DIARY – Financial Regulation Events

Following are details of major scheduled financial
regulation events, conferences and policy announcements.

July 21

WASHINGTON – U.S. President Barack Obama signs financial
reform bill into law.

July 22

LONDON – The Committee of European Banking Supervisors holds
a public hearing on draft guidelines that will require banks to
retain not less than 5 percent of the securitised products they
originate.

July 23

LONDON – Committee of European Banking Supervisors publishes
results of its stress tests of 91 EU banks at 1600 GMT.

July 26

BASEL, Switzerland – The Group of Central Bank Governors and
Heads of Supervision meets to review tougher bank capital and
liquidity recommendations from the Basel Committee, which it
oversees.

August

LONDON – International Accounting Standards Board set to
publish draft changes to its standards on lease and hedge
accounting.

September

STRASBOURG, France – The European Parliament set to hold
first reading vote on draft law to reform financial supervision
in the European Union.

September

BRUSSELS – Representatives from the European Parliament, EU
governments and the European Commission continue talks aimed at
reaching a final deal on an EU law to regulate managers of hedge
funds and private equity groups.

September

BRUSSELS – The European Commission due to publish draft law
on regulating over-the-counter derivatives markets to include
mandatory clearing of eligible, standardised contracts and
reporting to trade repositories.

September

BRUSSELS – European Commission to propose end date for
migrating all national payments systems to new single euro
payments area system.

September

BRUSSELS – European Commission to put forward proposals for
toughening up sanctions against firms that breach EU financial
services rules as part of review of EU rules on market abuse.

September

BRUSSELS – European Commission to propose new law to
simplify and clarify legal ownership of securities.

October

BRUSSELS – European Commission to propose measures to
regulate naked selling of sovereign credit default swaps. Also
expected to propose measures on responsible lending and
borrowing and best practices in mortgage foreclosure.

October

BRUSSELS – European Commission to propose a “communication”
or policy document for a framework for cross-border crisis
resolution with legislation to follow in early 2011.

November

BASEL, Switzerland – The Financial Stability Board to put
forward policy options to increase the standardisation of
over-the-counter derivatives and implement mandatory clearing
and exchange or electronic trading requirements globally. FSB
also to make recommendations on dealing with “too big to fail”
banks.

November

SEOUL – G20 summit to discuss financial regulation,
including how to tackle systemically important banks and endorse
new Basel III bank capital and liquidity rules.

December

BRUSSELS – European Commission to propose fourth revision of
the EU’s bank capital requirements directive to include a
leverage ratio, tougher definition of capital liquidity rules,
extra capital buffers.

First quarter 2011

BRUSSELS – European Commission expected to come forward with
proposals to reform the EU Markets in Financial Instruments
Directive (MiFID) and the EU Markets Abuse Directive (MAD) to
ensure both sets of rules cover OTC derivatives as well.
Amendments will also look at sanctions and pre and post trade
transparency.

Second quarter 2011

BASEL, Switzerland – The Financial Stability Board
undertakes a second review of how its principles on curbing
excessive bank compensation are being applied in G20 countries.

June 2011

G20 deadline for agreement on convergence of accounting
rules set by IASB and U.S. Financial Accounting Standards Board
(FASB).

2011

BRUSSELS – European Commission to propose fifth round of
revisions to its mutual funds legal framework (UCITS) to improve
investor protection and apply lessons from the Madoff fraud.

End 2011

Implementation of higher capital requirements introduced for
bank trading books as required by the Basel Committee.

End 2012

G20 aims to implement Basel III bank capital and liquidity
rules by this deadline but full phase in set to take several
years.

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(Editing by Ruth Pitchford)

DIARY – Financial Regulation Events