Archive

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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