AbstractCapital Markets Law Journal, Vol. 4, No. 1 Six months in prospect December 2008 MiFIDâEuropean Commission to report on the review of the regulatory framework concerning commodity and exotic derivatives business as required by MiFID and the Capital Adequacy Directive. PDâEuropean Commission expected to review the PD before the end of 2008 in accordance with Article 31 of the PD. Solvency IIâSolvency II Directive expected to be finalized by the European Council and European Parliament. February 2009 UK legislationâThe UK Government intends the Banking Bill (Bill 147) to be passed before its emergency powers under the Banking (Special Provisions) Act 2008 lapse on 20 February 2009. ECB eligible collateralâDate on which changes to the risk control framework for Eurosystem credit operations enter into force. Directive expected to be adopted by April 2009. May/June 2009 MiFIDâCESR to evaluate the workings of MiFID and its impact on market structures and the functioning of equity secondary markets in particular in relation to market transparency and integrity, regulated markets, Multilateral Trading Facilities and systematic internalizers. European Commissionâ Expected to announce strategic response to the financial crisis presenting a coherent package of measures to help restore confidence and stability in EU financial markets.