Financial Services:
Dates and Deadlines of Current and
Forthcoming Proposals
Last update: 8 July 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 ...................................................................................... 7
Payments .................................................................................................................................... 7
Money Laundering ..................................................................................................................... 7
Securities .................................................................................................................................... 7
Investment Services/MiFID ....................................................................................................... 7
Clearing and Settlement ............................................................................................................. 8
Prospectus Directive ................................................................................................................... 8
Transparency Requirements Directive ....................................................................................... 8
Solvency II ................................................................................................................................. 9
Company Law ............................................................................................................................ 9
International Accounting Standards ......................................................................................... 10
Auditing and Reporting ............................................................................................................ 10
Asset Management ................................................................................................................... 11
UCITS Directive ...................................................................................................................... 11
Occupational Pensions Directive ............................................................................................. 12
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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
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
5 July 2005
Deadline for comments on CESR technical advice on equivalence of third country GAAP
and IFRS
11 July 2005
Deadline for comments on CESR consultation on Alternative Performance Measures
15 September 2005
Deadline for comments on CESR draft technical advice on financial information in a
Prospectus
6 September 2005
Public Hearing on CESR draft technical advice on financial information in a Prospectus
31 October 2005
CESR final technical advice on financial information in a Prospectus
Early 2006
Final report on CESR work on mediation mechanism amongst supervisors
Probably April 2006
CESR-CFTC Common Work Program to Facilitate Transatlantic Derivatives Business Enhanced Transparency and Clarity of Regulatory Requirements (preliminary work within
nine months)
Probably 2007
CESR-CFTC Common Work Program to Facilitate Transatlantic Derivatives Business Simplified Access or Recognition Procedures (within two years)
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3
CEBS/EBC
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
16 September 2005
Deadline for CEBS technical advice on deposit guarantee schemes
30 September 2005
Deadline for comments on CEBS Consultation on recognition of External Credit
Assessment Institutions
October 2005
CEBS public hearing on supervisory cooperation for EU banking and investment firm
groups under the Capital Requirements Directive
28 October 2005
Deadline for comments on CEBS Consultation on its role and tasks
8 November 2005
CEBS consultation on supervisory cooperation for EU banking and investment firm groups
under the Capital Requirements Directive
Third Quarter 2005
Consultation on Validation of IRB and AMA systems
Fourth Quarter 2005
Consultation on Outsourcing
21 October 2005
Deadline for consultation on CEBS second round of consultation on supervisory review
process
End 2005
CEBS starts working on framework for the supervision of liquidity risk
Early 2006
CEBS final guidelines on recognition of External Credit Assessment Institutions
August 2006
CEBS provides survey of recently launched capital instruments
Spring 2006
CEBS provides quantitative analysis and the survey of the type of capital held by credit
institutions and the guiding principles
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4
CEIOPS/EIOPS
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
30 September 2005
Deadline for consultation on CEIOPS Draft Answers to the second wave of Calls for Advice
for Solvency II, covering essential and critical aspects of prudential regulation, such as
the assessment of technical provisions and capital requirements
End September 2005
CEIOPS Working Groups finalize Draft Answers on third wave of calls for Solvency II
27 October 2005
CEIOPS' Members Meeting – Approving on Draft Answers on third wave of calls for
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
End January 2006
Consultation deadline on CEIOPS Draft Answers on third wave of calls for Solvency II
28 February 2006
CEIOPS final answers on third wave of calls for Solvency II
Capital Adequacy Directive
13 July 2005
Vote in ECON Committee on Capital Adequacy Directive
September
Plenary vote on report on Capital Adequacy Directive
16 September 2005
Deadline for CEBS technical advice on deposit guarantee schemes
30 September 2005
Deadline for comments on CEBS Consultation on recognition of External Credit
Assessment Institutions
Second Quarter 2005
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5
CEBS Consultation on Pillar II (incl. internal governance)
October 2005
CEBS public hearing on supervisory cooperation for EU banking and investment firm
groups under the Capital Requirements Directive
8 November 2005
CEBS consultation on supervisory cooperation for EU banking and investment firm groups
under the Capital Requirements Directive
Autumn 2005
Planned adoption of Capital Requirements Directive
Early 2006
CEBS final guidelines on recognition of External Credit Assessment Institutions
Spring 2006
CEBS provides quantitative analysis and the survey of the type of capital held by credit
institutions and the guiding principles
August 2006
CEBS provides survey of recently launched capital instruments
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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6
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
End 2007
Money Laundering Directive to be implemented by Member States
Securities
15 July 2005
Deadline for comments on IOSCO Compliance Function at Market Intermediaries
Investment Services/MiFID
17 July 2005
Deadline for comments on Commission second working document, covering
organisational requirements for investment firms and conflicts of interest
16 August 2005
Deadline for comments on Commission Working Document on pre- and post-trade
transparency and admission to trading in particular the implementation of Articles 22(2),
27 - 30, 40 and 44-45 of the MiFID Directive
16 August 2005
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7
Deadline for comments on Commission third Working Document on Organisational
Requirements and identification, management and disclosure of conflicts of interest by
investment firms
30 October 2006
Extended transposition deadline for the MiFID Directive
Clearing and Settlement
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
6 September 2005
Public Hearing on CESR draft technical advice on financial information in a Prospectus
15 September 2005
Deadline for comments on CESR draft technical advice on financial information in a
Prospectus
31 October 2005
CESR advice to Commission on financial information in a prospectus
Transparency Requirements Directive
June 2005
CESR technical advice to Commission
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8
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
30 September 2005
Deadline for consultation on CEIOPS Draft Answers to the second wave of Calls for Advice
for Solvency II, covering essential and critical aspects of prudential regulation, such as
the assessment of technical provisions and capital requirements
End September 2005
Working Groups finalize Draft Answers on third wave of calls for Solvency II
CEIOPS progress on Solvency II project
27 October 2005
CEIOPS Members Meeting – Approving on Draft Answers on third wave of calls for
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
End January 2006
Consultation deadline on CEIOPS Draft Answers on third wave of calls for Solvency II
28 February 2006.
CEIOPS final answers on third wave of calls for Solvency II
28 February 2006
Technical advice under the third wave of specific calls for advice on Solvency II
2008
Subsequently adopting detailed legislation
Company Law
15 July 2005
Deadline for comments on Commission consultation on minimum standards of
shareholders’ rights
Autumn 2005
Results of impact assessment on shareholders’ right
End 2005
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Expected adoption of 8th company law
Autumn 2005
Finalisation of Commission impact assessment on shareholders’ rights
International Accounting Standards
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
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
2007
Reaching IAS/US GAAP technical convergence (no later than 2009)
Auditing and Reporting
Mid 2005
Auditor Supervision Directive coming into force
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5 July 2005
Deadline for comments on CESR technical advice on equivalence of third country GAAP
and IFRS
31 July 2005
Deadline for comments on FEE discussion paper on Risk Management and Internal
Control
By 1 January 2007
Japanese and US third country issuers adopt accounting policies for the expensing of
stock options on a basis equivalent to IFRS
Asset Management
July 2005
Commission Green Paper on asset management
Probably April 2006
CESR-CFTC Common Work Program to Facilitate Transatlantic Derivatives Business Enhanced Transparency and Clarity of Regulatory Requirements (preliminary work within
nine months)
Probably 2007
CESR-CFTC Common Work Program to Facilitate Transatlantic Derivatives Business Simplified Access or Recognition Procedures (within two years)
UCITS Directive
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
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11
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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