Financial Services:
Dates and Deadlines of Current and
Forthcoming Proposals
Last update: 26 November 2006
Important Note and Disclaimer
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
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 ...................................................................................... 5
Payments .................................................................................................................................... 5
Money Laundering ..................................................................................................................... 6
Securities .................................................................................................................................... 6
Prospectus................................................................................................................................... 6
Market Abuse ............................................................................................................................. 6
Investment Services/MiFID ....................................................................................................... 6
Clearing and Settlement ............................................................................................................. 7
Insurance .................................................................................................................................... 7
Solvency II ................................................................................................................................. 7
Corporate Governance................................................................................................................ 9
International Accounting Standards ......................................................................................... 10
Auditing and Reporting ............................................................................................................ 10
Asset Management ................................................................................................................... 10
UCITS Directive ...................................................................................................................... 10
Hedge Funds ............................................................................................................................. 10
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FSAP
2008
Commission timetable: Elimination of duplicative supervisory reporting requirements
2008/09
Presentation of overall assessment of the FSAP
Inter-Institutional Monitoring Group
December 2007
End of mandate to Inter-institutional Monitoring Group
CESR/ESC
27 November 2006
Deadline for comments on CESR consultations on record keeping requirements and
market data collection
30 November 2006
Deadline for comments on CESR consultation on the criteria of hedge fund indices
15 December 2006
Deadline for comments on CESR MiFID Level 3 work program
16 January 2007
Open hearing on CESR Call for Evidence on supervisory functioning
29 January 2007
Deadline for comments on CESR Call for Evidence on supervisory functioning
2 February 2007
Deadline for responses on CESR second set of Draft Guidance on Market Abuse Directive
February 2007
CESR’s preliminary position on hedge fund indices
2006 and 2007
CESR IT data sharing arrangements for the implementation of the MiFID
2007
CESR will conduct a pilot study on the delegation of powers under the Prospectus
Directive
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
31 December 2006
Deadline for the technical advice on Call for technical advice from CEBS on commodities
(part1)
30 April 2007
Deadline for the technical advice on Call for technical advice from CEBS on commodities
(part2)
CEIOPS/EIOPS
October 2006
CEIOPS first draft on Solvency II
December 2006
CEIOPS second draft on Solvency II
10 January 2007
CEIOPS public hearing on Consultation Papers Nos. 15 to 20, as well as other outstanding
issues of the Solvency II project.
12 January 2007
Deadline for consultation on CEIOPS consultation on Solvency II safety measures
12 January 2007
Deadline for consultation on CEIOPS consultation on Pillar I issues
12 January 2007
Deadline for consultation on CEIOPS consultation paper on issues relevant for
reinsurance
12 January 2007
Deadline for consultation on CEIOPS consultation paper on supervisory reporting
12 January 2007
Deadline for consultation on CEIOPS draft advice on supervisory functioning
12 January 2007
Deadline for consultation on CEIOPS draft advice on capital add-ons for solo and group
undertakings
February 2007
CEIOPS final draft on Solvency II
Mid-2007
CEIOPS proposal for a Directive on Solvency II
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4
Banking
1 January 2007
Regulation on controls on money transfers expected to come into force
First half 2007
Expert group report containing on findings and recommendations to help remove
obstacles to switching bank accounts
Capital Adequacy Directive
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
Year-end 2006
Capital Accord implemented
Year-end 2007
Most advanced approaches available for implementation
Consumer Credit and Mortgage Credit
End of 2006
Expected Council common position on Consumer Credit
May 2007
Commission's White Paper on Mortgage Credit
Payments
End 2006
Commission final report on the sector inquiry into retail banking, covering current
accounts and payment cards
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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5
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
July 2007
Commission draft report on bond markets transparency
11 September 2007
Public hearing on bond markets transparency
Prospectus
16 January 2007
Open hearing on CESR Call for Evidence on supervisory functioning
29 January 2007
Deadline for comments on CESR Call for Evidence on supervisory functioning
Market Abuse
2 February 2007
Deadline for responses on CESR second set of Draft Guidance on Market Abuse Directive
Investment Services/MiFID
15 December 2006
Deadline for comments on CESR MiFID Level 3 work program
31 January 2007
Member States to implement the legislation on MiFID
1 November 2007
Firms being required to comply with the entire package of measures on MiFID
November 2007
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6
Application date for the "level 1" extension Directive on implementing measures MiFID
Clearing and Settlement
End 2006
Second FISCO report on fiscal compliance procedures for clearing and settlement of
cross-border securities transactions proposing conclusions
Early 2007
Decision on possible ECB settlement services for securities transactions
First half 2007
BIS: CPSS final report on clearing and settlement arrangements for OTC derivatives
30 June 2007
Agreement on a roadmap on Clearing and Settlement
30 December 2007
Separate accounting of the main clearing and settlement activities and price unbundling
of the main services and activities
Insurance
1 December 2006
New draft pensions portability text to be tabled at the Council of Social Affairs Ministers
2006/7
IAIS Standard on disclosures concerning technical performance and risks for life insurers
is scheduled to be released
Solvency II
3rd Quarter 2006
IAIS final paper on Asset-liability management by insurance companies
October 2006
Results of the study CEIOPS second Quantitative Impact Study to be delivered to the
Commission
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
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7
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
10 January 2007
CEIOPS public hearing on Consultation Papers Nos. 15 to 20, as well as other outstanding
issues of the Solvency II project.
12 January 2007
Deadline for consultation on CEIOPS consultation on Solvency II safety measures
12 January 2007
Deadline for consultation on CEIOPS consultation on Pillar I issues
12 January 2007
Deadline for consultation on CEIOPS consultation paper on issues relevant for
reinsurance
12 January 2007
Deadline for consultation on CEIOPS consultation paper on supervisory reporting
12 January 2007
Deadline for consultation on CEIOPS draft advice on supervisory functioning
12 January 2007
Deadline for consultation on CEIOPS draft advice on capital add-ons for solo and group
undertakings
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
July 2007
Commission proposal on Solvency II
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8
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
Corporate Governance
Before end 2006
Commission statement on EU Policy on Corporate Governance and Company Law
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International Accounting Standards
November 2006 (possibly)
Transposition period for Transparency Directive (Level 1) expired
3 November 2006
Deadline for comments on US FASB and IASB first draft chapters of joint conceptual
framework
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
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 2007
CESR-CFTC Common Work Program to Facilitate Transatlantic Derivatives Business Simplified Access or Recognition Procedures (within two years)
Autumn 2007
Commission formal Draft proposal on Directive on Asset Management
Autumn 2007
Report on steps needed to give full effect to a common private placement regime in Asset
Management
Mid-2008
Commission report on detailed assessment on non-harmonised retail funds to be
available to retail investors on a cross-border basis
UCITS Directive
Autumn 2007
Commission formal Draft proposal on Directive on Asset Management
Hedge Funds
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10
30 November 2006
Deadline for comments on CESR consultation on the criteria of hedge fund indices
February 2007
CESR’s preliminary position on hedge fund indices
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Tel: +44 (0)1424 777123 Fax: +44 (0)1424 775693
P O Box 2002, Battle, East Sussex, TN33 0WL, UK
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