CESR has published a report that looks at the market impact of the Lehman Brothers default. It identifies a number of regulatory issues that became relevant, including:

  • oversight of cross-border groups;
  • harmonised regulatory conditions;
  • effective application of the Prospectus Directive;
  • convergence of application of MiFID;
  • clearing and settlement;
  • the Settlement Finality Directive;
  • master netting agreements;
  • valuation of structured notes; and
  • insolvency regimes for investment firms