Financial Services:
Dates and Deadlines of Current and
Forthcoming Proposals
Last update: 24 February 2006
Important Note and Disclaimer
These dates are provisional, may change without notice and may be incomplete.
GrahamBishop.com is not liable for the consequences of any errors or omissions. Clients should
confirm with the relevant institutional body any deadlines that they are working to.
Please inform us of any errors or omissions that you become aware of.
Table of Contents
Click on the relevant category and this will take you to the section you require:
FSAP .......................................................................................................................................... 3
Inter-Institutional Monitoring Group ......................................................................................... 3
CESR/ESC ................................................................................................................................. 3
CEBS/EBC ................................................................................................................................. 4
CEIOPS/EIOPS .......................................................................................................................... 4
Banking ...................................................................................................................................... 5
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 ............................................................................................................. 7
Transparency Directive .............................................................................................................. 7
Insurance .................................................................................................................................... 7
Solvency II ................................................................................................................................. 7
Corporate Governance.............................................................................................................. 10
International Accounting Standards ......................................................................................... 10
Auditing and Reporting ............................................................................................................ 10
Asset Management ................................................................................................................... 11
UCITS Directive ...................................................................................................................... 11
E-mail: info@grahambishop.com
Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693
P O Box 2002, Battle, East Sussex, TN33 0WL, UK
2
FSAP
2008
Commission timetable: Elimination of duplicative supervisory reporting requirements
2008/09
Presentation of overall assessment of the FSAP
2nd Quarter 2006
Final report on Lamfalussy Committees to create consistency between standards of CEBS,
the Level 2 and 3 work in the MIFID area and the future work on UCITS and Solvency II
2006
Comparison of Lamfalussy Committees on supervisory cooperation to ensure cross-sector
consistency of approaches
Second half 2006
Results of inventory of Lamfalussy Committees on reporting requirements
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
Early 2006
Final report on CESR work on mediation mechanism amongst supervisors
31 March 2006
Deadline for comments on CESR consultation on implementing measures of Transparency
Directive
June 2006
CESR final advice to the Commission on implementing measures of Transparency
Directive
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)
E-mail: info@grahambishop.com
Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693
P O Box 2002, Battle, East Sussex, TN33 0WL, UK
3
Probably 2007
CESR-CFTC Common Work Program to Facilitate Transatlantic Derivatives Business Simplified Access or Recognition Procedures (within two years)
CEBS/EBC
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
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
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
August 2006
CEIOPS advice to Commission on Solvency II
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
October 2006
CEIOPS first draft on Solvency II
October 2006
CEIOPS advice to Commission on Solvency II
December 2006
E-mail: info@grahambishop.com
Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693
P O Box 2002, Battle, East Sussex, TN33 0WL, UK
4
CEIOPS second draft on Solvency II
February 2007
CEIOPS final draft on Solvency II
Banking
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
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
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
E-mail: info@grahambishop.com
Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693
P O Box 2002, Battle, East Sussex, TN33 0WL, UK
5
Year-end 2007
Most advanced approaches available for implementation
Consumer Credit and Mortgage Credit
2006
Expected Council common position on new Consumer Credit Directive
Mid 2006
Commission White Paper on Mortgage Credit
Payments
21 March 2006
Deadline for consultation on Commission consultation on SEPA incentives paper
First half 2006
Commission will issue draft Evaluation Report on Cross-border 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 expects interoperability in the field of payment infrastructures of Single Euro
Payments Area
Money Laundering
End 2007
Money Laundering Directive to be implemented by Member States (to be reviewed after
four years)
Securities
-
Investment Services/MiFID
2nd Quarter 2006
Final report on Lamfalussy Committees to create consistency between standards of CEBS,
the Level 2 and 3 work in the MIFID area and the future work on UCITS and Solvency II
30 October 2006
Extended transposition deadline for the MiFID Directive
E-mail: info@grahambishop.com
Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693
P O Box 2002, Battle, East Sussex, TN33 0WL, UK
6
November 2007
Application date for the "level 1" extension Directive on implementing measures MiFID
Clearing and Settlement
Second 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
First half 2007
BIS: CPSS final report on clearing and settlement arrangements for OTC derivatives
Transparency Directive
31 March 2006
Deadline for comments on CESR consultation on implementing measures of Transparency
Directive
June 2006
CESR final advice to the Commission on implementing measures of Transparency
Directive
Insurance
31 May 2006
Deadline for consultation on IOPS Principles of Private Pension Supervision exposure draft
2006/7
IAIS Standard on disclosures concerning technical performance and risks for life insurers
is scheduled to be released
Solvency II
28 February 2006
Technical advice under the third wave of specific calls for advice on Solvency II
1st Quarter 2006
IAIS structure paper for assessment of insurer solvency
E-mail: info@grahambishop.com
Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693
P O Box 2002, Battle, East Sussex, TN33 0WL, UK
7
1st Quarter 2006
Consultation on IAIS draft paper on Asset-liability management by insurance companies
May 2006
CEIOPS starts second round of QIS (QIS2), including solvency requirements, is expected
to start in May 2006
Spring 2006
Announced second Quantitative Impact Study focusing on solvency requirements
2nd Quarter 2006
Consultation on IAIS Structure Paper for assessment of insurer solvency
2nd Quarter 2006
Final report on Lamfalussy Committees to create consistency between standards of CEBS,
the Level 2 and 3 work in the MIFID area and the future work on UCITS and Solvency II
3rd Quarter 2006
Final IAIS Structure Paper for assessment of insurer solvency
3rd Quarter 2006
IAIS final paper on Asset-liability management by insurance companies
October 2006
CEIOPS to present results of QIS2 to the European Commission
August 2006
CEIOPS advice to Commission on Solvency II
October 2006
CEIOPS first draft on Solvency II
October 2006
CEIOPS advice to Commission on Solvency II
4th Quarter 2006
IAIS draft paper on risk management by insurance committees
4th Quarter 2006
IAIS draft paper on use and validation of internal models
4th Quarter 2006
IAIS draft paper on market conduct in relation to solvency assessment
4th Quarter 2006
IAIS draft paper on determination of insurance liabilities and technical provisions
4th Quarter 2006
IAIS draft paper on determination of capital requirements
4th Quarter 2006
IAIS draft paper on suitability and valuation of assets for insurance companies
4th Quarter 2006
IAIS draft paper on recognition and valuation of forms of capital
E-mail: info@grahambishop.com
Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693
P O Box 2002, Battle, East Sussex, TN33 0WL, UK
8
December 2006
CEIOPS second draft on Solvency II
February 2007
CEIOPS final draft on Solvency II
1st Quarter 2007
Consultation on IAIS draft paper on determination of insurance liabilities and technical
provisions
1st Quarter 2007
Consultation on IAIS draft paper on determination of capital requirements
1st Quarter 2007
Consultation on IAIS draft paper on suitability and valuation of assets for insurance
companies
1st Quarter 2007
Consultation on IAIS draft paper on recognition and valuation of forms of capital
1st Quarter 2007
Consultation on IAIS draft paper on risk management by insurance committees
1st Quarter 2007
Consultation on IAIS draft paper on use and validation of internal models
1st Quarter 2007
Consultation on IAIS draft paper on market conduct in relation to solvency assessment
2nd Quarter 2007
IAIS final paper on risk management by insurance committees
2nd Quarter 2007
IAIS final paper on use and validation of internal models
2nd Quarter 2007
IAIS final paper on market conduct in relation to solvency assessment
2nd Quarter 2007
IAIS final paper on determination of insurance liabilities and technical provisions
2nd Quarter 2007
IAIS final paper on determination of capital requirements
2nd Quarter 2007
IAIS final paper on suitability and valuation of assets for insurance companies
2nd Quarter 2007
IAIS final paper on recognition and valuation of forms of capital
2008
Subsequently adopting detailed legislation
E-mail: info@grahambishop.com
Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693
P O Box 2002, Battle, East Sussex, TN33 0WL, UK
9
Corporate Governance
2 June 2006
Deadline for comments on IASB proposed amendments on share-based payment
31 March 2006
Deadline for commission consultation on corporate governance priorities
International Accounting Standards
28 April 2006
Deadline for comments on IASB Discussion Paper on Management Commentary
30 April 2006
Deadline for comments on IAASB exposure draft on Related Parties
19 May 2006
Deadline for comments on IASB on the Exposure Draft on convergence proposals on
segment reporting
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
31 March 2006
Deadline for comments on IFRIC guidance on interim financial reporting and impairment
Second half 2006
Results of inventory of Lamfalussy Committees on reporting requirements
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
E-mail: info@grahambishop.com
Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693
P O Box 2002, Battle, East Sussex, TN33 0WL, UK
10
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
21 March 2006
Committee discussion of amendments on EP Report on Asset Management
April 2006
Vote in ECON Committee 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)
May 2006
Vote in Parliament on Asset Management
Autumn 2006
Commission White Paper on UCITS
Probably 2007
CESR-CFTC Common Work Program to Facilitate Transatlantic Derivatives Business Simplified Access or Recognition Procedures (within two years)
UCITS Directive
27 January 2006
Deadline for comments on CESR consultation on simplification of the cross-border
notification procedure of UCITS
2nd Quarter 2006
Final report on Lamfalussy Committees to create consistency between standards of CEBS,
the Level 2 and 3 work in the MIFID area and the future work on UCITS and Solvency II
October 2006
Commission to publish White Paper on Investment Funds (UCITS)
2006
Commission, Conclusive depositary report
E-mail: info@grahambishop.com
Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693
P O Box 2002, Battle, East Sussex, TN33 0WL, UK
11