Château du Lac | Genval

Transcription

Château du Lac | Genval
Floor plan
CONFERENCE ROOMS
MEETING ROOMS
Second floor
First floor
To the 2nd Floor
Gems
Argentine B
Guillaume Tell
Foyer
Parallel Sessions & Cocktail
Speaker
Room
Info
Desk
Plenary Sessions
& Gala Dinner
F
3 4
5
E
Argentine A
Catering
C
B
A
D
Geneviève
Parallel Sessions
Boardrooms: A, B, C, D, E, F
Conference Rooms
Practical information
All Forum sessions will take place on the second
floor of the Chateau du Lac hotel
The plenary sessions will take place in Argentine B
The parallel sessions will take place in Argentine B,
Geneviève and Guillaume Tell
The speaker room is located on the first floor
Catering
The coffee breaks and buffet lunch will be
served in Argentine A
The cocktail will take place in Guillaume Tell
The Gala Dinner will take place in Argentine B
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Info Desk: There is an info desk located on
the first floor
Taxis: can be booked at the info desk or by
the hotel Concierge
Buses: Delegates wishing to use the bus
transfers back from the Forum on 27 & 28
September are asked to confirm at the info
desk. Buses will be parked in front of the
hotel at 19:30 and after the gala dinner on
27 September and at the end of the Forum
on 28 September leaving at 14.00hrs.
Agenda
Thursday, 27 September 2012
08:30-09:00 [01] OPENING SESSION
Argentine B
Relaunching growth in the context
of the new financial regulation framework
09:00-10:30 [02] PLENARY SESSION
Argentine B
From a more and more fragmented EU financial scene
towards an effective European Banking Union
10:30-11:00
11:00-12:30
COFFEE BREAK - Argentine A
[03] PLENARY SESSION
Argentine B
Improving the regulation
of the EU shadow banking sector
12:30-13:45
13:45-15:15
15:15-16:45
LUNCH - Argentine A
[04] PARALLEL SESSION
Argentine B
Addressing shadow banking
and stability issues in investment
fund regulation
Guillaume Tell
Geneviève
MiFID2 / MiFIR proposals for
equity and non-equity trading
Risk disclosure
practices
Argentine B
Priorities for improving investor
protection regulation
16:45-17:00
17:00-17:15
Guillaume Tell
Improving the regulation
of post-trading activities
Argentine B
Exchange of views
with Jacques de Larosière
17:15-18:45
Argentine B
EU crisis management framework
in the context of an EU Banking Union
18:45-19:30
Argentine B
Closing remarks
Achieving sufficient global regulatory consistency to foster stability and fair competition
19:30-20:30
COCKTAIL - Guillaume Tell
20:30-22:30 [12] GALA DINNER
Argentine B
Going beyond the growth
versus austerity debate in Euroland
EUROFI, The European Think Tank dedicated to Financial Services
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Agenda
Friday, 28 September 2012
08:00-09:00 [13] BREAKFAST SESSION
Guillaume Tell
[14] BREAKFAST SESSION
Improving collateral management efficiency
in the context of OTC derivative reforms
09:00-10:30
10:30-10:45
Geneviève
Preserving the role of insurance companies
in financial stability
Argentine B
Improving the financing of long term
projects to favour growth
Extra-territoriality and cross-border
access rules for OTC derivatives
Geneviève
Guillaume Tell
Solvency II
Argentine B
Wrap up
of the parallel sessions
10:45-11:00
11:00-12:30
Argentine B
Prospects and possible impacts
of a structural reform of the EU banking sector
12:30-13:30
[20] CLOSING SESSION
Argentine B
Closing speeches
The main challenges ahead for the EU financial sector
13:30
1 3:30-14:00
END OF THE EUROFI FINANCIAL FORUM 2012
TRANSFERS TO BRUSSELS
BUS TRANSFERS
Delegates wishing to use the bus transfers back from the Forum on
27 & 28 September are asked to confirm at the info desk. Buses will be parked in
front of the hotel at 19:30 and after the gala dinner on 27 September and at the
end of the Forum on 28 September leaving at 14:00.
BUS TRANSFER SCHEDULE
Thursday, 27 September
BUS TRANSFER SCHEDULE
Friday, 28 September
To Brussels, Rond Point Schuman
To Brussels, Rond Point Schuman
To Brussels, Midi Train Station
To Zaventem Airport
Departures: 19:30 & 22:30
Departure: 14:00
www.eurofi.net
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Morning
From 08:00
08:30-09:00
WELCOME & REGISTRATION
Foyer
Relaunching growth in the context
of the new financial regulatory framework
Welcome
Jacques de Larosière
President, EUROFI
Didier Cahen
Secretary General, EUROFI
Keynote Speeches
Vassos Shiarly
Minister of Finance, Cyprus & President, ECOFIN
Peter Praet
Member of the Executive Board, European Central Bank
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[01] OPENING SESSION
Argentine B
Morning
09:00-10:30
From a more and more fragmented EU financial scene
towards an effective European Banking Union
Argentine B
Chair
President, EUROFI
Introductory Remarks
Baudouin Prot
Chairman of the Board of Directors, BNP Paribas
José Viñals
Financial Counsellor and Director, Monetary & Capital
Markets Department, International Monetary Fund
Public Authorities
Thomas Wieser
President, Euro Working Group
President, Economic and Financial Committee
Industry Representatives
John Berrigan
Director, Financial Stability and Monetary Affairs, DG
Economic & Financial Affairs, European Commission
Hervé de Villeroché
Chief of the Economy Financing Service, Ministry of
Economy, Finance and Industry, France
Adam Farkas
Executive Director, European Banking Authority
Roberto Nicastro
General Manager, UniCredit
Andrew Procter
Global Head of Government & Regulatory Affairs,
Deutsche Bank
Carlos Torres Vila
Head of Strategy and Corporate Development,
Banco Bilbao Vizcaya Argentaria
Sylvie Goulard
MEP, Committee on Economic and Monetary Affairs,
European Parliament
Mario Nava
Acting Director, Financial Institutions and Head of
Unit, Banks and Financial Conglomerates,
Internal Market & Services, European Commission
Peter Praet
Member of the Executive Board,
European Central Bank
Points of Discussion
What is the outcome expected from an EU Banking
Union (e.g. better prevention of asset bubbles,
completion of the tools available to the central
banks for better adjusting the common monetary
policy to the specificities of each domestic economy
within the Eurozone, fair and level access to credit
across Europe, reduction of the potential costs
related to difficulties of cross-border financial
institutions, reduction of the moral hazard created
by the bail out at EU level of local banks etc.)? Can a
Banking Union reduce the current fragmentation of
EU financial activities and address the issues raised
by the present coupling between sovereign debt and
the financial sector?
What is the possible scope of such a union (e.g.
limited to systemic cross border banks,
encompassing also local SIFIs, insurance companies,
CCPs, etc.)? What are the main tools of such a union
(e.g. single regulation, single Banking Union macro
supervision authority effectively empowered, single
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supervision at the Banking Union level, EU network
of deposit guarantee schemes, common resolution
funds, Banking Union single resolution regime and
authority, etc.)? What role for the ECB and the EBA?
What is the appropriate path toward the Banking
Union and what are the priorities at the EU level?
What are the main impediments to achieving an
effective single rule book in the Banking Union area?
What are the key success factors for the rapid
implementation of a single supervisory authority at
the Banking Union level? What are the prerequisites
(e.g. effective fiscal convergence and union,
additional transfers of sovereignty at the EU level)
to reinforce a single resolution authority and an
integrated deposit guarantee scheme? What use
and evolutions in the short and medium terms of
the MES?
When should the implementation of a single
Resolution Authority be planned in the timetable of
the European Banking Union?
Morning
10:30-11:00
COFFEE BREAK
Argentine A
11:00-12:30
Improving the regulation of the EU shadow banking sector
Argentine B
Chair
Sylvie Goulard
MEP, Committee on Economic and Monetary Affairs, European Parliament
Concluding Remarks
Svein Andresen
Secretary General, Financial Stability Board
President, EUROFI
Paul Tucker
Deputy Governor, Financial Stability, Bank of England
Public Authorities
Sven Giegold
European Parliament
Bertrand Badré
Chief Financial Officer Group, Société Générale
Steven Maijoor
Chair, European Securities and Markets Authority
Edward Fishwick
Managing Director, Co-head, Blackrock’s Risk &
Quantitative Analysis Group
Emil Paulis
Director, Financial Markets, Internal Market
& Services, European Commission
Jean-Paul Mazoyer
Deputy Chief Executive Officer, AMUNDI Asset
Management
Isabelle Vaillant
Director, Cluster Regulation, European Banking
Authority
Lisa Rabbe
Managing Director, Head of Public Policy, EMEA,
Credit Suisse
chains and markets, identification of emerging
1. What are the main evolutions of the financial system
sources of risk and regulatory arbitrage, setting of the
and what role do the shadow banking play in this context?
appropriate targets for regulation, achieving
What are the main evolutions of the financial system
consistent regulation and supervision across the
and what role do shadow banking play in this context
banking and the shadow banking sectors?
e.g. evolution of certain banking value-chains
Which type of regulation should be favoured and in
(financial and commercial asset securitisation, more
what circumstances e.g. regulation depending on the
direct involvement of investors in project finance,
status of entities (i.e. banking, funds...), regulation
etc.), development of alternative sources of funding in
focused on systemic players, indirect regulation
particular for banks (money markets, securities
through banking and insurance regulations, consumer
lending, etc.)?
protection and market regulations, enlarging the
What specific risks are raised by such evolutions
scope of current regulation to shadow banking
(interconnectedness, systemic position of certain
activities, a direct regulation of some shadow banking
players, conflicts of interest and information
activities? Is the same approach required for all types
asymmetries, etc)? Which benefits brought by the
of shadow banking entities / activities?
development of the shadow-banking sector may need
How to avoid overlaps with existing regulation?
to be preserved (e.g. increased diversification and
innovation in investment opportunities, improved 3. How to ensure the supervision of financial value chains
yields, risk dissemination, optimal use of financial and markets, which involve different types of players?
resources, etc...)?
How to ensure the supervision of financial value
Is the scope of shadow banking activities defined in
chains and markets, which involve different types of
the FSB and the EU Commission consultations
players and may evolve over time?
appropriate in this context?
What is the appropriate trade-off between regulation
and supervision?
2. What are the main challenges posed by the shadowHow to monitor over time the systemic risks of
banking sector to the regulatory and supervisory
activities subject / not subject to prudential banking
authorities?
requirements?
What are the main challenges posed by the shadow
How to improve the coordination of the diverse
banking sector to the regulatory and supervisory
supervisory bodies involved in supervising the
authorities (e.g. mapping of the shadow banking
financial system at the EU level?
sector and in particular of the relevant financial value
12:30-13:45
LUNCH
Argentine A
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A ernoon
13:45-15:15
Addressing shadow banking and stability issues
in investment fund regulation
Argentine B
Chair
John Moran
Secretary General, the Department of Finance, Ireland
Tilman Lueder
Head of Unit, Asset Management, Internal Market
Eric Derobert
Group Head of Public Affairs, CACEIS
Public Authorities
Wolf Klinz
European Parliament
Verena Ross
Executive Director, European Securities
and Markets Authority
Jamie Broderick
Vice Chairman EMEA, JPMorgan Asset Management
Martin Parkes
Director, Government Affairs and Public Policy,
BlackRock
John Siena
Assistant General Counsel, Head of EMEA External
and Regulatory Affairs, The Bank of New York Mellon
David Wright
Secretary General, International Organization
of Securities Commissions
1. What are the main pending issues to be addressed in
UCITS regulation regarding financial stability?
What are the main financial stability risks raised by
UCITS: vulnerability to runs, counterparty risks of
funds exposed to swap counterparties or engaging
in securities lending, interconnection with the
banking system...? What fund types are concerned
i.e. MMFs, ETFs, others...? Do CNAV (Constant NAV)
MMF funds pose different risks from VNAV funds?
What types of measures are required to mitigate the
risks posed by MMFs? Are liquidity requirements /
maturity limits defined by existing CESR and US
rules sufficient? Are additional measures required
particularly for CNAV MMFs (e.g. moving to variable
NAV, capital buffers, redemption restrictions...),
what may be the benefits and downsides of such
measures? Which alternatives may be envisaged
(e.g. redemption or liquidity fees...)?
Are specific regimes needed for some types of UCITS
(e.g. MMFs), should stand-alone regimes be
developed or should they be sub-regimes of UCITS?
2. What evolutions may be required in UCITS regulation to
mitigate risks and in which cases may a broader horizontal
approach be needed?
To what extent are financial stability risks mitigated 3. What impacts of the new depositary liability regime of
by existing regulation, ESMA guidelines or market UCITS V may need to be monitored over time and what
practices used by asset managers or custodians?
prospects of a UCITS depositary passport?
Do the ESMA guidelines on ETFs and other UCITS
What impacts of the new depositary liability regime
issues (July 2012) address appropriately the main
defined in AIFMD and UCITS V may need to be
counterparty / liquidity risks raised by these funds
monitored over time (e.g. impact on costs,
(regarding
e.g.
securities
lending,
swap
challenges raised by monitoring custody risks of
exposures...)? Are the collateral rules appropriate?
assets held in collateral by third party brokers...)?
Are the ESMA guidelines sufficient or do they need
What are the conditions required for implementing a
to be integrated into the UCITS directive? Which
passport for UCITS depositaries? What are the
other issues should be addressed (e.g. eligible
benefits expected with such a passport and possible
assets)? Which issues may need a horizontal
downsides?
approach (e.g. collateral management) and what
should be its scope?
LEAD SPONSORS
7
A ernoon
13:45-15:15
MiFID2 / MiFIR proposals for equity and non-equity trading
Guillaume Tell
Chair
Maria Teresa Fabregas
Head of Unit, Securities Markets, Internal Market & Services, European Commission
David Lawton
Director of Markets, Financial Services Authority, UK
Edouard Vieillefond
Managing Director, Regulation Policy & International
Affairs Division, Autorité des Marchés Financiers
Lisa Dallmer
Executive Vice President and Chief Operating Officer
European Markets, NYSE Euronext
Owain Self
Managing Director and Global Head of Algorithmic
Trading, UBS
Vincent Remay
Adviser to the Chairman, Tradition
David Shrimpton
Chief Operating Officer SIGMA X MTF,
Goldman Sachs International
Lauri Rosendahl
President, Nasdaq OMX Helsinki
Philip Warland
Head of Public Policy, Fidelity Worldwide Investment
1. The positioning of OTFs (Organised Trading Facilities) in 3. Provisions for High Frequency Trading (HFT):
the equity and derivative markets:
How to provide proper safeguards around HFT while
Should securities and derivatives be subject to
preserving its benefits? Do measures targeting HFT
identical trading rules?
need to be more specific as suggested in the Ferber
report (i.e. definitions, resting period, higher fees for
What positioning and rules for OTFs in the equities
cancelled orders, direct electronic access to
and derivatives markets? Should OTFs be reserved
markets…)? Are there possible downsides to these
to non-equities and how should BCNs be regulated?
measures?
Is discretion the appropriate criterion for
differentiating OTFs and MTFs? Should OTC be more
clearly defined and is it adapted to equities?
2. Pre and post-trade transparency requirements and
waivers:
How to improve transparency for different
instruments and types of orders while preserving
liquidity? How should waivers be defined and
enforced e.g. for large orders? Can post-trade
transparency be a substitute for pre-trade
transparency in some cases? Will MiFID II solve data
consolidation challenges?
SUPPORT SPONSORS
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A ernoon
13:45-15:15
Risk disclosure practices
Geneviève
Chair
Svein Andresen
Secretary General, Financial Stability Board
Etienne Boris
Senior Partner, PwC France
Public Authorities
Piers Haben
Director Oversight, European Banking Authority
Olivier Jaudoin
Deputy Director, Financial Stability, Banque de France
Dierk Brandenburg
Senior Bank Credit Analyst, Fidelity Worldwide
Investment
Bernard de Longevialle
Managing Director, Standard & Poor's
Robin Doyle
Senior Vice President and CFO, Corporate Risk
JP Morgan Chase & Co
Karl Happe
Head of Fixed Income Strategy, Allianz SE
Ralf Leiber
Managing Director and Head of Finance Group Risk
Control, Deutsche Bank AG
Simon Martin
Director, FIG Credit Investments, BlackRock
Carola Schuler
Managing Director - Banking,
Moody's Investors Service
Sonia Van Dorp
Ratings Relations Officer, Finance & Corporate
Planning Division, Société Générale
1. What is the expected contribution of banks’ risk
disclosures to financial stability?
What is the expected contribution to financial
stability of risk disclosures of financial institutions?
To what extent do such disclosures complement
banking regulatory requirements, the related
improvements made in the wake of the financial crisis
to better model market risk (Basel 2.5), and
improvements currently in progress in the context of
the implementation of Basel 3 e.g. possible
replacement of the VAR for modelling market risk
capital requirements, increase of RWA consistency
across countries and institutions, etc.?
What are the specific contributions to improving risk
disclosure of IFRS7, Pillar III, and the information
provided by institutions on a voluntary basis?
Why is it important that the management of financial
institutions provide their own opinion on risk? What
are the success factors of appropriately describing the
specificities of bank's business models and their
related risks? How to keep confidential sensitive
information?
What processes and tools may favour the adoption of
best practices and FSB recommendation e.g. CFA
Disclosure Quality Index, dedicated process to early
identify emerging risk and define the appropriate
information to be provided, etc.
3. How to address the issue of the comparability of the
information provided by banks?
What are the "end-users" of such information
expecting from an enhancement of the comparability
of the information on risks provided by banks? Why is
it important to "compare" banks regardless firm
2. What are the main challenges posed by the provision of
specific information on risk, which is necessary to
appropriate risk disclosures?
understand the risk profile of a bank? What are the
What are the main challenges posed to financial
possible shortcomings of asking banks to provide
institutions by the provision of appropriate risk
comparable information on risk? What are the specific
disclosures e.g. combining comprehensive information
difficulties of defining a template gathering common
on risk, focusing on and emphasising the most
and comparable information on risk? How to make
relevant information, achieving consistency over time,
comparable information on risk prepared under
rationalising information on risk to focus on material
different jurisdictions?
risk, combining granularity and legibility in risk
What makes risk disclosures credible? What could be
disclosures, providing meaningful quantitative and
the most appropriate step toward improving risk
qualitative information on risk, etc.?
disclosures? What should be the respective roles of
To what extent do the principles proposed by the
market discipline, regulators, and auditors... in
Eurofi working group help to address those
improving the credibility and the quality of
challenges?
information on risk provided by banks?
What are the specific difficulties posed by certain
risks (e.g. liquidity risk, risk on derivatives, long tail
risk, etc.) and for what reasons?
9
A ernoon
15:15-16:45
Priorities for improving investor protection regulation
Argentine B
Chair
Steven Maijoor
Public Authorities
Sven Giegold
European Parliament
Tilman Lueder
Head of Unit, Asset Management, Internal Market &
Services, European Commission
Sheila Nicoll
Director of Policy, Financial Services Authority, UK
Jean-Paul Servais
Chairman, Financial Services and Markets Authority,
Belgium
Thomas Balk
President, Fidelity Worldwide Investment
Nicolas Calcoen
Head of Strategy and Development, AMUNDI Asset
Management
Jean Naslin
EU Permanent Representative, Groupe BPCE
1. What are the priorities for improving the quality of
advice and the mitigation of conflicts of interest?
What actions are needed in priority to improve the
quality of advice and the mitigation of conflicts of
interest in investment product distribution? How to
take into account the diversity of distribution
structures in the EU?
Is full transparency of inducements the right way
forward or should inducements be limited or banned
in some cases (e.g. for independent advisors,
portfolio managers...)? Which type of information
may be needed about the way advice is provided
(e.g. independence of the advice, range of products
analyzed...)? Is the notion of independent advisor
helpful?
developing product regulation...)? Which criteria
should be used to identify products suitable for
retail investors? Would such an approach raise
issues regarding UCITS funds?
Should harmonised product frameworks be
developed for some non-fund retail investment
products? Does the supervision of product
management need to be enhanced?
3. To what extent can the consistency of investor
protection rules across products answering similar
investor needs be developed taking into account product
and sector specificities?
Are the recommendations made for improving precontractual information (KIID) appropriate? Does the
scope of products need to be fine-tuned? Could
2. What are the respective merits of investor protection
standardised information provided in the KIID be
rules at the product and distribution levels?
extended to non-market risks? Are the proposals
Should guidance at the product level be improved to
made in the MiFID and IMD reviews regarding
enhance product suitability (i.e. by specifying the
distribution sufficiently consistent?
investor target of products, labelling retail products,
10
A ernoon
15:15-16:45
Improving the regulation of post-trading activities
Guillaume Tell
Chair
Gertrude Tumpel-Gugerell
Former Member of the Executive Board, European Central Bank
Public Authorities
Jochen Metzger
Head of the Department Payments and Settlement
Systems, Deutsche Bundesbank
Alan Cameron
Head of Client Segment - Broker Dealers and
Investment Banks, BNP Paribas Securities Services
Emil Paulis
Eric de Gay de Nexon
Head of Strategy for Market Infrastructures, Société
Générale Securities Services
Johan Pissens
Deputy Director, Prudential Supervision of Market
Infrastructure and Oversight, National Bank of
Belgium
Carlos A. López Marqués
Deputy Director, International Affairs, Bolsas y
Mercados Españoles
Verena Ross
Executive Director, European Securities and Markets
Authority
Edouard Vieillefond
Managing Director, Regulation Policy & international
Affairs Division, Autorité des Marchés Financiers
Paul Swann
President and Managing Director, ICE Clear Europe
Marcello Topa
EMEA Securities Market Policy & Strategy, Citi
Transaction Services
Nigel Wicks
Chairman of the Board, Euroclear SA/NV
CCPs
CSDs
Are the potential systemic risks of CCPs well
addressed in the current regulations and standards?
What should a resolution or crisis management
framework for CCPs involve? What is the fairest
way to manage a CCP in difficulty? What role may
access to central bank money play?
Are the proposed prudential and market regulations
putting forward the right incentives to increase the
proportion of centrally cleared derivatives? Are there
specific issues with indirect clearing (ie. being more
expensive than bilateral margining)? What are the
main challenges raised by bilateral margining?
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What consequences are expected from the
implementation of T2S and the CSDR on the CSD /
custodian landscape, will this lead to more
competition and / or concentration and what could
be the effects for end-users? To what extent should
CSDs be encouraged to move up the value chain (e.g.
performing global custody services) and what are
the expected effects?
What are the benefits and downsides in terms of
risk mitigation / efficiency of legally separating
banking and securities processing within CSDs and
ICSDs? Should alternatives be considered ?
A ernoon
17:00-17:15
Exchange of views with Jacques de Larosière
Argentine B
Dominique Cerutti
President & Deputy Chief Executive Officer, NYSE Euronext
Alfredo Sáenz
Vice Chairman & Chief Executive Officer, Grupo Santander
17:15-18:45
EU crisis management framework in the context
of an EU Banking Union
Argentine B
Chair
Nadia Calviño
Deputy Director General, Internal Market & Services, European Commission
Concluding Remarks
Elisa Ferreira
European Parliament
President, EUROFI
Terry Laughlin
Chief Risk Officer, Bank of America Merrill Lynch
Public Authorities
Jérôme Brunel
Member of the Executive Board and Head Public
Affairs, Crédit Agricole S.A.
Per Callesen
Governor, Danmarks Nationalbank
Andrea Enria
Chairperson, European Banking Authority
Luc Everaert
Assistant Director, Monetary and Capital Markets
Department, International Monetary Fund
Peter Praet
Member of the Executive Board,
Robin Vince
Chief Operating Officer,
Goldman Sachs International
Pamela Walkden
Group Treasurer, Standard Chartered Bank
Alastair Wilson
Chief Credit Officer EMEA, Moody’s Investors Service
Jerzy Pruski
President of the Management Board, Bank Guarantee
Fund, Poland & Vice Chair, Executive Council,
International Association of Deposit Insurers
1. Key features and success factors of a EU crisis
management framework
What are the key features of a strong EU crisis
management framework (i.e. Resolution Authorities,
Early Intervention and Resolution Tools and Powers,
Resolution Funds, Deposit Guarantee schemes)? Will
the six pack, two pack fiscal compact etc.. will
facilitate the implementation of such framework
What role can recovery and resolution plans play in
preparing firms and authorities for times of crisis?
How far reaching should the powers of supervisors be
to ensure resolvability? Should supervisors be able to
require structural changes?
What role may ex-ante industry financed resolution
funds play in this context? What is the appropriate
timetable to finance these resolution funds and
guarantee schemes, given the unprecedented
deleveraging process and the necessity for banks to
finance growth?
12
2. Conditions for the implementation of the EU crisis
management framework on a cross-border basis
What is the optimal design of bail-in instruments,
their purpose, the conditions for their use (e.g. no
unfair competition, lower involvement of tax payers,
effective systemic threat…), the hierarchy of claims,
and minimal levels of bail-in able liabilities?
What provisions are requested for the coordination
of crisis management measures for cross border
banks, both at the EU and global levels?
How to reduce in the EU the discrepancies between
national winding up frameworks?
3. Impacts of the Banking Union proposal on the EU crisis
management framework
What impact may the creation of the EU Banking
Union have on the legislative proposals of the
Commission regarding crisis management? Can a
single resolution Authority be set up rapidly at the
Banking Union level?
A ernoon
18:45-19:30
Closing remarks: Achieving sufficient global regulatory consistency
to foster stability and fair competition
Argentine B
Chair
President, EUROFI
Public Authorities
Mary Patricia (MP) Azevedo
Deputy Director, International Coordination Group,
Office of Complex Financial Institutions, Federal
Deposit Insurance Corporation
Robin Vince
Chief Operating Officer, Goldman Sachs International
Sharon Bowles
MEP and Chair, Committee on Economic and
Monetary Affairs, European Parliament
Nadia Calviño
Deputy Director General, Internal Market & Services,
European Commission
Yoshihiro Kawai
Secretary General, International Association of
Insurance Supervisors
David Wright
Secretary General, International Organization of
Securities Commissions
Are the rules derived from the G20 commitments
being implemented with sufficient consistency
across regions (Basel 2.5, Basel 3, liquidity ratios,
etc.)? How can regulatory arbitrage be avoided and a
sufficient level playing field ensured?
To what extent does consistency of regulations
foster stability?
How to foster the empowerment of global
institutions and standard setting bodies (i.e. FSB,
IOSCO...) in the enforcement
of cross-border
regulations and the resolution of possible
disagreements across jurisdictions? Can a sanction
system be envisaged?
19:30-20:30
COCKTAIL
20:30-22:30
Going beyond the growth versus austerity debate in Euroland
Argentine A
[12] GALA DINNER
Argentine B
Keynote speeches
Mario Monti (tbc)
Prime Minister of Italy
José Viñals
Financial Counsellor and Director, Monetary & Capital Markets Department, International Monetary Fund
13
Morning
08:00-09:00
Improving collateral management efficiency in the context
of OTC derivative reforms
Guillaume Tell
Chair
Marc Truchet
Senior Fellow, EUROFI
Public Authorities
Emil Paulis
Peter Axilrod
Managing Director,
Depository Trust & Clearing Corporation
Verena Ross
Executive Director, European Securities
and Markets Authority
Florence Bonnevay
Head of Market and Financing Services, BNP Paribas
Securities Services
Fiona van Echelpoel
Head of CCBM & Collateral Section,
Jonathan Bowler
Managing Director Derivatives 360,
The Bank of New York Mellon
Frédéric Hannequart
Chairman of the Board, Euroclear Bank
Fabian Vandenreydt
Head of Securities Markets, Society for Worldwide
Interbank Financial Telecommunication (Swift)
1. The challenges posed by the availability and effective
use of collateral:
2. The solutions for addressing the challenges posed by
collateral and the conditions they should meet:
What are the main challenges to be addressed in the
coming years regarding the availability of collateral:
e.g. increase in the amount of collateral needed with
on-going reforms (e.g. Basel III, OTC derivatives
rules...), reduction in the supply of collateral (e.g.
impact of the sovereign debt crisis, reduced re-use,
shadow banking reforms,...), procyclicality of
collateral and margins, evolution of fund depositary
liabilities (AIFMD, UCITS V)...
How can these challenges be addressed in terms of
supply and demand of collateral? How can collateral
management be optimized?
What are the main issues to be addressed regarding
the effective use of collateral: e.g. fragmentation
across multiple liquidity pools, inappropriate
processing of collateral...
What conditions should be met by these solutions in
order to address the challenges raised by collateral in
the context of the new regulatory and prudential
requirements e.g. scalability, impact on banks’
balance sheets, liquidity...?
What should be the respective roles of different
service providers? Are regulatory proposals or public
action needed to support these evolutions?
New Website www.eurofi.net
14
Morning
08:00-09:00
Preserving the role of insurance companies
in financial stability
Geneviève
Chair
Mario Nava
Acting Director, Financial Institutions and Head of Unit, Banks and Financial Conglomerates,
Burkhard Balz
MEP, Vice Coordinator, Committee on Economic and
Denis Duverne
Deputy Chief Executive Officer, Member of the
Management Board, AXA Group
Public Authorities
Yoshihiro Kawai
Philippe Brahin
Head Governmental Affairs & Sustainability,
Managing Director, Swiss Reinsurance Company
Frédéric Visnovski
Deputy Secretary General, French Prudential
Supervisory Authority
Brigitte Molkhou
General Secretary, International Affairs,
CNP Assurances
Dieter Wemmer
Member of the Board of Management, Allianz SE
Which specificities of (re)insurance company
business models may foster financial stability e.g.
specificities of insurance balance sheets and funding
models? Do these specificities vary across insurance
activities? What are the effects of the various
interactions between insurance companies and the
financial system, e.g. investment, reinsurance,
hedging insurance contract risks, etc...?
What lessons can be drawn from the behaviour of
insurance companies over time and across
geographies e.g. AIG case, runs in Asia, fire sales,
etc...?
In which circumstances may insurance activities
favour systemic risks and moral hazard? What
issues may be raised by the size or the complexity of
some insurance groups?
What are the priorities regarding insurance
companies regulation and supervision in order to
foster financial stability on the EU and global levels?
15
What is the possible impact of existing prudential
insurance frameworks on financial stability (e.g.
soundness of insurance companies, possible procyclicality, exposure to financial markets...)?
Morning
09:00-10:30
Improving the financing of long term projects
to favour growth
Argentine B
Chair
President, EUROFI
Franco Bassanini
President, Cassa Depositi e Prestiti
Pervenche Berès
MEP and Chairwoman, Committee on Employment
and Social Affairs, European Parliament
Public Authorities
Olivier Guersent
Head of Cabinet of Michel Barnier, Member of the
European Commission
Gerassimos Thomas
Director Finance, Coordination with EIB, EBRD and
IFIs, DG Economic and Financial Affairs, European
Commission
Jean-Jacques Bonnaud
Independent Director, Board Member, EUROFI
Jens Henriksson
President, Nasdaq OMX Stockholm
Christophe Bourdillon
Permanent Representative to the EU Institutions,
Caisse des Dépôts
Spencer Lake
Co-Head of Global Markets, HSBC Bank plc
Jérôme Haegeli
Head of Investment Strategy, Swiss Reinsurance
Company
Karl Happe
Head of Fixed Income Strategy, Allianz SE
Eric Perée
Associate Director, European Investment Bank
Michael Wilkins
Managing Director, Infrastructure Finance Ratings,
Standard & Poor’s
information and follow-up on long term assets and
1. What are the challenges currently faced by project
projects, etc...? What can be done to facilitate the
finance? How can long-term assets contribute to
access by investors to the expertise on project
sustainable growth in the EU?
finance accumulated within banks?
In which sectors of the economy are financing
mechanisms most affected by the evolutions
How to develop the use of securities in project
resulting from the new prudential regulations? How
finance? More generally what could favour the
are long-term projects affected?
“marketability” of projects? What are the key
success factors in developing an EU financial market
Are financial markets capable of taking over all or
for long-term assets?
part of the financing of long-term projects currently
undertaken by banks?
3. What should be the role of EU institutions in
What are the criteria required to identify the most developing project finance?
relevant projects for the EU economy and growth?
How to take into account the attractive risk profiles
What should be the respective roles of the private
and specificities of infrastructure projects in the
and public sectors in selecting those projects? Are
prudential regulations of banks, insurance
EU/domestic agencies required to evaluate the
companies and pensions schemes (e.g. LCR
compliance of projects with these criteria?
assumptions, banking capital requirements,
adequate long term capital charges within the
2. What are the new financing mechanisms needed to
standard formula of Solvency 2, mechanisms
finance long-term assets?
reducing the volatility of Solvency 2 etc.)?
What role are banks and investors expected to play
What contribution is expected from the different
throughout the life cycle of long-term projects in the
context of the new financial regulations? Which
existing EU initiatives (e.g. project bonds, etc...) and
what should be on the EU regulatory agenda?
financing mechanisms/vehicles should be favoured
What role could the EU authorities play in speeding
for project financing?
How to facilitate the investment in this specific
up the launch of an effective financial market
asset class e.g. specific investment vehicles, flagged
dedicated to long-term assets?
Ucits, specialised agencies providing investors with
16
Morning
09:00-10:30
Extra-territoriality and cross-border access rules
for OTC derivatives
Guillaume Tell
Chair
David Wright
Secretary General, International Organization of Securities Commissions
Ashley Alder
Chief Executive Officer, Securities and Futures
Commission, Hong Kong
Larry Thompson
Managing Director and General Counsel,
Depository Trust & Clearing Corporation
Thierry Francq
Secretary General, Autorité des Marchés Financiers
Public Authorities
Sharon Bowles
Robert Barnes
Chief Executive Officer, UBS MTF
Managing Director, Equities, UBS
Steven Maijoor
Sally Dewar
Managing Director, International Regulatory Risk,
JPMorgan Chase & Co
Emil Paulis
Martine Doyon
Head of Government Affairs EMEA, Goldman Sachs
International
1. Level of consistency of the implementation of G20
commitments in the OTC derivatives area:
Are the rules derived from the G20 commitments
being implemented with sufficient consistency
across regions in the OTC derivatives area? What are
the main remaining consistency issues and how can
they be addressed on the global level? Are
consistent international rules for uncleared trade
margin requirements feasible?
2. Availability of tools and mechanisms for regulating
cross-border activities and third country access:
Are the tools defined in US/EU/Asian OTC derivative
regulations well adapted to facilitate the regulation
of cross-border financial activities and third country
access? Does the toolbox need to be completed,
amended or made more consistent? Which role
17
should the global institutions and standard setting
bodies (i.e. FSB, IOSCO...) play in the definition and
enforcement of such a toolbox at the global level?
Do current rules ensure sufficient clarity of
responsibilities?
Should existing mechanisms such as mutual
recognition, exemptive relief or substituted
compliance be more systematically used, what
would this require? What are their respective merits
and possible downsides? Are assessments based on
the equivalence of outcomes the right way forward?
Should some markets or activities be targeted in
priority? How to mitigate the level playing field
issues raised by recognition processes which may
not be mutual?
Morning
09:00-10:30
Solvency II
Geneviève
Chair
Mario Nava
Acting Director, Financial Institutions and Head of Unit, Banks and Financial Conglomerates,
Burkhard Balz
MEP, Vice Coordinator, Committee on Economic and
Public Authorities
Yoshihiro Kawai
Frédéric Visnovsky
Deputy Secretary General, French Prudential
Supervisory Authority
Martina Baumgaertel
Head of Group Regulatory Policy, Allianz SE
Philippe Brahin
Head Governmental Affairs & Sustainability,
Managing Director, Swiss Reinsurance Company
Denis Duverne (tbc)
Deputy Chief Executive Officer, Member of the
Management Board, AXA Group
Yann Le Pallec
Executive Managing Director, EMEA Ratings Services,
Standard & Poor's
Has the EU sovereign crisis unveiled any
insufficiencies in the Solvency II framework? Are
there any market or economic risks that do not
impact insurance companies but impair Solvency II
results? What is the future for life insurance in a low
interest rate environment, which looks set to last?
In this context are European policyholders
sufficiently well protected at present, notably by the
Solvency 1 Directive?
From a regulatory perspective, how should the stock
of (life) products already sold be handled? Is there a
risk of European insurance companies not being
sufficiently solvent due to the transitional
implementation measures of Solvency II (matching
premium,
restricted
matching
adjustment,
grandfathering making it possible to retain Solvency
1 for life policies already in place, etc...)? May the
envisaged additional measures and in particular the
extended matching adjustment change the nature
of the risk based Solvency II framework?
10:30-10:45
Wrap up of the parallel sessions
10:45-11:00
COFFEE BREAK
To what extent is the adoption of Solvency II urgent
in order to describe and limit the companies’ risks particularly those relating to life insurance - and
avoid the consequence of delaying the enforcement
of this directive? What arrangements - even
temporary - and what institutional processes would
pave the way for both Solvency II’s rapid adoption
and genuine progress towards reducing the procyclicality and volatility of this prudential
framework?
Do European insurers face level playing issues in
countries where the prudential frameworks do not
take the companies' effective risks into
consideration? Is it acceptable that European
insurance companies may operate with solvency
levels below EU standards in countries where there
is no risk based prudential framework, etc... and
what are the possible consequences? Should a
global prudential regulatory framework be
envisaged? Does the IAIS framework represent a
good basis in this respect?
Argentine B
Argentine A
18
Morning
11:00-12:30
Prospects and possible impacts of a structural reform
of the EU banking sector
Argentine B
Chair
Media Partner
Patrick Jenkins
Banking Editor, Financial Times
Concluding Remarks
Sharon Bowles
President, EUROFI
Jean-Paul Chifflet
Chief Executive Officer, Crédit Agricole S.A.
Public Authorities
Andrea Enria
Chairperson, European Banking Authority
Thierry Francq
Secretary General, Autorité des Marchés Financiers
Olivier Guersent
Head of Cabinet of Michel Barnier, Member of the
European Commission
Peter Skinner
European Parliament
John Vickers
Oxford University Professor and Former Chair,
Independent Commission on Banking
Marguerite Bérard-Andrieu
Deputy Chief Executive Officer, Strategy Member of
the Management Committee, BPCE
Georg Fahrenschon
President, Deutscher Sparkassen und Giroverband
Jordi Gual Sole
Chief Economist, Group La Caixa
Manuel González Cid
Chief Financial Officer, Banco Bilbao Vizcaya
Argentaria
1. What are the main features and expected effects in
terms of risk mitigation of the different scenarios
envisaged for reforming banking structures?
What are the main features and objectives of the
different scenarios considered so far within and
outside the EU regarding banking structure reforms
(i.e. ring-fencing or separating retail or investment
banking activities, banning or limiting certain
activities performed by commercial banks e.g.
proprietary trading…)?
To what extent will banking structure reforms limit
the possibility for banks which explicitly or implicitly
benefit from a public safety net to become insolvent?
Do they help to improve the resolvability or
governance of financial groups? Do banking structure
reforms enable to improve risk management? Do
retail-banking activities remain exposed to
investment banking risks when they are legally
separated or ring fenced? Would structural reforms
have avoided trading losses or frauds that recently
affected some banks?
May banking structure reforms create new risks in
some cases e.g. creating moral hazard within ring
fenced activities, diverting regulators from a detailed
monitoring
of
risks,
increasing
the
interconnectedness and the complexity within the
financial system, etc.? How to mitigate such risks?
2. What are the expected impacts of these scenarios on
the main banking business models that prevail in Europe
and banks’ customers?
What are the possible operational consequences of
such reforms for banks e.g. impact on costs,
synergies...? What may be their likely impacts on
19
customers, shareholders and the EU economy? What
are the possible benefits / downsides for banks of the
mandatory outsourcing of certain activities to thirdparty entities (e.g. hedging)?
May structural reforms lead to “one-size-fits-all”
solutions or is leaving some flexibility possible?
3. What added value is expected from banking structure
reforms compared to on-going initiatives? What
alternatives to separating or ring-fencing activities may be
considered?
What is the expected added value of banking
structure reforms compared to other on-going
regulatory measures and particularly the EU crisis
management framework? Does the Banking Union
proposal for the Eurozone question the relevance of
such approaches?
What incremental actions may be required in addition
to the reforms derived from the G20 commitments
(Basel 2.5, Basel 3, OTC derivatives, MMF and
securitisation reforms...) and on-going reforms at EU
level to improve crisis management and mitigate
shadow-banking risks? Could a more systematic and
stringent management of retail and market risks be
envisaged as an alternative to the separation or
ringfencing of banking activities? What criteria could
be used to identify excessively risky activities which
are not sufficiently mitigated by existing regulations
(e.g. proprietary activities, activities which raise major
conflicts of interest…) and what type of action may
be required to limit their risks (e.g. individual
monitoring, segregation in ad hoc entities, ban…)?
Would such an approach be politically acceptable?
Morning
12:30-13:30
Closing speeches:
The main challenges ahead for the EU financial sector
[20] CLOSING SESSION
Argentine B
Chair
President, EUROFI
Speakers
Panicos Demetriades
Governor, Central Bank of Cyprus
John Moran
Secretary General, the Department of Finance, Ireland
Ruta Rodzko
Director, Economics and Financial Stability,
Bank of Lithuania
Paul Tucker
Deputy Governor, Financial Stability, Bank of England
What are the priorities for improving the safety of
EU financial markets? Which remaining weaknesses
may deserve further attention?
Is the EU financial sector (i.e. banks, insurance
companies, asset managers…) expected to be more
competitive in the future on the global level with the
implementation of the on-going global and EU
regulatory reforms? Which additional actions may
be needed? What are the regulatory priorities for the
13:30
END OF THE EUROFI FINANCIAL FORUM 2012
20
EU (liquidity, leverage ratio, VAR, global and local
SIFIs, non-bank SIFIs, shadow banking mechanisms,
pension funds, investor protection, “European
banking union”, market infrastructures, etc...)?
How to facilitate evolutions from a bank-led to a
more market-led economy? What are the main
benefits expected, the possible downsides and
challenges?
The Eurofi
Financial Forum
2012
Organised in association with the Cyprus EU Presidency 27-28 SEPTEMBER // BRUSSELS
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Château du Lac | Genval

Transcription

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