Financial Services:
Dates and Deadlines of Current and
Forthcoming Proposals
Last update: 28 October 2005
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Table of Contents
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FSAP .......................................................................................................................................... 3
Inter-Institutional Monitoring Group ......................................................................................... 3
CESR/ESC ................................................................................................................................. 3
CEBS/EBC ................................................................................................................................. 4
CEIOPS/EIOPS .......................................................................................................................... 4
Capital Adequacy Directive ....................................................................................................... 5
Basel Capital Accord .................................................................................................................. 5
Consumer Credit and Mortgage Credit ...................................................................................... 6
Payments .................................................................................................................................... 6
Money Laundering ..................................................................................................................... 6
Banking ...................................................................................................................................... 7
Securities .................................................................................................................................... 7
Investment Services/MiFID ....................................................................................................... 7
Clearing and Settlement ............................................................................................................. 7
Prospectus Directive ................................................................................................................... 7
Insurance .................................................................................................................................... 8
Solvency II ................................................................................................................................. 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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FSAP
November 2005
Commission Communication on final policy programme on post-FSAP strategy
Inter-Institutional Monitoring Group
December 2007
End of mandate to Inter-institutional Monitoring Group
March 2006
First interim report of new Inter-institutional Monitoring Group
CESR/ESC
31 October 2005
CESR final technical advice on financial information in a Prospectus
7 November 2005
Public hearing on CESR second consultation on UCITS
November 2005
Deadline for consultation on CESR second consultation on technical advice on UCITS
15 November 2005
Deadline for comments on Commission’s Green Paper on UCITS
21 November 2005
Deadline for responses on CESR second consultation on UCITS regarding clarification of
definitions
30 November 2005
Deadline for comments on CESR consultation on mediation mechanism
Mid January 2006
CESR technical advice on UCITS to the European Commission
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)
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Probably 2007
CESR-CFTC Common Work Program to Facilitate Transatlantic Derivatives Business Simplified Access or Recognition Procedures (within two years)
CEBS/EBC
28 October 2005
Deadline for comments on CEBS Consultation on its role and tasks
30 October 2005
Deadline for CEBS consultation on on the guidelines for validation and assessment of the
risk management and risk measurement systems used by credit institutions and
investment firms
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
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
16 November 2005
CEIOPS Conference on “New EU Regulatory and Supervisory Framework for Insurance
and Pension Funds”
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
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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
Spring 2006
Announced second Quantitative Impact Study focusing on solvency requirements
Capital Adequacy Directive
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
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
Basel Capital Accord
31 October 2005
Deadline for comments on BIS consultation on supervisory guidance for the use of fair
value option
October to December 2005
Data collection exercise on BIS Quantitative Impact Study 5
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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
30 November 2005
Deadline for responses on Commission Green Paper on 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
End 2010
ECB’s second objective to have a SEPA for the infrastructure
Money Laundering
16 January 2006
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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)
Banking
Spring 2006
Commission report together with appropriate policy recommendations on reviews of EMoney and Deposit Guarantee Schemes Directives
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
23 September 2005
Deadline for comments on CESR/ESCB follow-up work 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
31 October 2005
CESR advice to Commission on financial information in a prospectus
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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
Second Half 2005
Preparation of Commission proposal
27 October 2005
CEIOPS Members Meeting – Approving on Draft Answers on third wave of calls for
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
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
Spring 2006
Announced second Quantitative Impact Study focusing on solvency requirements
2008
Subsequently adopting detailed legislation
Company Law
8 November 2005
Announced Council adoption of Directive on Statutory
End 2005
Expected adoption of 8th company law
International Accounting Standards
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28 October 2005
Deadline for comments on IASB convergence proposals on the accounting for liabilities
and restructuring costs
End 2005
Solution on second carve out on hedge accounting
December 2005
ESC vote on level 2 proposals and formal adoption by Commission
28 April 2006
Deadline for comments on IASB Discussion Paper on Management Commentary
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)
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
7 November 2005
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CESR Open Hearing on technical advice on UCITS
21 November 2005
Deadline for responses on CESR second consultation on UCITS regarding clarification of
definitions
15 November 2005
Deadline for comments on Commission’s Green Paper on UCITS
Mid January 2006
CESR technical advice on UCITS
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
Occupational Pensions Directive
23 September 2005
Implementation of the IORP Directive in the EU Member States
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