Financial Services:
Dates and Deadlines of Current and Forthcoming Proposals
Last update: 21 April 2005
Important Note and Disclaimer These dates are provisional, may change without notice and may be incomplete.
GrahamBishop.com is not liable for the consequences of any errors or omissions. Clients should confirm with the relevant institutional body any deadlines that they are working to.
Please inform us of any errors or omissions that you become aware of. Table of Contents
Click on the relevant category and this will take you to the section you require:
FSAP...... 3 CESR/ESC...... 3 CEBS/EBC...... 3 CEIOPS/EIOPS...... 3 Capital Adequacy Directive...... 3 Basel Capital Accord...... 3 Consumer Credit and Mortgage Credit...... 3 Payments...... 3 Money Laundering...... 3 Securities...... 3 Investment Services/MiFID...... 3 Clearing and Settlement...... 3 Prospectus Directive...... 3 Market Abuse Directive...... 3 Transparency Requirements Directive...... 3 Solvency II...... 3 Re-insurance...... 3 Company Law...... 3 International Accounting Standards...... 3 Auditing and Reporting...... 3 UCITS Directive...... 3 Credit Rating Agencies...... 3
E-mail: [email protected] 2 Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693 P O Box 2002, Battle, East Sussex, TN33 0WL, UK FSAP
By June 2005 Commission Green Paper on post-FSAP strategy
By late summer 2005 Public consultation on Commission Green Paper on post-FSAP strategy
November 2005 Commission Communication on final policy programme on post-FSAP strategy
CESR/ESC
30 April 2005 Consultation on best execution and market transparency
30 April 2005 Extended deadline on MiFID for technical advice on article 22 on client order handling rules
9 May 2005 Deadline for comments on CESR work on mediation mechanism amongst supervisors
15 May 2005 Deadline for comments on CESR – CFTC Communiqué to facilitate trans-Atlantic derivatives business
10 June 2005 Deadline for comments on consultation on advice on clarification of definitions concerning eligible assets for investments of UCITS
1st half 2005 Expected consultation on the draft guidelines of UCITS
June 2005 CESR technical advice to Commission on Transparency Directive
30 June 2005 Advice on measuring equivalence Third Country GAAP and IAS/IFRS
1 July 2005 Prospectus Level 3 - The legislative Package for Prospectus must come into force in all countries in the EU
Early 2006 Final report on CESR work on mediation mechanism amongst supervisors
E-mail: [email protected] 3 Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693 P O Box 2002, Battle, East Sussex, TN33 0WL, UK CEBS/EBC
End March 2005 Consultation paper on prudential reporting requirements around the balance sheet and income statement based on International Financial Reporting Standards (IFRS)
30 April 2005 Consultation deadline on Common Reporting around the solvency ratio for credit institutions and investment firms under the future EU Capital Requirements Directive (CP04)
30 April 2005 Deadline for comments on CEBS questionnaire on cross-border mergers
Second Quarter 2005 Consultation on supervisory review process under Pillar two (incl. internal governance)
24 June 2005 Consultation deadline on guidelines for implementing a common European framework for Supervisory Disclosure (CP05)
8 July 2005 Deadline for CEBS second consultation Paper on Financial Reporting
End July 2005 Deadline for advice on CEBS call for technical advice on E-Money
Second Quarter 2005 Advice to Commission on Cross Border Mergers
Second Quarter 2005 Consultation on IFRS compliant formats
Second Quarter 2005 Consultation on common guidelines on home-host issue
Third Quarter 2005 Consultation on Validation of IRB and AMA systems
Third Quarter 2005 External Credit Assessment Institutions (ECAIs)
Fourth Quarter 2005 Consultation on Outsourcing
End 2005 Publishing feedback and amendments on common European framework for Supervisory Disclosure (CP05)
End 2005 CEBS starts working on framework for the supervision of liquidity risk
End 2005 CEBS possible contribution to the issue of deposit insurance schemes E-mail: [email protected] 4 Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693 P O Box 2002, Battle, East Sussex, TN33 0WL, UK CEIOPS/EIOPS
25 May 2005 Deadline for comments on draft answers to Commission on first wave of calls for advice in the framework of Solvency II (CP4)
30 May 2005 Deadline for comments on CEIOPS Occupational Pensions Protocol (CP5)
3 June 2005 Deadline for consultation on amendments to directive on Supplementary Supervision of Insurance Undertakings (CP6)
End June 2005 CEIOPS final advice to Commission on first wave of calls for advice in the framework of Solvency II (CP4)
1 January 2006 Commission report to Insurance Committee on application and further harmonisation of amendments to directive on Supplementary Supervision of Insurance Undertakings
Capital Adequacy Directive
End April 2005 European Parliaments Draft report
30 April 2005 Consultation deadline on Common Reporting around the solvency ratio for credit institutions and investment firms under the future EU Capital Requirements Directive (CP04)
May 2005 Deadline for amendments on EP draft report on New Capital Requirements
27 May 2005 Deadline for comments on Commission Consultation on trading activities related issues and the treatment of double default effects
June 2005 ECON vote on report on New Capital Requirements
June / July 2005 Plenary vote on report on New Capital Requirements
Second Quarter 2005 CEBS Consultation on Pillar II (incl. internal governance)
Autumn 2005 E-mail: [email protected] 5 Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693 P O Box 2002, Battle, East Sussex, TN33 0WL, UK Planned adoption of Capital Requirements Directive
Year-end 2006 Capital Accord implemented
Year-end 2007 Most advanced approaches available for implementation
Basel Capital Accord
Second Quarter 2005 CEBS Consultation on Pillar II (incl. internal governance)
April 2005 Consultative Document on QIS 5 expected data requirements.
27 May 2005 Deadline for comments on BIS/IOSCO proposal for certain trading-related exposures and double default effects under Basel II
July 2005 Basel Committee issuance of draft workbooks for QIS 5
Summer 2005 Final rules planned on certain trading-related exposures and double default effects under Basel II
October 2005 Expected Basel Committee fifth Quantitative Impact Study (QIS 5)
December 2005 Deadline for Basel Committee fifth Quantitative Impact Study (QIS 5)
Spring 2006 Calibration of the revised Framework to be discussed in on basis of QIS 5 data
Year-end 2006 Capital Accord implemented
Year-end 2007 Most advanced approaches available for implementation
Consumer Credit and Mortgage Credit
Early 2005 Council common position on Consumer Credit Directive
Mid 2005 Commission Green Paper on mortgage credit
E-mail: [email protected] 6 Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693 P O Box 2002, Battle, East Sussex, TN33 0WL, UK Payments
Possibly second half 2005 Commission proposal on Europe-wide payments infrastructure
1 January 2008 Eurosystem’s initial objective is to have a Single Euro Payments Area (SEPA) for citizens and enterprises in the euro area
End 2010 ECB’s second objective to have a SEPA for the infrastructure
Money Laundering
End April 2005 Vote in Parliamentary Committee
End May 2005 Vote in Parliament
Before end 2005 Final adoption
Securities
11 May 2005 Deadline for comments on IOSCO consultation on examination of governance for CIS
18 May 2005 Deadline for comments on IOSCO consultation on anti-money laundering guidance for CIS
18 May 2005 Deadline for comments on IOSCO consultation on anti market timing for CIS
18 May 2005 Deadline for comments on IOSCO Consultation on policies on error trades
15 July 2005 Deadline for comments on IOSCO Compliance Function at Market Intermediaries
Investment Services/MiFID
Due by 30 April 2005 CESR advice to Commission E-mail: [email protected] 7 Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693 P O Box 2002, Battle, East Sussex, TN33 0WL, UK 30 April 2005 CESR Consultation deadline on best execution and market transparency
30 April 2005 CESR extended deadline on MiFID for technical advice on article 22 on client order handling rules
30 April 2006 Implementation deadline/measure comes into effect
Clearing and Settlement
End May 2005 ECON vote on Clearing and Settlement report
June 2005 Parliament vote on own initiative report on Clearing and Settlement
Spring 2005 Second round of Consultation on Clearing and Settlement
End 2005 Results of impact assessment on Clearing and Settlement
First Quarter 2006 Possible Commission draft proposal on Clearing and Settlement
Until First Half 2007 FISCO study and advice on possible alignment of national fiscal compliance procedures on Clearing and Settlement
Prospectus Directive
1 July 2005 Prospectus Level 3 - The legislative Package for Prospectus must come into force in all countries in the EU
Market Abuse Directive
Transparency Requirements Directive
Early 2005 Commission to publish additional mandate after first progress report by CESR E-mail: [email protected] 8 Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693 P O Box 2002, Battle, East Sussex, TN33 0WL, UK June 2005 CESR technical advice to Commission
Solvency II
15 April 2005 IAIS consultation paper on assessment of insurers' solvency
30 June 2005 CEIOPS technical advice (first wave of specific calls for advice) on Framework Directive
Second Half 2005 Preparation of Commission proposal
1 January 2006 Commission report to Insurance Committee on application and further harmonisation of amendments to directive on Supplementary Supervision of Insurance Undertakings
2008 Subsequently adopting detailed legislation
Re-insurance
End April 2005 Vote in EP ECON Committee (1 reading only)
May 2005 Vote in EP
Company Law
1 May 2005 EP plenary vote on cross-border mergers
15 June 2005 Deadline for responses on Commission survey on obstacles to cross-border mergers
End 2005 Expected adoption of 8th company law
International Accounting Standards
April 2005 Solution on first carve out on full fair value option
E-mail: [email protected] 9 Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693 P O Box 2002, Battle, East Sussex, TN33 0WL, UK 29 April 2005 EFRAG: Deadline for comments on draft endorsement advice on Fair Value Option
31 May 2005 Deadline for comments on IFRIC guidance on reassessment of embedded derivatives
30 June 2005 CESR advice on measuring equivalence Third Country GAAP and IAS/IFRS
July 2005 First Commission working document on Level 2 legislation
29 July 2005 Deadline for comments on IASB Memorandum of Understanding on role of accounting standard-setting bodies
September 2005 Formal Commission proposal for level 2 legislation to ESC
September 2005 Solution on hedge accounting provisions
End 2005 Solution on second carve out on hedge accounting
December 2005 ESC vote on level 2 proposals and formal adoption by Commission
November 2006 (possibly) Transposition period for Transparency Directive (Level 1) expired
January 2007 Transitional arrangements under Article 35 (4) of the Prospectus Regulation (Level 2) expire on 1 January
Auditing and Reporting
30 April 2005 Consultation deadline on Common Reporting
Mid 2005 Auditor Supervision Directive coming into force
31 July 2005 Deadline for comments on FEE discussion paper on Risk Management and Internal Control
UCITS Directive
Early 2005 EU regulatory experts, Standards on investor information and conflicts of interest E-mail: [email protected] 10 Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693 P O Box 2002, Battle, East Sussex, TN33 0WL, UK 10 June 2005 CESR deadline for comments on consultation on advice on Clarification of Definitions concerning Eligible Assets for Investments of UCITS
July 2005 Commission Green Paper on asset management based on comprehensive UCITS review
Mid-2005 EU regulatory experts, Standards on the depositary's missions, resources and liability
Mid-2005 Commission, Chapter on UCITS in 2005 overall UCITS report to the European Parliament and the Council
No later than 30 September 2005 CESR proposal of UCITS I funds having a simplified prospectus
October 2005 CESR mandate should be completed
November 2005 Deadline for comments on Commission’s Green Paper on UCITS
December 2005 CESR working document
Early 2006 Commission, Conclusive depositary report
Credit Rating Agencies
E-mail: [email protected] 11 Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693 P O Box 2002, Battle, East Sussex, TN33 0WL, UK