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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 responds to EC's call for evidence on Market Abuse Directive Review
On 10 July 2009, the Committee of European Securities Regulators (CESR) published its response to the call for evidence issued by the European Commission on its review of the Market Abuse Directive (2003/6/EC).
The response is available at:
http://www.cesr.eu/popup2.php?id=5801
2. CESR launches consultation on risk measurement for purposes of calculation of UCITS global exposure
On 15 June 2009, CESR launched a consultation paper in response to the European Commission's request for technical advice on Level 2 implementing measures for the recast UCITS Directive. The consultation paper focuses on risk measurement under UCITS.
In relation to derivative instruments, CESR is seeking advice on the principles for calculating the global exposure related to derivative instruments, and measures that UCITS must undertake to ensure that global exposure relating to derivative instruments does not exceed the net asset value of the UCITS.
The consultation closed on 15 July 2009.
The consultation paper is available at:
http://www.cesreu.org/index.php?page=consultation_details&id=140
3. European Council adopts new UCITS Directive
On 22 June 2009, the European Council adopted a directive on undertakings for
4. EC consults on UCITS Depositary Function
5. Financial Collateral Directive amended
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Section B—Reform of Financial Supervision |
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1. EU sets out roadmap for new system of financial supervision
2. FESE welcomes US Treasury proposals for OTC derivatives supervision
3. Financial Stability Board inaugural meeting
4. EC Communication on Derivatives
5. IOSCO consults on Principles for Periodic Disclosure by Listed Entities
6. UK Government Paper on Reforming Financial Markets
7. Basel Committee: enhancements to Basel II Accord
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Section C—FSA publications |
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1. UKLA: List! 21 published
2. UKLA: updated Same Day Supplement Form
3. FSA: financial penalties could treble; minimum £100,000 market abuse fine
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Section D—Asset Backed Securities |
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1. CEBS to review whether ‘skin in the game’ article is tough enough
2. IOSCO consultation: disclosure principles for public offerings and listings of asset backed securities
3. European Central Bank: Covered Bond Purchase Programme
4. Bank of England: Asset Purchase Facility—Secured Commercial Paper
5. EFR's Prime Collateralised Securities Initiative
6. FSA draft perimeter guidance on packaged structured investment bonds
7. European Commission publishes draft Directive to amend CRD
8. European Commission consultation on further CRD amendments
9. Directive 2009/83/EC amending the CRD published in the Official Journal
10. IOSCO publishes due diligence good practices for investment managers
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Section E—Equities |
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1. LSE publishes June 2009 version of the AIM Rules
2. AIC issues investing policy guidance for AIM Companies
3. FSA Equity Capital Markets FAQ
4. Disclosure and Transparency Rules: revised version of FSA Q&As on disclosure of contracts for difference
5. Short selling disclosure regime extended indefinitely
6. CESR proposes pan-European short selling regime
7. Euroclear publish guide to MiFID transaction reporting on CREST
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Section F—Market developments in the banking industry |
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1. CEBS publishes its liquidity identity card
2. FSA statement on profit participating deferred shares
3. HM Treasury consultation on insolvency procedure and financial assistance for building societies
4. Revocation of the Landsbanki freezing orders
5. Defining LIBOR: revised guidelines
6. UK Banking Act 2009—Safeguards Amendments Order
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Section G—Accounting/auditing |
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1. IASB: framework for management commentary
2. IASB begins project to revise accounting for financial instruments
3. GC 100 update on auditor liability
4. FRRP highlights areas for improvements in accounts
5. Consultation on disclosure of loans to directors in company accounts
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Section H—Rating agencies |
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1. EU Regulation on credit rating agencies
2. Risk Assessment and Capital: Stocktaking Report on credit ratings
3. Moody's proposed changes to bank subordinated capital ratings
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Section I—Company law |
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1. Draft Companies (Shareholders’ Rights) Regulations 2009 published
2. Share capital changes to Companies Act 2006 confirmed
3. Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009
4. Government to review registration of charges in 2010
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Section J—Miscellaneous |
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1. European Central Bank: expanded eligibility criteria
2. ESCB/CESR: Recommendations on clearing and settlement of securities
3. Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2009
4. CESR recommends mandatory post-trade transparency for non-equity markets
5. Irish Stock Exchange launches new Global Exchange Market (GEM)
6. Quoted eurobond exemption now available for Cyprus-listed notes
7. Requirement for HM Treasury consent repealed
8. GMSLA 2009
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Section K—ISDA |
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Credit Derivatives
1. ISDA publishes historical succession events
2. ISDA: Small Bang: The July 2009 Supplement to the 2003 ISDA Credit Derivatives Definitions
3. ISDA: CDS Physical Settlement Matrix and Confirmation Version 10, 11 & 12
4. ISDA: Credit events and auctions
Equity Derivatives
5. ISDA Equity Derivatives Documentation Matrix
6. 2009 European Interdealer MCA and Annex SS
2006 Definitions
7. Compounding and 2006 ISDA Definitions: Latest Supplement (No 16)
Collateral
8. ISDA Draft Dispute Resolution Protocol
9. ISDA Independent Amount White Paper
Other derivatives
10. ISDA: US Wind Event Swap Confirmation
ISDA CDS Marketplace
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US |
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1. SEC proposes changes to required disclosure of corporate governance and executive compensation matters
2. SEC delegates authority to the Director of its Enforcement Division to issue formal orders of investigation
3. White House announces comprehensive plan for regulatory reform
4. SEC and CFTC to hold joint meetings on harmonization of regulation
5. Division of Corporation Finance updates its CDIs, including guidance on regulation FD
6. Division of Corporation Finance issues ‘Dear CFO’ letter providing guidance on MD&A disclosure of loan losses
7. SEC's Director of Enforcement announces creation of specialty groups within Division
8. SEC begins providing email alerts when items posted to its website
9. SEC's Investor Advisory Committee conducts initial meeting and lays out initial objectives
10. Change in leadership at the PCAOB
11. Division of Corporation Finance revises its Financial Reporting Manual and includes new section on external auditors
12. SEC approves PCAOB Rules concerning reporting and succession for registered audit firms
13. SEC proposes mandatory ‘say-on-pay’ for companies that are TARP recipients
14. SEC approves amendment to NYSE Rule 452, eliminating broker discretionary voting in uncontested director elections
15. NYSE amends rules to permanently lower market capitalization requirement and extend suspension of $1.00 average closing price requirement
16. SEC seeks comment on alternative proposal for short sale restrictions
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