| The following
are main issues on which LIBA represented its membership prior
to its merger with AFME. To view any documents LIBA produced on the
following issues
please click
here. To view archived items pre January 2008 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
- Pandemic flu
planning
- Market Wide
Exercise planning for 2009
- Tripartite
Committee work:
- Resilience Benchmarking Project
- Swine flu Working Group
Compliance and Conduct of Business
- Regulatory
consequences of market turmoil:
- G20 and European developments
- HM Treasury Select Committee enquiry and House of Lords EU
Committee
- Turner & Walker reviews and related domestic developments
- Banking
Act and associated measures - establishing a UK insolvency
regime for investment firms
- Lehman scheme of
arrangement developments
- Short Selling rules
including response to IOSCO task force and Rights Issues Review
Group guidelines
- Report of the
Financial Services Global Competitiveness Group
- Bischoff and the new
financial services board
- Reforming Financial
Markets White Paper
- 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
review
- 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 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 work on its service standards and the
way it responds to firms' requests for individual guidance
- 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
- FSA's review of
significant influence functions
Corporate
Finance
- Takeover Code
Committee Public Consultation Paper 2009/2
- UK Takeover Code:
The Corporate Finance Committee is developing a statement of current
practice around General Principle 5 and Rule 24.7
- Short Selling
Regulation: Joint response by LIBA, SIFMA, ISLA & ISDA to CESR
public consultation on proposed Pan-European short position
disclosure regime. CESR response due by end of 2009
- Walker Review
Recommendations: LIBA/SIFMA responded to recommendations focusing on
corporate governance in banks and other financial institutions
(BOFIs) and the management of risks in trading and on remuneration
practices of BOFIs
- Interim Moratorium
- UK Rights Issues
Review Group (RIRG): Draft guidance for issuers considering a Rights
Issue has been developed in a process facilitated by the FSA and
involving LIBA/SIFMA, CBI, ABI and other stakeholders
- LIBA/SIFMA are
pre-consulting regarding a detailed FSA draft CP on Compensating
Open Offers and the RAPID (Australian Model) as alternatives to a
statutory rights offering
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
- 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
- EU regulation
on Credit Rating Agencies
Financial Crime (Fraud, Money Laundering and Terrorist Funding)
- Joint Money
Laundering Steering Group review of the Guidance
- FATF review
of 9 (Reiance on Third Parties and typologies)
- Fraud and
related matters - the National Fraud Authority
- The Serious Organised Crime Agency
(SOCA)
- Proliferation
Financing, Sanctions and Guidance related issues
- Business
community policing research (London First, City Police)
- Bribery and
corruption legislation
- FSA's
financial crime work
- HM Treasury
review of Money Laundering Regulations 2007
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 and People Risk Management - 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
- Developments in
relation to new trading platforms
- 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)
- 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

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