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Latest Developments
UK and EU
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Section A—Financial Services Action Plan |
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1. CESR publishes prospectus data
On 30 March 2009, CESR published a merged version of the data on prospectuses approved and passported between July 2006 and December 2008. This data is a combination of the previous three publications of data on prospectuses on 13 June 2008, 10 July 2008 and 14 October 2008.
The data is available at:
http://www.cesr.eu/popup2.php?id=5650
2. ESCB and CESR consult on draft recommendations for central counterparties as amended for OTC derivatives
On 31 March 2009, the ESCB and CESR published for public consultation ‘Draft recommendations for central counterparties as amended for OTC derivatives’, in the context of the joint work being undertaken by the ESCB and CESR in the field of securities clearing and settlement. The amendments were introduced in the original recommendations for central counterparties, as published for consultation on 23 October 2008.
The consultation and responses are available at:
http://www.ecb.int/paym/cons/html/escb-cesr_otc.en.html.
3. CESR responds to EC consultation on the Prospectus Directive
On 10 April 2009, CESR published its response to the European Commission (EC) consultation on the Prospectus Directive (Directive 2003/71/EC), covering only those issues
4. EU consultation on the Market Abuse Directive
5. EC launches consultation on legal framework for intermediated securities
6. CESR publishes Market Abuse Directive guidance
7. CESR publishes update of Q&A on MiFID
8. CESR releases Transparency Directive FAQs
9. European Commission adopts a Communication outlining a new European supervisory architecture for the financial system
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Section B—FSA publications |
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1. FSA Listing Rules: amendments to Model Code to permit trading plans
2. FSA Disclosure Rules: disclosure of contracts for difference
3. FSA effects changes to GENPRU notification requirements
4. Turner Review published
5. Amendments to the change of control regime for FSA-authorized persons
6. FSA wins conviction for insider dealing: R v McQuoid and Melbourne
7. FSA clarifies rules on dissemination of annual financial reports
8. FSA market abuse case: no intent necessary for market abuse offences
9. FSA quarterly consultation
10. FSA chairman expands on themes from Turner Review
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Section C—Accounting/auditing |
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1. Auditing Practices Board: The Auditor's Report on Financial Statements
2. Financial Reporting: APB Issues Revised Example Audit Reports
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Section D—Rating agencies |
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1. European Parliament approves Credit Rating Agencies Regulation
2. CESR report on compliance with IOSCO code of conduct
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Section E—Equities |
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1. Advocate General finds against 1.5 per cent SDRT ‘Season Ticket’ charge
2. BERR Draft Share Capital Regulations published
3. GDR trading: launch of International Order Book (IOB) central counterparty clearing service
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Section F—Market developments in the banking industry |
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1. Bank of England Corporate Bond Secondary Market Scheme
2. CESR Report on Lehman Brothers
3. Collapse of Icelandic bank Straumur
4. Banking Act 2009: Dunfermline Building Society
5. FSA consults on Financial Services Compensation Scheme
6. G20 proposals to strengthen international financial regulation
7. EU extension of the UK Credit Guarantee Scheme and Recapitalization Aid
8. LIBA and SIFMA to merge
9. HM Treasury consults on investment bank failure measures
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Section G—Securitization |
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1. EU consults on further CRD changes in line with recent Basel Committee proposals
2. European Parliament approves amendments to the Capital Requirements Directive
3. UK Asset-Backed Securities Guarantee Scheme approved by EC
4. Review of Regulation of UK covered bonds announced
5. ISE publishes new Guidelines on Asset Backed Securities
6. IOSCO interim recommendations on unregulated financial markets and products
7. ECB announces preliminary decision to purchase covered bonds
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Section H—Company Law |
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1. Public limited liability companies: directive to codify the Second Council Directive 77/91/EEC
2. Registration of charges by overseas companies
3. EU Company Law: proposed Directive to simplify mergers and divisions
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Section I—Miscellaneous |
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1. Bank of England issues consolidated Market Notice for Discount Window Facility (DWF)
2. Bank of England permanently extends eligible collateral for 3-month Repos
3. European Central Bank temporary relaxation of collateral requirements extended to 2010
4. ICMA recommendation on pre-soundings
5. London Stock Exchange: Revised Admission and Disclosure Standards
6. The Brussels Regulation: European Commission to Review Regulation 44/2001
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Section J—ISDA publications |
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1. ISDA: 2009 Americas Master Equity Derivatives Confirmation Agreement
2. ISDA: Ferretti S.p.A. ELCDS Auction Settlement Terms
3. ISDA: 2009 ISDA Close-out Amount Protocol
4. ISDA News Release: CDO testifies before Senate Banking Committee
5. ISDA Credit Derivatives Determinations Committee and Auction Settlement Supplement and Protocol
6. ISDA: 2009 Station Casinos CDS Protocol
7. ISDA: 2009 Chemtura Entities Uniform CDS Settlement Agreement
8. ISDA: Revised AEJ MCAS
9. ISDA: 2009 Rouse Uniform CDS Settlement Agreement
10. ISDA: 2009 Revised LyondellBasell Uniform CDS Settlement Agreement
11. ISDA: Conference Call on NASDAQ Cancellation of Market on Close Orders
12. ISDA: 2009 Protocol and auction terms for Abitibi and Charter
13. ISDA forms Credit Derivatives Determinations Committees
14. ISDA: 2009 Idearc Uniform CDS and LCDS Settlement Agreement
15. SDA: 2009 Capmark Financial Group Inc. Uniform CDS Settlement Agreement
16. ISDA Expresses Concern over KIKO Case Rulings
17. ISDA: Final 2009 LyondellBasell CDS Protocol
18. ISDA: Revised 2009 Chemtura Entities CDS and 2009 Rouse CDS Protocols
19. ISDA: CDS Auction Protocols for Abitibi, Capmark, Charter and Idearc
20. ISDA Publish CDS Physical Settlement Matrix and Confirmation Version 9
21. ISDA announces successful implementation of ‘Big Bang’ CDS Protocol
22. ISDA: auction terms for Bowater Incorporated
23. ISDA market surveys
24. ISDA: auction terms for Edscha AG
25. SDA: auction terms for Syncora
26. ISDA: auction terms for BTA Bank
27. ISDA: auction terms and USA for HLI Operating Company
28. ISDA: 2009 ISDA European Cancellable Form Loan CDS Protocol
29. ISDA: auction terms for McCarthy & Stone
30. ISDA: auction terms for R.H. Donnelley
31. ISDA: auction terms for JSC Alliance Bank
32. ISDA: auction terms for Georgia Gulf Corporation
33. ISDA: publication of US Wind Event Confirmation
34. ISDA: auction terms for Visteon Corporation
35. ISDA: auction terms for General Motors Corporation
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US |
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1. FASB approves additional guidance for fair value measurements and related accounting matters
2. SEC proposes new rules pertaining to ‘proxy access’
3. Increases in fees to register securities with the SEC
4. Meredith Cross named next director of Division of Corporation Finance at the SEC
5. PCAOB issues Concept Release on Audit Confirmations
6. PCAOB issues staff audit practice alert on auditor considerations regarding fair value measurements, disclosures and other-than-temporary impairments
7. SEC releases Staff Accounting Bulletin providing guidance on ‘Other-than-Temporary Impairments’ in fair value accounting context
8. SEC publishes proposed rules for short-sale price tests and circuit breaker restrictions
9. SEC holds roundtable to examine short-sale price test and circuit breaker restrictions
10. SEC approves NYSE's pilot programme for reduced listing standards requirements
11. Division of Corporation Finance updates its compliance and disclosure interpretations
12. FASB issues new accounting standard on ‘Subsequent Events’
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