Financial Services:
Dates and Deadlines of Current and
Forthcoming Proposals
Last update: 16 December 2006
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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
Banking ...................................................................................................................................... 5
Capital Adequacy Directive ....................................................................................................... 5
Basel Capital Accord .................................................................................................................. 5
Consumer Credit and Mortgage Credit ...................................................................................... 5
Payments .................................................................................................................................... 6
Money Laundering ..................................................................................................................... 6
Securities .................................................................................................................................... 6
Prospectus................................................................................................................................... 7
Market Abuse ............................................................................................................................. 7
Investment Services/MiFID ....................................................................................................... 7
Clearing and Settlement ............................................................................................................. 7
Insurance .................................................................................................................................... 8
Solvency II ................................................................................................................................. 8
Corporate Governance................................................................................................................ 9
International Accounting Standards ......................................................................................... 10
Auditing and Reporting ............................................................................................................ 10
Asset Management ................................................................................................................... 10
Hedge Funds ............................................................................................................................. 10
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2
FSAP
December 2006
Publications of Single Market in Financial Services Progress Report
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
8 January 2007
CESR public hearing on use of reference data standard codes in transaction reporting
15 January 2007
Deadline for comments on CESR consultation on use of reference data standard codes in
transaction reporting
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
31 January 2007
Deadline for comments on CESR consultation on passport under MiFID
2 February 2007
Deadline for responses on CESR second set of Draft Guidance on Market Abuse Directive
February 2007
CESR will publish a consultation paper on UCITS
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
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3
Probably 2007
CESR-CFTC Common Work Program to Facilitate Transatlantic Derivatives Business Simplified Access or Recognition Procedures (within two years)
CEBS/EBC
31 December 2006
Deadline for the technical advice on Call for technical advice from CEBS on commodities
(part1)
31 January 2007
The deadline for completing the questionnaire on survey on CEBS progress
30 April 2007
Deadline for the technical advice on Call for technical advice from CEBS on commodities
(part2)
CEIOPS/EIOPS
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 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
19 January 2006
Extended deadline for comments on CEIOPS Consultation Paper 20 and its supplement on
Pillar I issues
February 2007
CEIOPS final draft on Solvency II
Mid-2007
CEIOPS proposal for a Directive on Solvency II
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P O Box 2002, Battle, East Sussex, TN33 0WL, UK
4
Banking
End 2006
Publications of results of sectoral enquiries in retail banking
1 January 2007
Regulation on controls on money transfers expected to come into force
Spring 2007
Publications of report of expert group on customer mobility with respect to bank accounts
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
December 2006
Report of mortgage funding expert group
December 2006
Summary report of industry-consumer dialogue on mortgage credit
End of 2006
Expected Council common position on Consumer Credit
May 2007
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5
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
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
10 January 2007
Deadline for comments on IOSCO consultation report on board independence of listed
companies
15 March 2007
Deadline for comments on IOSCO consultation on soft commission arrangements
July 2007
Commission draft report on bond markets transparency
Autumn 2007
Commission report on non-harmonised funds on steps needed to give full effect to a
common private placement regime
11 September 2007
Public hearing on bond markets transparency
Mid 2008
Commission report on non-harmonised retail funds
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6
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
31 January 2007
Member States to implement the legislation on MiFID
31 January 2007
Deadline for comments on CESR consultation on passport under MiFID
1 November 2007
Firms being required to comply with the entire package of measures on MiFID
November 2007
Application date for the "level 1" extension Directive on implementing measures MiFID
Clearing and Settlement
February 2007
ECB feasibility study on T2S presented to the Governing Council
Spring 2007
Possible formal consultation on T2S
19 November 2007
ECB go-live date of single shared platform for TARGET2 including subsequent migration
waves on 18 February and 19 May 2008
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
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Separate accounting of the main clearing and settlement activities and price unbundling
of the main services and activities
Insurance
2006/7
IAIS Standard on disclosures concerning technical performance and risks for life insurers
is scheduled to be released
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
July 2007
Commission proposal on Solvency II
1st Quarter 2007
Consultation on IAIS draft paper on determination of insurance liabilities and technical
provisions
1st Quarter 2007
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P O Box 2002, Battle, East Sussex, TN33 0WL, UK
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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
Spring 2007
Planned Commission conference on investor education in the field of investment research
2 April 2007
Deadline for comments on IASB Discussion Paper on fair value measurements
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2008
IASB exposure draft on fair value measurements planned to be published
International Accounting Standards
January 2007
Transitional arrangements under Article 35 (4) of the Prospectus Regulation (Level 2)
expire on 1 January
Before end 2009
Final decision on equivalence of third-country GAAPs with IFRS
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
February 2007
CESR will publish a consultation paper on UCITS
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
Hedge Funds
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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