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Dates and Deadlines of Current and Forthcoming Proposals
Important Note and Disclaimer
These dates are provisional, may change without notice and may be incomplete.
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Last update: 31 January 2005
Click on the relevant category and this will take you to the section you require:
CESR/ESC
CEBS/EBC
CEIOPS/EIOPS
Capital Adequacy Directive
Basel Capital Accord
Consumer Credit and Mortgage Credit
Money Laundering
Payments
Securities
Investment Services Directive / MiFiD
Clearing and Settlement
Prospectus Directive
Market Abuse Directive
Transparency Requirements Directive
Solvency II
Re-insurance
Company Law
International Accounting Standards
Auditing and Reporting
UCITS Directive
Credit Rating Agencies
CESR/ESC
June 2005
Advice on Transparency Directive
30 June 2005
Advice on measuring equivalence Third Country GAAP and IAS/IFRS
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
1 April 2005
Advice on Credit Rating Agencies
4 March 2005
Consultation deadline on Transparency
1 February 2005
Consultation deadline on possible measures concerning Credit Rating Agencies
31 January 2005
Consultation on report on supervisory tools for the EU securities markets
31 January 2005
Consultation on common operation of Market Abuse Directive
31 January 2005
Consultation deadline for final advice on ISD2
1st half 2005
Expected consultation on the draft guidelines of UCITS
28 January 2005
CESR’s Advice on Possible Implementing Measures of the Transparency Directive
21 January 2005
Consultation on second set of mandates on MiFiD
22 December 2004
Consultation on measuring equivalence Third Country GAAP and IAS/IFRS
17 December 2004
Second Consultation paper on the first set of mandates regarding possible implementing
measures for the Market in Financial Instruments Directive
CEBS/EBC
Fourth Quarter 2005
Consultation on Outsourcing
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
Third Quarter 2005
Consultation on Validation of IRB and AMA systems
Third Quarter 2005
External Credit Assessment Institutions (ECAIs)
Second Quarter 2005
Consultation on common guidelines on home-host issue
Second Quarter 2005
Consultation on supervisory review process under Pillar two (incl. internal governance)
Second Quarter 2005
Consultation on Supervisory Disclosure
Second Quarter 2005
Advice to Commission on Cross Border Mergers
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
(CRD)
End March 2005
Consultation paper on prudential reporting requirements around the balance sheet and
income statement based on International Financial Reporting Standards (IFRS)
CEIOPS/EIOPS
By 30 June 2005
CEIOPS technical advice (first wave of specific calls for advice) on Framework Directive
1 March 2005
Implications of IAS/IFRS Introduction for the Prudential Supervision of Insurance
Undertakings
Capital Adequacy Directive
Beginning 2005
CEBS consultation on a common solvency ratio reporting framework for credit institutions
and investment firms
March to May 2005
European Parliaments Draft report
Planned according to timetable of Basel II:
year-end 2007
Most advanced approaches available for implementation
year-end 2006
Capital Accord implemented
Early April 2005
BIS discussion paper on double default and trading book matters
Second Quarter 2005
CEBS Consultation on Pillar II (incl. internal governance)
28 January 2005
Consultation on Credit Risk Transfer, The Joint Forum (IOSCO, IAIS, Basle Committee)
Basel Capital Accord
year-end 2007
Most advanced approaches available for implementation
year-end 2006
Capital Accord implemented
Deadlines for Consultation
Second Quarter 2005
CEBS Consultation on Pillar II (incl. internal governance)
28 January 2005
Consultation on Credit Risk Transfer, The Joint Forum (IOSCO, IAIS, Basle Committee)
Consumer Credit and Mortgage Credit
early 2005
Council common position on Consumer Credit Directive
mid 2005
Commission Communication on Mortgage Credit
Payments
Mid 2005
Commission proposal
Money Laundering
before end 2005
Final adoption
February 2005
Vote in ECON
March/April 2005
Vote in Parliament
Securities
31 January 2005
Commission Consultation on application of the Lamfalussy process to EU securities
markets legislation
Investment Services Directive / MiFiD
30 April 2006
Implementation deadline/measure comes into effect
Due by 30 April 2005
CESR advice to Commission
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
21 January 2005
CESR Consultation deadline on second set of mandates on MiFiD
17 December 2004
CESR Consultation deadline on first set of mandates on MiFiD
Clearing and Settlement
2nd half 2005
(possibly) Commission draft proposal
autumn 2005
Presentation of impact assessment
15 December 2004
Consultation deadline on Commission study on Clearing and Settlement
Prospectus Directive
1 July 2005
Implementation deadline/measure comes into effect
Market Abuse Directive
31 January 2005
CESR Consultation deadline on common operation of Market Abuse Directive
12 October 2004
Implementation deadline/measure comes into effect
Transparency Requirements Directive
June 2005
CESR advice to Commission
early 2005
Commission to publish additional mandate after first progress report by CESR
28 January 2005
CESR Advice on Possible Implementing Measures of the Transparency Directive
Solvency II
2008
Subsequently adopting detailed legislation
autumn/end of 2005
Preparation of Commission proposal
at first IC meeting in 2005
Commission third wave consultation, followed by calls for advice to CEIOPS
30 June 2005
CEIOPS technical advice (first wave of specific calls for advice) on Framework Directive
28 January 2005
Consultation deadline on Credit Risk Transfer, The Joint Forum (IOSCO, IAIS, Basle
Committee)
1 December 2004
Commission second wave consultation
31 October 2004 onwards
CEIOPS regular progress reports starting
Re-insurance
probably May 2005
Vote in EP
probably May 2005
Part-session by the DGI
probably April 2005
Vote in EP ECON Committee (1 reading only)
January 2005
European Parliaments Draft report
Company Law
16 December 2004
Consultation deadline on Shareholder's rights
Further dates missing forthcoming
International Accounting Standards
January 2007
Transitional arrangements under Article 35 (4) of the Prospectus Regulation (Level 2)
expire on 1 January
November 2006 (?)
Transposition period for Transparency Directive (Level 1) expired
end 2005
Solution on second carve out on hedge accounting
December 2005
ESC vote on level 2 proposals and formal adoption by Commission
September 2005
Formal Commission proposal for level 2 legislation to ESC
September 2005
Solution on hedge accounting provisions
July 2005
First Commission working document on Level 2 legislation
30 June 2005
CESR advice on measuring equivalence Third Country GAAP and IAS/IFRS
April 2005
Solution on first carve out on full fair value option
1 March 2005
CEIOPS Consultation deadline on the Implications of IAS/IFRS
1 January 2005
Use of IAS 39, apart from the ‘carved-out’ sections, will be legally binding for all listed
companies in the EU
22 December 2004
CESR Consultation deadline on measuring equivalence Third Country GAAP and IAS/IFRS
Auditing and Reporting
probably March 2005
Part-session by the DGI
mid 2005
Auditor Supervision Directive coming into force
30 April 2005
Consultation deadline on Common Reporting
UCITS Directive
early 2006
Commission, Conclusive depositary report
December 2005
CESR working document
October 2005
CESR mandate should be completed
No later than 30 September 2005
CESR proposal of UCITS I funds having a simplified prospectus
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
early 2005
EU regulatory experts, Standards on investor information and conflicts of interest
first half 2005
CESR: expected consultation on the draft guidelines of UCITS
Credit Rating Agencies
1 February 2005
Consultation deadline on possible measures concerning credit rating agencies
1 April 2005
CESR advice on Credit Rating Agencies