The following are the main issues on which LIBA is currently working.  In order to view any of the papers LIBA has produced on the various subjects please click here.  To view archived items pre January 2007 please click here.

Accounting

• IASB/ASB consultation documents
• Fair value measurement issues 
• European Commission proposals for extending the transitional provisions of the Prospectus and Transparency Directives
• Auditing issues:  ICAEW's Audit Quality Forum and its work on the Transparency of Third Party information and Advice;   European Commission Auditor Liability Forum
• Statutory Audit Directive: third country auditor issues
• SEC proposals to accept IFRS statements without reconciliation
  

Business Continuity

• Tripartite Committee work:
  - "Pandemics"
  -  Market Wide Exercise 2006 outcomes
  -  Resilience Benchmarking Project
• Pandemic flu planning
• Market Wide Exercise 2008

Compliance and Conduct of Business

• HM Treasury "Value for money" review to examine FSA's use of resources
• FSA's Better Regulation Action Plan
• HM Treasury consultations on notifying changes in controllers and firms close links legislation
• HM Treasury consultation on its initial conclusions from its Regulatory Reform Order consultation (making deregulatory changes to the FSMA)
• FSA's "Dear CEO" letters
• Financial Services Compensation Scheme proposed changes 
• Financial Ombudsman Service's financing review
• Markets in Financial Instruments Directive (MiFID) implementation
• Market Abuse Directive implementation
• FSA's consultations on Hedge Funds
• IOSCO's consultation report on Regulatory Environment for Hedge Funds
• Product providers' responsibilities - FSA's policy statement
• FSA's risk based approach to regulation
• The effectiveness of the regulator's staff
• FSA's approach to and actual theme projects and how FSA communicates the conclusions
• The costs of regulation project - FSA/Practitioner Panel joint exercise
• HM Treasury's survey focusing on the costs of form-filling and record keeping/data retention
• FSA's Enforcement Process Review and follow up
• FSA's ARROW 2 project and implementation
• Research: unbundling/soft unbundling
• FSA's consultations on fees/levies
• FSA's project to improve its website and Handbook
• FSA's work on its service standards and the way it responds to firms' requests for individual guidance
• Training and Competence - the way forward for wholesale firms
• European Communication on contract law (Rome 1 Regulation)
• Law Commission's consultation on Company Security Interests
• Financial Markets Law Committee's Property Interests in Investment Securities proposals
• Home Office consultation:  Bribery - Reform of the Prevention of Corruption Acts and SFO Powers in cases of Bribery of Foreign Officials
• Evaluation of experience of the FSAP and of the Lamfalussy process
• Accession States application of their COB and reporting rules to cross-border business
• Basel consultations on corporate governance in banks and on the compliance function
• Data Protection particularly ways to facilitate cross-border transfers of personal data

Corporate Finance

• Company Law Reform Bill:
  -  directors' duties and liabilities
  -  the Business Review (annual report)
  -  auditor liability limitation agreements
  -  criminal liability for non-compliant takeover documentation
  -  implementing the Takeover Directive
• Financial Reporting Council's work on the competition effects of the two-tiered auditor structure
• Transparency Directive - FSA CP 06/4 - Implementation of the Transparency Directive/Investment Entities Listing Review
• Takeover Panel:  the Code Committee Response Statements to PCPs 2003/4/5
• Listing regime review:
  -  new rules for sponsors
  -  issues arising from removal of guidance
• Listing Authority Advisory Committee's survey with respect to the quality of the UKLA's performance and other issues
• Auditing Practices Board Consultation on revisions to the Statement of Investment Circular Reporting Standards and proposed standards for profit forecasts, pro-forma financial information and other reporting engagements
• Prospectus Directive implementation:
  -  matters relating to prospectus requirements for securities admitted to trading on an MFT under MiFID
  -  determining which parties should be responsible for prospectuses under UK law

Electronic Commerce and Data Protection

• Implementation of the Regulation of Investigatory Powers Act
• UK and other Member States' Implementation of European Directive on Electronic Commerce
• UK and other Member States' implementation of the European Directive on Distance Marketing of Financial Services
• Proposed revision to Rome Convention on applicable contract law
• Proposed 'Rome II' Regulation on applicable non-contract law
• UK and other Member States' implementation of Privacy and Electronic Communications Directive 

EU Issues (also see Financial Regulation, Electronic Commerce, Accounting and Taxation)

• Markets in Financial Instruments Directive (MiFID)
  -  FSA's implementation programme
  - CESR Level 3 guidelines
• European Commission review of MiFID Implementation
• Market Abuse Directive:  issues related to the fixed income markets
• Implementation of the European Commission's White Paper on post-FSAP financial services policy
• Evaluation of experience of the FSAP and of the Lamfalussy process
• Basel consultations
• CEBS consultations
• CESR consultations 
• Market Abuse Directive implementing legislation (including CESR consultations)
• Directive on Prospectuses and associated CESR consultations
• Transparency Obligations Directive
• Third European Directive on Money Laundering: implementation issues
• Data Protection legislation and cross-border data transfers
• Commission consultation on European contract law
• Commission consultation on EU governance
• EU regulators' fees for firms conducting cross-border business
• Commission Company Law and Corporate Governance Action Plan
• Commission Internal Market Strategy

Financial Crime (Fraud, Money Laundering and Terrorist Funding)

• Joint Money Laundering Steering Group November 2007 Guidance 
• FATF Special Recommendation VII (Wire Transfers) and EU implementation
• Fraud and related matters
• The Serious Organised Crime Agency (SOCA)

Financial Regulation and Risk Management

• Capital Adequacy:  Basel/CRD implementation and related issues:
  -  US developments, draft Notice of Proposed Rulemaking
  -  Transitional requirements for cross-border groups
• Interaction between CRD and MiFID (and FSA's CP 06/9)
• FSA's CP 06/9 on Systems and Controls under CRD and MiFID - a common platform approach
• Large exposures - work by European Commission, CEBS and FSA
• Implementation of the revised capital framework (via two re-cast directives:  Consolidated Banking Directive and Capital Adequacy Directive)
• Pillar 2 and Home/Host issues
• FSA's consultations on Prudential Handbook 2006
• FSA's work on the mandatory electronic reporting (MER) system and developments in integrated regulatory reporting
• CEBS  implementation work surrounding the CRD
  -  Consultation on Pillar 2 treatment of Interest Rate Risk in the Banking Book
  -  Consultation on Concentration Risk (CP11)
  -  Consultation on Stress Testing
  -  revised Outsourcing document
  -  Own Funds review and survey of capital instruments developed by firms
• Basel Committee's consultation on revised Core Principles of banking supervision
• Basel Accord Implementation Group's work in relation to the Trading Book review

Regulatory Reform

• Principles based regulation
• FSA's Handbook review
• Training and competence - the FSA and FSSC
• FSA's Approved Persons regime
• FSA's fee-raising arrangements
• Exchanges, clearing and settlement and related developments
• HM Treasury ten point plan "for further modernising the regulation of financial services"
• FSA's programme to move to a more principles based regulatory regime including the implications for enforcement and the role of trade association guidance

Securities Trading and Settlement 

• Trends in exchange fees
• Meetings with Exchanges
• European settlement: operational and policy developments
• Exchange consolidation
• International Council of Securities' Associations Principles for the Governance of Market Infrastructures
• US interest in the European exchange landscape - the possibility of Transatlantic exchange combinations
• Competition policy issues - responding to the issues paper (published in May 2006) on competition in European trading and post-trading undertaken by DG Competition 

Taxation (including VAT)

• LIBA Annual Tax submission: 2006/07
• European Commission "Savings Tax" Directive: EC 'Expert Group' Review
• Problems with the payment of Italian Tax credits
• Stamp Duty and Stamp Duty Reserve Tax: Intermediary Relief, Charity Exemption, etc
• VAT administration issues
• VAT Partial Exemption Regime
• VAT treatment of commission-sharing arrangements
• HMRC's re-organisation and cost savings
• HMRC anti-avoidance reporting arrangements for direct tax
• HMRC consultation on Review of Powers
• HMRC liaison and work on guidance
• HMT/HMRC Review of Taxation of Foreign Profits
• European Commission Review of the Financial Services Exemption for VAT