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