Financial Services:
Dates and Deadlines of Current and
Forthcoming Proposals
Last update: 31 May 2005
Important Note and Disclaimer
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 ................................................................................................................................. 3
CEIOPS/EIOPS .......................................................................................................................... 4
Capital Adequacy Directive ....................................................................................................... 5
Basel Capital Accord .................................................................................................................. 5
Consumer Credit and Mortgage Credit ...................................................................................... 6
Payments .................................................................................................................................... 6
Money Laundering ..................................................................................................................... 6
Securities .................................................................................................................................... 6
Investment Services/MiFID ....................................................................................................... 6
Clearing and Settlement ............................................................................................................. 6
Prospectus Directive ................................................................................................................... 7
Market Abuse Directive ............................................................................................................. 7
Transparency Requirements Directive ....................................................................................... 7
Solvency II ................................................................................................................................. 7
Re-insurance ............................................................................................................................... 8
Company Law ............................................................................................................................ 8
International Accounting Standards ........................................................................................... 8
Auditing and Reporting .............................................................................................................. 9
Asset Management ..................................................................................................................... 9
UCITS Directive ........................................................................................................................ 9
Occupational Pensions Directive ............................................................................................. 10
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2
FSAP
1 August 2005
Deadline for comments on Commission Green Paper on post-FSAP strategy
November 2005
Commission Communication on final policy programme on post-FSAP strategy
CESR/ESC
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
11 July 2005
Deadline for comments on CESR consultation on Alternative Performance Measures
Early 2006
Final report on CESR work on mediation mechanism amongst supervisors
CEBS/EBC
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
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3
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
CEIOPS/EIOPS
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)
15 September 2005
Deadline for comments on CEIOPS third wave of specific calls for advice on Solvency II
1 January 2006
Commission report to Insurance Committee on application and further harmonisation of
amendments to directive on Supplementary Supervision of Insurance Undertakings
28 February 2006
Technical advice under the third wave of specific calls for advice on Solvency II
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4
Capital Adequacy Directive
14 June 2005
Discussion in ECON Committee
13 July 2005
Vote in ECON Committee
September
Plenary vote on report on New Capital Requirements
Second Quarter 2005
CEBS Consultation on Pillar II (incl. internal governance)
Autumn 2005
Planned adoption of Capital Requirements Directive
Year-end 2006
Capital Accord implemented
Year-end 2007
Most advanced approaches available for implementation
Basel Capital Accord
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
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5
Consumer Credit and Mortgage Credit
Early 2005
Council common position on Consumer Credit Directive
Mid 2005
Commission Green Paper on mortgage credit
Payments
30 September 2005
BIS consultation deadline on general guidance for payment system development
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
June 2005
Final adoption of Money Laundering Directive
Securities
15 July 2005
Deadline for comments on IOSCO Compliance Function at Market Intermediaries
Investment Services/MiFID
21 April 2006
Implementation deadline/measure will apply in EU Member States (may be delayed by
one year)
Clearing and Settlement
June 2005
Parliament vote on own initiative report on Clearing and Settlement
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6
End 2005
Results of impact assessment on Clearing and Settlement
First Quarter 2006
Possible Commission draft proposal on Clearing and Settlement
Early 2006
Group of Thirty final report on Global 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
31 August 2005
Deadline for comments on FEE paper on Prospectuses: Potential Pitfalls for Auditors
Market Abuse Directive
Transparency Requirements Directive
June 2005
CESR technical advice to Commission
Solvency II
30 June 2005
CEIOPS technical advice (first wave of specific calls for advice) on Framework Directive
Second Half 2005
Preparation of Commission proposal
15 September 2005
Deadline for comments on CEIOPS third wave of specific calls for advice on Solvency II
1 January 2006
Commission report to Insurance Committee on application and further harmonisation of
amendments to directive on Supplementary Supervision of Insurance Undertakings
28 February 2006
Technical advice under the third wave of specific calls for advice on Solvency II
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7
2008
Subsequently adopting detailed legislation
Re-insurance
May 2005
Vote in EP
Company Law
15 June 2005
Deadline for responses on Commission survey on obstacles to cross-border mergers
15 July 2005
Deadline for comments on Commission consultation on minimum standards of
shareholders’ rights
End 2005
Expected adoption of 8th company law
International Accounting Standards
31 May 2005
Deadline for comments on IFRIC guidance on reassessment of embedded derivatives
30 June 2005
IASB extended deadline for comments on questionnaire about accounting principles for
SMEs
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
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8
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
Mid 2005
Auditor Supervision Directive coming into force
31 July 2005
Deadline for comments on FEE discussion paper on Risk Management and Internal
Control
Asset Management
July 2005
Commission Green Paper on asset management
UCITS Directive
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
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December 2005
CESR working document
Early 2006
Commission, Conclusive depositary report
Occupational Pensions Directive
23 September 2005
Implementation of the IORP Directive in the EU Member States
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