Financial Services:
Dates and Deadlines of Current and
Forthcoming Proposals
Last update: 19 December 2005
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Table of Contents
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FSAP .......................................................................................................................................... 3
Inter-Institutional Monitoring Group ......................................................................................... 3
CESR/ESC ................................................................................................................................. 3
CEBS/EBC ................................................................................................................................. 3
CEIOPS/EIOPS .......................................................................................................................... 4
Banking ...................................................................................................................................... 5
Capital Adequacy Directive ....................................................................................................... 5
Basel Capital Accord .................................................................................................................. 6
Consumer Credit and Mortgage Credit ...................................................................................... 6
Payments .................................................................................................................................... 6
Money Laundering ..................................................................................................................... 7
Securities .................................................................................................................................... 7
Investment Services/MiFID ....................................................................................................... 7
Clearing and Settlement ............................................................................................................. 7
Transparency Directive .............................................................................................................. 7
Insurance .................................................................................................................................... 8
Solvency II ................................................................................................................................. 8
Corporate Governance................................................................................................................ 8
International Accounting Standards ........................................................................................... 8
Auditing and Reporting .............................................................................................................. 9
Asset Management ..................................................................................................................... 9
UCITS Directive ........................................................................................................................ 9
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FSAP
31 January 2006
Deadline for comments on FSAP Evaluation Plan – Part I
2008/09
Presentation of overall assessment of the FSAP
Inter-Institutional Monitoring Group
March 2006
First interim report of new Inter-institutional Monitoring Group
December 2007
End of mandate to Inter-institutional Monitoring Group
CESR/ESC
Mid January 2006
CESR technical advice on UCITS to the European Commission
January 2006
CESR final paper on establishment of a Mediation Mechanism
Mid-January 2006
Extended Deadline of the mandate on Eligible Assets for Investments of UCITS when
CESR is having its first scheduled meeting for 2006
Early 2006
Final report on CESR work on mediation mechanism amongst supervisors
October 2006
Commission to publish White Paper on Investment Funds (UCITS)
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)
CEBS/EBC
January 2006
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CEBS intends to approve the final guidelines on the recognition of ECAIs
10 February 2006
Deadline for comments on CEBS call for advice on definition of own funds
Fourth Quarter 2005
Consultation on Outsourcing
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
CEIOPS/EIOPS
31 December 2005
Deadline for responses on CEIOPS first Quantitative Impact Study 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
9 February 2006
Deadline for comments on CEIOPS consultation on treatment of 'deeply subordinated
debt'
9 February 2006
Deadline for comments on CEIOPS Draft Answers on third wave of Calls on Solvency II
9 February 2006
Deadline for comments on CEIOPS draft recommendation on Independence and
Accountability
10 February 2006
Deadline for consultation CEIOPS consultation on “Medium-Term Work Programme”
28 February 2006
CEIOPS final answers to Commission on third wave of calls for Solvency II
31 March 2006
CEIOPS to undertake stock-take of Current Supervisory Practices with regard to advice
on large exposures
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May 2006
CEIOPS starts second round of QIS (QIS2), including solvency requirements, is expected
to start in May 2006
30 June 2006
CEIOPS to finalize Industry Consultation on large exposures
31 August 2006
CEIOPS to provide final input to the credit risk mitigation workstream with regard to
advice on large exposures
October 2006
CEIOPS to present results of QIS2 to the European Commission
Banking
January 2006
CEBS intends to approve the final guidelines on the recognition of ECAIs
15 February 2006
Deadline for comments on Commission report on Deposit Guarantee Schemes
Spring 2006
Commission report together with appropriate policy recommendations on reviews of EMoney and Deposit Guarantee Schemes Directives
Mid 2006
Planned Commission Communication including appropriate policy recommendations on
minimum guarantee level of Deposit Guarantee Schemes Directive
Capital Adequacy 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
2007
Member States to apply Capital Adequacy Directive, with the most sophisticated
approaches being available from 2008.
Year-end 2007
Most advanced approaches available for implementation
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Basel Capital Accord
October to December 2005
Data collection exercise on BIS Quantitative Impact Study 5
28 February 2006
Deadline for comments on Basel II: Home-host information sharing for effective
implementation
28 February 2006
Deadline for comments on BIS consultative document on sound credit risk assessment
and valuation for loans
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
7 December 2005
Hearing on Commission Green Paper on Mortgage Credit
2006
Expected Council common position on new Consumer Credit Directive
Mid 2006
Commission White Paper on Mortgage Credit
Payments
December 2005
EPC final adoption of new European schemes for direct debits, credit transfers, and card
payments
6 January 2006
Deadline for Commission consultation on cross-boarder payments
First half 2006
Commission will issue draft Evaluation Report on Cross-boarder Payments
1 January 2008
Eurosystem’s initial objective is to have a Single Euro Payments Area (SEPA) for citizens
and enterprises in the euro area
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End 2010
ECB’s second objective to have a SEPA for the infrastructure
Money Laundering
16 January 2006
Deadline for responses on Commission questionnaire on money laundering the terrorist
financing
End 2007
Money Laundering Directive to be implemented by Member States (to be reviewed after
four years)
Securities
22 December 2005
Deadline for responses on IOSCO Consultation on International Debt
Investment Services/MiFID
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
Transparency Directive
8 January 2006
Deadline for comments on Commission consultation on implementing measures for
Transparency Directive
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Insurance
2006/7
IAIS Standard on disclosures concerning technical performance and risks for life insurers
is scheduled to be released
Solvency II
31 December 2005
Deadline for responses on CEIOPS first Quantitative Impact Study 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
9 February 2006
Deadline for comments on CEIOPS Draft Answers on third wave of Calls on Solvency II
28 February 2006
Technical advice under the third wave of specific calls for advice on Solvency II
May 2006
CEIOPS starts second round of QIS (QIS2), including solvency requirements, is expected
to start in May 2006
October 2006
CEIOPS to present results of QIS2 to the European Commission
Spring 2006
Announced second Quantitative Impact Study focusing on solvency requirements
2008
Subsequently adopting detailed legislation
Corporate Governance
End 2005
Expected adoption of 8th company law directive
End 2005
Commission draft directive on cross-border exercise of shareholders’ rights
International Accounting Standards
28 April 2006
Deadline for comments on IASB Discussion Paper on Management Commentary
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19 May 2006
Deadline for comments on IASB Discussion paper on Measurement on Initial Recognition
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
Second half 2006
Finalisation of IOSCO database for regulators to share information on International
Financial Reporting Standards (to be developed in parallel with the CESR-Fin)
Autumn 2006
Final report on Auditors’ Liability
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
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
Mid January 2006
CESR technical advice on UCITS
Mid-January 2006
Extended Deadline of the mandate on Eligible Assets for Investments of UCITS when
CESR is having its first scheduled meeting for 2006
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27 January 2006
Deadline for comments on CESR consultation on simplification of the cross-border
notification procedure of UCITS
October 2006
Commission to publish White Paper on Investment Funds (UCITS)
2006
Commission, Conclusive depositary report
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