Financial Services:
Dates and Deadlines of Current and
Forthcoming Proposals
Last update: 21 April 2005
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These dates are provisional, may change without notice and may be incomplete.
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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 ................................................................................................................................. 4
CEIOPS/EIOPS .......................................................................................................................... 5
Capital Adequacy Directive ....................................................................................................... 5
Basel Capital Accord .................................................................................................................. 6
Consumer Credit and Mortgage Credit ...................................................................................... 6
Payments .................................................................................................................................... 7
Money Laundering ..................................................................................................................... 7
Securities .................................................................................................................................... 7
Investment Services/MiFID ....................................................................................................... 7
Clearing and Settlement ............................................................................................................. 8
Prospectus Directive ................................................................................................................... 8
Market Abuse Directive ............................................................................................................. 8
Transparency Requirements Directive ....................................................................................... 8
Solvency II ................................................................................................................................. 9
Re-insurance ............................................................................................................................... 9
Company Law ............................................................................................................................ 9
International Accounting Standards ........................................................................................... 9
Auditing and Reporting ............................................................................................................ 10
UCITS Directive ...................................................................................................................... 10
Credit Rating Agencies ............................................................................................................ 11
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2
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
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3
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
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4
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
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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
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6
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
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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
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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
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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
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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
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