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Latest Developments
UK and EU
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Section A—Financial Services Action Plan |
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1. Definition of ‘Institutional Investor’ in European legislation
In November 2008, the European Securities Markets Expert Group (ESME) published a paper entitled ‘Differences between the Definitions of ‘Qualified Investor’ in the Prospectus Directive and ‘Professional Client’ and ‘Eligible Counterparty’ in MiFID—Is Alignment Needed?’
There are currently differences between the definitions of ‘qualified investor’ in the Prospectus Directive (PD) and ‘professional client’ and ‘eligible counterparty’ in the Markets in Financial Instruments Directive (MiFID). If the definitions in MiFID and PD were harmonized, there would be the possibility of greater harmonization of conduct of business rules and related exemptions. This should result in a more coherent pan-European private placement regime for securities.
The conclusions are set out in the paper available at:
http://ec.europa.eu/internal_market/securities/docs/esme/report-qualified-investor_en.pdf
2. CESR Statement on the assessment of equivalence of prospectuses from non-EEA jurisdictions
On 17 December 2008, the Committee of European Securities Regulators (CESR) announced the launch of work on the assessment of equivalence of prospectuses from non-EEA jurisdictions.
Article 20(1) of the PD sets the conditions under which an
3. CESR updated Frequently Asked Questions
4. European Commission launches consultation on review of Prospectus Directive
5. European Commission launches call for evidence on review of Investor Compensation Schemes Directive
6. CESR Table: language requirements for prospectuses and summaries
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Section B—FSA publications |
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1. FSA outlines its approach to aspects of continuing obligations
2. FSA consultation on amendments to Listing Rules and feedback on DP08/1
3. FSA permits limited delay in disclosure of emergency liquidity assistance
4. FSA consults on strengthening liquidity requirements
5. FSA publishes policy statement on certain aspects of the UK sponsor regime
6. FSA Financial Crime Newsletter
7. FSA clarifies rules on disclosure of share pledges
8. Development of regulatory capital approach for banks participating in recapitalization scheme
9. UKLA publishes List! 20
10. Companies fined for delaying disclosure of contract changes
11. FSA fines AIM company director and related company
12. New sponsor regime effective from 6 February 2009
13. FSA publishes consultation paper on its fee structure
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Section C—ISDA publications |
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1. Bi-lateral Form of Supplement Agreement for Natural Gas Transactions
2. Revised Additional Provisions for Use with Indian Underliers
3. Supplement 13 to the 2006 ISDA Definitions
4. 2006 ISDA Definitions Settlement Matrix for Early Termination and Swaptions (ISDA Settlement Matrix)
5. Dispersion Variance Swap General Terms Confirmation/Annex DVS to the Revised 2007 European Variance Swap Master Confirmation Agreement
6. LCDS Auction Settlement Terms for Masonite first lien loans
7. LCDS Auction Settlement Terms for Hawaiian Telcom first lien loans
8. 2008 Tribune CDS Protocol
9. Launch of Research Notes
10. Update on CDS ‘hardwiring’ process
11. 2009 Ecuador CDS Protocol and Uniform Settlement Agreement
12. Sanitec Oy Uniform ELCDS Settlement Agreement and ISDA 2009 European Loan CDS Protocol
13. British Vita (UK) Limited Uniform ELCDS Settlement Agreement and ISDA 2009 European Loan CDS Protocol
14. 2009 European Loan CDS Protocol
15. CDS Physical Settlement Matrix and Confirmation Version 8
16. Deliverable Currency Disruption for RUB swap transactions
17. 2009 Smurfit CDS Protocol, Smurfit-Stone Container Enterprises, Inc., LCDS Auction Settlement Terms, and 2009 Smurfit-Stone Uniform CDS and LCDS Settlement Agreement
18. Standard Terms Appendix for European Variance Option Transactions
19. 2009 Lyondell Entities CDS Protocol and LCDS/LDX Auction Settlement Terms
20. 2009 Nortel Entities CDS Protocol
21. Ferretti ELCDS Auction Settlement Terms
22. Aleris LCDS Auction
23. 2009 Americas Master Equity Derivatives Confirmation Agreement
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Section D—Accounting/auditing |
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1. European Commission grants equivalence in relation to third country GAAPs
2. Additional disclosures for investments in debt instruments
3. Measures to strengthen supervisory committees and standard-setting bodies for accounting and auditing
4. New investor guidelines to encourage better disclosure by audit committees
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Section E—Equities |
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1. Disclosure of short positions
2. Responses to CESR consultation on short-selling
3. FSA consults on long-term short-selling regime
4. FSA proposes shortening the offer period for rights issues
5. Rights issue and open offer subscription periods shortened to 10 business days
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Section F—Securitization |
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1. EU Council confirms support for ‘5% skin in the game’ CRD requirement
2. Global industry initiative: restoring securitization markets
3. FSA stress testing consultation: securitization and off-balance sheet activities
4. Securitization SPV reporting—new ECB requirements for euro area securitization SPVs
5. Basel II: proposed changes to impact securitization activities
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Section G—Market developments in respect of the banking industry |
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1. Pre-Budget Report: long-term regulatory response to financial crisis
2. EU guidelines for assessing compliance of bank recapitalizations with state aid rules
3. UK Government to guarantee RMBS and ABS
4. Bank of England: new asset purchase facility
5. UK Government: new asset protection scheme to take on risk of banks’ ‘toxic assets’
6. Bank of England: 364-day discount window facility
7. Credit Guarantee Scheme extended until December 2009
8. European Council adopts conclusions on bank capital
9. FSA chairman sets out agenda for reforming financial regulation
10. Analysis of the national plans for the stabilization of markets
11. Review of corporate governance in the UK banking sector
12. EU Guidance for the treatment of impaired assets in the EU banking sector
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Section H—Miscellaneous |
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1. The Law Applicable to Non-Contractual Obligations (England and Wales and Northern Ireland) Regulations 2008 (SI 2008/2986)
2. CESR to consult on non-equity markets transparency
3. Definition of Financial Instrument Order 2008 (SI 2008/3053)
4. FSA and Treasury consultation: UK regulation of the issue of Islamic bonds
5. New EU rules on governing law: Rome I Regulation
6. Rome II comes into effect
7. ICMA Regulatory Policy Newsletter January 2009
8. ECB collateral: new ABS and bank debt securities requirements
9. Financial Services & Markets Act 2000 (Exemption) (Amendment) Order 2009
10. Guidance on the Rome II Regulation
11. Banking Act 2009
12. The de Larosière Report
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US |
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1. Mary Schapiro takes office as chairman at the US Securities and Exchange Commission
2. SEC extends public comment period for its proposed rulemaking on the potential use of IFRS by domestic US public companies
3. US Congress imposes limitations on executive compensation in legislation providing government assistance and relief to financial firms
4. SEC posts rulemaking release for final rules mandating use of interactive data by public companies
5. GAO issues report on financial regulatory system in the USA
6. US Congressional Oversight Panel publishes its report on financial regulatory reform
7. SEC publishes congressionally mandated study on mark-to-market accounting
8. SEC publishes final rulemaking release modernizing its oil and gas reserves disclosure reporting requirements
9. Nasdaq Stock Market takes steps to amend listing standards in response to current market conditions
10. NYSE takes action to extend its temporary suspensions of its continued listing standards
11. FASB releases proposed staff guidance on fair value accounting disclosure
12. SEC staff publishes new interpretive guidance on rules under the US Securities Act of 1933
13. SEC staff publishes new interpretive guidance on going private transactions under the US Securities Exchange Act of 1934
14. SEC staff publishes new interpretive guidance on securities act forms
15. PCAOB publishes staff guidance on auditing internal control over financial reporting at smaller public companies
16. NYSE issues annual meeting letter to listed companies
17. 21st Century Disclosure Initiative at the SEC publishes report on enhancing public company disclosures
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