Financial Services: Dates and Deadlines of Current and Forthcoming Proposals
Financial Services:
Dates and Deadlines of Current and
Forthcoming Proposals
Last update: 24 March 2006
Important Note and Disclaimer
These dates are provisional, may change without notice and may be incomplete.
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Table of Contents
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FSAP
11 May 2006
Commission conference on modernisation of VAT on financial services
9 June 2006
Deadline for comments on Commission consultation on VAT treatment of financial services
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
December 2007
End of mandate to Inter-institutional Monitoring Group
CESR/ESC
31 March 2006
Deadline for comments on CESR consultation on implementing measures of Transparency
Directive
6 April 2006
CESR hearing on transparency data publication and consolidation
24 April 2006
Deadline for comments on CESR call for evidence on transparency data publication and consolidation
June 2006
CESR final advice to the Commission on implementing measures of Transparency
Directive
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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
Early 2006
CEBS final guidelines on recognition of External Credit Assessment Institutions
31 March 2006
Provisional report to Commission on survey of current supervisory practices of large exposures
End April
Final report to Commission on survey of current supervisory practices of large exposures
18 May 2006
Deadline for comments on CEBS questionnaire on large exposures
23 June 2006
Deadline for comments on CEBS consultation on application of supervisory review process
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
2006
CEIOPS developing definition of the Framework Directive on Solvency II
31 March 2006
CEIOPS to undertake stock-take of Current Supervisory Practices with regard to advice on large exposures
6 April 2006
End of CEIOPS QIS 2 Pre-Test phase
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May 2006
CEIOPS starts QIS2
June 2006
CEIOPS will issue consultation papers on group aspects as well as Pillar II aspects on the treatment of reinsurance within the Solvency II framework, fit and proper requirements and supervisory powers
30 June 2006
CEIOPS to finalize Industry Consultation on large exposures
31 July 2006
End of QIS2
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 final advice on group aspects as well as Pillar II aspects on the treatment of reinsurance within the Solvency II framework, fit and proper requirements and supervisory powers
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
CEIOPS second draft on Solvency II
February 2007
CEIOPS final draft on Solvency II
Mid-2007
CEIOPS proposal for a Directive on Solvency II
Banking
Spring 2006
Commission report together with appropriate policy recommendations on reviews of E-
Money and Deposit Guarantee Schemes Directives
Mid 2006
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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
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
2006
Expected Council common position on new Consumer Credit Directive
Mid 2006
Commission White Paper on Mortgage Credit
Payments
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
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End 2010
ECB expects interoperability in the field of payment infrastructures of Single Euro
Payments Area
Summer 2006
Commission second round of consultation
3 October 2006
Commission Hearing on SEPA incentives
Money Laundering
End 2007
Money Laundering Directive to be implemented by Member States (to be reviewed after four years)
Securities
-
Prospectus
19 May 2006
Deadline for comments on Commission Working Document on Amendment of Prospectus
Regulation
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
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
18 August 2006
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Deadline for comments on BIS consultation on general principles for international remittance services
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
2006
CEIOPS developing definition of the Framework Directive on 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
1st Quarter 2006
Consultation on IAIS draft paper on Asset-liability management by insurance companies
6 April 2006
End of CEIOPS QIS 2 Pre-Test phase
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Spring 2006
Announced second Quantitative Impact Study focusing on solvency requirements
May 2006
CEIOPS starts QIS2
June 2006
CEIOPS will issue consultation papers on group aspects as well as Pillar II aspects on the treatment of reinsurance within the Solvency II framework, fit and proper requirements and supervisory powers
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
31 July 2006
End of QIS2
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 final advice on group aspects as well as Pillar II aspects on the treatment of reinsurance within the Solvency II framework, fit and proper requirements and supervisory powers
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
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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
December 2006
CEIOPS second draft on Solvency II
February 2007
CEIOPS final draft on Solvency II
Mid-2007
CEIOPS proposal for a Directive 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
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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
Corporate Governance
31 March 2006
Deadline for commission consultation on corporate governance priorities
19 May 2006
Deadline for comments on Commission consultation on Mergers and Acquisitions in the financial sector
2 June 2006
Deadline for comments on IASB proposed amendments on share-based payment
2 June 2006
Deadline for comments on IOSCO Consultation Report on Regulatory Issues Arising From
Exchange Evolution
Summer 2006
Report on possible amendments to legislation on Mergers and Acquisitions in the financial sector
International Accounting Standards
14 April 2006
Deadline for responses on IASB questionnaire on financial instruments measured at fair value
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
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19 May 2006
Deadline for comments on IASB Discussion paper on Measurement on Initial Recognition
17 July 2006
Deadline for comments on IASB proposals to improve the presentation of financial statements (IAS 1: Presentation of Financial Statements)
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 r eport 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
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)
31 May 2006
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Deadline for comments on IOSCO consultation report on regulatory environment for
Hedge Funds
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
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
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