The European Commission launched a consultation in June on possible amendments to the decisions establishing the three Level 3 Committees: CESR, CEBS and CEIOPS. The goal is to harmonise, clarify and strengthen their powers in the fields of supervisory convergence and cooperation, and to give them a role in monitoring financial stability, particularly in risk analysis.

The European Commission began a consultation in July on proposals for a directive or regulation to organise the authorisation, operation and supervision of credit rating agencies (CRAs).

AMAFI took part in two commodities consultations over the summer.

The Economic Modernisation Act (“loi de modernisation de l’économie”) No 2008-776 of 4 August 2008 was published in France ’s Official Journal on 5 August 2008 . AMAFI distributed a memo to its members informing them about the main provisions of the law that affect them. Two, in particular, deserve to be singled out.