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UK and EU
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Section A—Financial Services Action Plan |
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1. CESR Guidance on limits of permissible stabilization activity for greenshoe
On 3 October 2008, the Committee of European Securities Regulators (CESR) gave its view as to what stabilizing activity conducted in the context of refreshing the greenshoe is outside the buyback and stabilization safe harbour and also when activity of that type is at particular risk of constituting market abuse. In addition, CESR provided some guidance on what stabilization activity is within the buyback and stabilization safe harbour.
CESR did so by publishing for consultation draft guidance on issues connected with stabilization and buyback programmes which had been raised with it by market participants. The guidance is issued as part of CESR's programme of providing ‘Level 3’ guidance on the common operation of the Market Abuse Directive (MAD).
CESR's Level 3 guidance is available at: http://www.cesr.eu/popup2.php?id=5283
2. CESR issues supervisory briefings on MiFID
CESR published on 6 October 2008 three Markets in Financial Instruments Directive (MiFID) supervisory briefings on:
- conflicts of interest, available at: http://www.cesr.eu/popup2.php?id=5287;
- inducements,
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4. Review of the Market Abuse Regime
5. CESR assessment of MiFID
6. European Commission announces results of its review of MiFID implementation
7. Updated list of regulated markets
8. European Commission announces its legislative programme for 2009
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Section B—FSA Publications |
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1. FSA issue 19 of List!
2. FSA publishes guidance on market abuse controls
3. FSA issues update on enforcing the market abuse regime
4. FSA publishes first list of regulated covered issuers and bonds
5. FSA publishes Market Watch Newsletter, Issue No. 30 for November 2008
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Section C—ISDA Publications |
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1. Collateral opinion for Israel
2. FAQs Memorandum on Market Quotation
3. Comment letter on draft CESR consultation ‘Fair Value Measurement and Related Disclosures of Financial Instruments in Illiquid Markets’
4. ISDA Tembec CDS Protocol for Tembec Industries Inc. (Tembec)
5. CDS Physical Settlement Matrix and Confirmation (Version 7)
6. Lehman Brothers Credit Event: ISDA Protocol and Uniform Settlement Agreement
7. ISDA launches Fannie Mae and Freddie Mac Protocol
8. Revised 2006 ISDA Definitions MTM Matrix for Mark-to-market Currency Swaps
9. ISDA publishes European LCDS Index Documentation and Revised European LCDS Single-Name Documentation Incorporating Auction Settlement
10. ISDA 2008 Inflation Derivatives Definitions
11. Supplement 11 to the 2006 ISDA Definitions
12. ISDA launches protocols for three Icelandic banks
13. Supplement 12 of the 2006 ISDA Definitions
14. Commodities Documentation Matrix
15. Additional Provisions for Deliverable Currency Disruption and Deliverable Currency Disruption Fallback Matrix
16. Netting opinion for Cyprus
17. Masonite LCDS Uniform Settlement Agreement
18. ISDA Best Practice Guide on Portfolio Reconciliation
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Section D—Accounting/Auditing |
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1. IASB and FASB publish Updated Memorandum of Understanding on Convergence of Financial Reporting Standards
2. IASB may consider greater disclosure of off-balance sheet activities
3. Transitional periods for certain third country auditors
4. International Accounting Standards Board: Amendment to IAS 39 & IFRS 7
5. Financial Reporting Council updates Guidance on Audit Committees
6. APB guidance on reports made by an auditor under the Companies Act 2006
7. IASB guidance on fair value measurement when markets become inactive
8. International Financial Reporting Standards: Consolidation
9. CESR advice on equivalence of Indian GAAP to IFRS for EU purposes
10. European Securities Committee votes to grant ‘equivalence’ in relation to third country GAAPs
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Section E—Rating Agencies |
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1. CESR: Draft EU Rating Agency Regulation needs ‘significant revision’
2. EU Commission: Draft regulation on credit rating agencies
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Section F—Equities |
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1. FSA update rules on short selling of financial stocks
FSA publishes Short Selling (No 3) Instrument 2008
FSA implements minor change to emergency short selling rules
2. FSA publishes contracts for difference feedback statement
3. CESR updates summary of EU short selling rules
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Section G—Market developments in respect of the banking Industry |
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1. Building societies: Treasury proposals to extend access to capital markets
2. EU discusses its policy response to financial turmoil
3. Bank of England extends Special Liquidity Scheme
4. Speech by FSA Chairman on recent market turmoil
5. Commission proposes revision of bank capital requirements rules to reinforce financial stability
6. CESR undertakes new work to address the financial market crisis
7. Banking Bill: Expert group to advise on SRR
8. European Parliament adopts report on financial institution liquidity crisis
9. State aid: Commission gives guidance to Member States on measures for banks in crisis
10. UK Government bank recapitalization and guarantee scheme
11. EU Commission FAQs on Europe's response to the financial crisis
12. FSA provides view on management of bank risk
13. New framework for Bank of England facilities
14. ICMA responses to market turbulence: country plans
15. HM Treasury Committee urges strengthening of financial regulation
16. HM Treasury Committee announces next steps in inquiry into banking crisis
17. UK Government announces arrangements for managing stakes acquired in UK banks under the Government's recapitalization fund
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Section H—Miscellaneous |
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1. Changes to London Stock Exchange Admission and Disclosure Standards
2. EC First Report on Implementation of Savings Taxation Directive
3. Companies Act 2006: Provisions effective on 1 October 2008
4. ECB expands eligibility criteria
5. CESR: future areas of focus for European regulation announced
6. ICMA Regulatory Policy Newsletter: October 2008
7. Consultation launched on clearing and settlement systems in the EU
8. First meeting of EU working party on the clearing of credit default swaps
9. HM Treasury warns financial institutions of serious money laundering threats
10. Euroclear and Clearstream introduce NGN structure for registered notes
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US |
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1. SEC adopts Regulation SH to mandate disclosure of short sales and short positions by institutional investment managers
2. SEC adopts Rule 10b-21 and amendments to Regulation SHO to further its regulation of short sales
3. SEC publishes proposed roadmap for use of international financial reporting standards by US public companies
4. Division of Corporation Finance at the SEC updates website and publishes ‘Overview of the Legal and Regulatory Policy Offices’
5. US Financial Accounting Standards Board (FASB) publishes Discussion Paper on Financial Statement Presentation
6. SEC approves Auditing Standard No. 6 from the PCAOB
7. United States removes North Korea from its list of State Sponsors of Terrorism
8. FASB issues FASB Staff Position No. FAS 157-3 related to fair value of financial assets in inactive markets
9. SEC undertakes study on fair value accounting pursuant to the Emergency Economic Stabilization Act of 2008
10. SEC holds two roundtables on fair value accounting
11. SEC's Chief Accountant issues letter to Chairman of the FASB relating to fair value accounting and perpetual preferred securities
12. FASB announces that it intends to reconsider its proposal to revise its accounting standards on loss contingencies
13. SEC holds roundtable on modernizing its disclosure system
14. PCAOB proposes seven new auditing standards related to the auditor's assessment of and responses to risk
15. Division of Corporation Finance at the SEC publishes new Compliance and Disclosure Interpretations on the Securities Exchange Act of 1934
16. US President's Working Group on Financial Markets announces initiatives intended to strengthen oversight and infrastructure of OTC derivatives market
17. SEC's Division of Corporation Finance publishes new Compliance and Disclosure Interpretations on the Securities Act of 1933
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