds the constitutionality of the PCAOB
21. FASB issues exposure draft on earnings per share (EPS) accounting
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