The Eurofi High Level Seminar 2014
Organised in association with the Greek EU Presidency
Combining resilience and growth
Athens
31 March & 1 April 2014
Draft agenda
13.11.2013
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Eurofi High Level Seminar 2014 - Athens
Dates, venue and format
• Dates of the Seminar
- 31 March (starting at 8:00 am) and 1 April 2014 (ending at 13:00) on the eve of the informal
ECOFIN
- Gala dinner on the 31 March
• Venue
- Venue of the seminar and gala dinner: Hilton hotel in Athens city centre (to be confirmed)
- Rooms will be pre-booked by Eurofi at the Athens Hilton for the speakers and delegates of the
seminar
- Welcome reception for the speakers on 30 March evening (to be confirmed)
• Format
- Event targeting an audience of around 250 / 300 invited delegates (public and industry
representatives and stakeholders from all over Europe, from international organisations and from
the Greek market), in addition to around 100 speakers from the industry and the authorities
- Roundtable discussions involving 10 to 12 representative speakers from the public authorities and
the financial industry (members and partners of Eurofi), introduced by 2 or 3 speeches
- Chatham House rules
- No press as a general rule
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Eurofi High Level Seminar 2014 - Athens
Overall agenda - Draft
Monday 31 March 2014
Tuesday 1 April 2014
8:00 – 8:30
REGISTRATIONS
Exchange of views with members of the Eurogroup and ECB
8:30 - 9:00
Opening speeches:
Main priorities of the Greek EU Presidency in the financial area
(Greek Finance minister, Central Bank governor, President Securities Commission)
Key priorities for the forthcoming EU Commission
in terms of regulatory approach and topics
9:15 - 10:45
Expected evolutions of financial mechanisms (bank and market intermediated) and of
the competitiveness of the financial system following on-going reforms
11:00 - 12:30
Expected impacts of Financial Market
Infrastructure regulations and
remaining issues (post-trading and
payments)
12:30 - 13:00
Exchange of views: Taking stock of the on-going regulatory achievements in the EU
(MEP, EU Commission,, lead sponsor)
Regulation of systematically important
insurers and pending issues regarding
Solvency II implementation
BUFFET LUNCH
14:00 - 15:30
Proposals for implementing
complementary market-based financing
mechanisms for EU SMEs and mid-sized
enterprises
Addressing collateral mobilisation
and rehypothecation challenges
Cross-border implementation and global consistency of regulatory requirements (OTC
derivatives, banks, insurance)
Closing remarks
Pending issues regarding banking reforms (NSFR, leverage ratio, RWA, bank
structure…)
15:30 - 17:00
Implementing the Banking Union (AQR,
backstop, SSM) and the SRM
Proposals for regulating MMFs and
addressing shadow banking risks
17:00 - 18:30
Encouraging long term investment in
the EU following the proposals of the
EU Commission
Regulation of financial benchmarks
18:30 - 18:45
Impressions of the day (J. de Larosière)
18:45 – 20:00
Exchange of views: Economic trends (macro and business) in an evolving economic
and monetary union (ECB, EU Commission, incoming EU Presidencies, lead sponsor)
20:00 - 21:00
COCKTAIL
21:00– 22:30
GALA DINNER
Keynote speeches: Achieving an effective economic and monetary union
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Eurofi High Level Seminar 2014 – 31 March morning
Main topics
8:00 – 8:30
REGISTRATIONS
8:30 - 9:00
Opening speeches:
Main priorities of the Greek EU Presidency in the financial area
Expected evolutions of financial mechanisms and of the competitiveness of the EU financial system following on-going reforms
9:15 - 10:45
•Anticipated evolutions of bank and market intermediated credit in the EU with the implementation of on-going financial reforms: magnitude of the
evolution over time, evolution of the activities of banks, expected role of securitisation...Level of visibility of the end-game in the EU
•Possible differences in the evolution of the financial sector following Basel III reforms between the EU and other regions (US, Asia...)
•Expected impacts of these evolutions in terms of competitiveness of the EU financial system and possible transfers of risks from banks to end-users
•Possible benefits and concerns of these evolutions for different economic agents (households, enterprises, states, financial intermediaries...) in
terms of costs, risks and access to finance
Expected impacts of Financial Market Infrastructure
regulations and remaining issues (post-trading and payments)
Regulation of systematically important insurers and pending
issues regarding Solvency II implementation
11:00 - 12:30
• Pending issues regarding the implementation of T2S and the CSD
Regulation (e.g. Level of harmonisation of rules, settlement
discipline, evolution of activities and business models...)
• Likely outcome of the reforms underway in the post-trading area in
terms of safety and efficiency
• Prospects of a recovery and resolution framework for FMIs
(delineation with existing mechanisms, modalities of R&R tools,
resolution authorities...)
• Issues regarding the Payment Services Directive: profitability of
payment systems, stimulation of innovation, harmonisation of
regulations...
12:30 - 13:00
Exchange of views: Taking stock of the on-going regulatory achievements in the EU
• Were the measures put in place following the financial crisis appropriate? Was the speed of reaction sufficient? Can future crises be better
anticipated and managed?
• Are the cumulative impacts of the different regulations well evaluated? Is there an appropriate balance between measures to foster resilience and
growth? What are the impacts of the reforms under way on the competitiveness of the EU financial system?
• Short term challenges in the implementation of Solvency II
• Towards a global prudential framework for insurance companies:
key challenges and priorities
• Recovery and Resolution Plans and Systemic Risk Management
Plan: how to take into account insurers’ specificities at the global
level?
BUFFET LUNCH
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Eurofi High Level Seminar 2014 – 31 March afternoon
Main topics
Pending issues regarding banking reforms
14:00 - 15:30
•Main pending issues regarding the banking reforms under way: NSFR, leverage ratio, harmonisation of RWA, concentration of risks, risk weights for sovereigns, trading book
review. Main issues to be addressed and possible improvements to the calibration of these requirements. Ways to take into account EU financing specificities (e.g. loans
remaining on the balance sheets of banks...) in the definition and calibration of these regulations.
•Possible mechanisms that could be used to free up existing capital in order to increase bank lending capacities
•Prospects of an EU banking structure reform proposal: expected impacts (e.g. contribution of banking structure reforms to their resolvability), interactions with existing domestic
rules...
Proposals for regulating MMFs and addressing shadow banking risks
MMFs
• Follow-up of discussions on capital buffers and sponsor support prohibition for CNAV
funds and the limitation of the type of operations MMFs may engage in
• Regulatory developments outside the EU and possible differences with EU proposals
Shadow banking
• Short and medium term priorities to mitigate shadow banking risks following the EU
Commission’s communication e.g. transparency, investment fund framework,
securities law, supervisory framework, resolution tools, indirect approach through
prudential requirements...
Implementing the Banking Union and the SRM
15:30 - 17:00
•Overview of the market perception of EU banks following the publication of
annual results
•Main challenges and key success factors of the AQR and the EU stress test
•Handling possible shortfalls unveiled by the AQR and stress test
•Remaining issues regarding the Single Resolution Mechanism
Encouraging long term investment in the EU following the proposals of
the EU Commission
17:00 – 18:30
18:30 - 19:00
19:00 - 20:00
•Outcome of the consultation process on the Green paper of the EU Commission
•Priorities for t he new Commission
•Combining the liquidity needs of retail savers and long term investment: possible
role for public institutions
•Lessons drawn from recent initiatives (e.g. Bank/insurer partnerships,
infrastructure funds launched by asset managers, project bond initiative, long term
investment fund)
Regulation of financial benchmarks
• Possible issues raised by the EU legislative proposal to regulate benchmarks (e.g.
Scope of benchmarks covered, 3rd country equivalence, proportionality ..) and options
to be considered.
• Expected impacts (benefits / concerns) of the EU proposal for end-investors and the
financial markets in terms of restoring confidence, investor protection, costs,
innovation...
• Interactions with other requirements (MiFID, MAD, Remit) and governance rules
Impressions of the day
J. de Larosière
Exchange of views: Economic trends (macro and business) in an evolving economic and monetary union
•Economic outlook for Europe, expected impacts of the economic reforms under way at the EU and member state levels (monetary policy, economic governance, fiscal and
structural reforms...).
•Evolving role of financial services in assisting the economy and remaining challenges in defining appropriate financial regulation. Balance in financial regulation between
policies for ensuring resilience and for fostering growth. Balance in the regulatory incentives between the financing of government budgets and the direct financing of
economic players
20:00 - 21:00
COCKTAIL
21:00 – 22:30
Keynote speeches: Achieving an effective economic and monetary union
GALA DINNER
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Eurofi High Level Seminar 2014 – 1 April morning
Main topics
Exchange of views with members of the Eurogroup
8:00 – 8:25
8:30 - 10:00
Key priorities for the forthcoming EU Commission in terms of regulatory approach and topics
•Main policy priorities and possible trade-offs regarding safety and stability, competition, cost efficiency, competitiveness of the EU, single market, investor
protection, corporate governance...
•Main topics to be completed or addressed by the forthcoming Commission regarding the overall financial system and in the banking, pension, insurance
and market sectors
•Possible evolutions needed in the EU regulatory approach: e.g. more holistic approach, more detailed evaluation of the cumulative effect of regulations,
better articulation between Level I rules and implementation measures, role of ESAs in policy-making and enforcement, early detection of legislative
approaches required at EU level to avoid heterogeneous domestic initiatives potentially hindering the single market...
•Modalities to appropriately express EU objectives and specificities in the global organisations (Basel committees, IOSCO, FSB….)
•
•
10:00 - 11:30
•
•
•
Proposals for implementing complementary market-based
financing mechanisms for EU SMEs and mid-sized enterprises
Overall priorities to be favoured for financing SMEs and midcaps
Tools and frameworks required for implementing the appropriate market
mechanisms to complete and diversify the financing of EU SMEs and
midcaps (EU private placement regime, equity financing, LTIF,...).
Possible additional sources (crowdfunding, supply chain financing...)
Modalities for reviving sound securitisation (standards, framework...)
Actions required to improve credit assessment and access to information
and the definition / segmentation of enterprises
Expected impact on the financing ability and costs of EU SMEs and midsized companies
Addressing collateral mobilisation and rehypothecation
challenges
• Update on collateral management trends in the context of the on-going
reforms and the main challenges posed by access to collateral at the EU
and global levels and the reuse / rehypothecation of collateral
• Priorities for addressing collateral management challenges in the EU and
globally: expected contribution of T2S and industry solutions for
mobilising collateral, role of the public vs the private sector
• Possible content and structure of an EU securities law to mitigate
collateral reuse issues
Cross-border implementation and global consistency of regulatory requirements (OTC derivatives, banks, insurance)
11:30 - 13:00
13:00 - 13:15
• Follow-up on the progress made in the implementation of the G20 commitments
• Pending issues regarding the cross-border implementation of OTC derivatives rules. Proposals for improving cooperation among market regulators and
the synchronisation of implementation
• Implications of differing banking rules across regions and possible solutions
• Recovery and resolution of cross-border banks: amount and location of loss absorbing debt, ways to improve effective cooperation between
supervisors…
• Actions required for developing a better understanding and monitoring the global financial system: availability of data, view of the shadow banking
sector…
Closing remarks
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Eurofi High Level Seminar 2014 – 31 March morning
Speakers
8:00 – 8:30
REGISTRATIONS
Opening speeches:
Main priorities of the Greek EU Presidency in the financial area
8:30 - 9:00
Greek Finance minister, Central Bank governor, President Securities Commission
Expected evolutions of financial mechanisms and of the competitiveness of the EU financial system following on-going reforms
9:15 - 10:45
Chair: E. König (BAFIN)
Introductory remarks:
Industry: Société Générale, AXA, Deutsche Bank, Banco Santander, Fidelity
Public Authorities: EBA, ESMA, EIOPA, EU Commission
Expected impacts of Financial Market Infrastructure
regulations and remaining issues (post-trading and payments)
11:00 - 12:30
Chair: P. Pearson (EU Commission)
Introductory remarks:
Industry: DTCC, BONY, Swift, Western Union, BofA, Euroclear,
Deutshe Bôrse
Public Authorities: ESMA, ECB ( B. Coeuré), EU Commission ( P.
Pearson), MEP ( K. Swinburne), Bundesbank
Regulation of systematically important insurers and pending
issues regarding Solvency II implementation
Chair: M. Nava (EU Commission)
Introductory remarks:
Industry: AXA, Allianz, Generali, Metlife
Public Authorities: IAIS (Y. Kawai), US FED, EU Commission, EIOPA,
MEP ( B. Balz)
12:30 - 13:00
Exchange of views: Ensuring the financing of the EU economy in the new post-crisis prudential and regulatory context
EU Commission (J. Faull), US regulator, Credit Agricole
13:00 - 14:00
BUFFET LUNCH
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Eurofi High Level Seminar 2014 – 31 March afternoon
Speakers
Pending issues regarding banking prudential requirements
(NSFR, leverage ratio, RWA, bank structure)
Chair:
14:00 - 15:30 Industry: BNP Paribas, BBVA, Moody’s, Deutsche Bank, Nykredit, PWC
Regulation of financial benchmarks
Public Authorities: BCBS (W. Byrnes), EBA (A. Enria), EU Commission
(M. Nava), US regulator, Bundesbank, P. Callesen
Restoring confidence in the EU banking system: AQR, backstop,
SRM, structural reforms
Chair: M. Nava (EU Commission)
15:30 - 17:00 Introductory remarks:
Industry: Unicredit, La Caixa, DSGV, KPMG
Public Authorities : ECB (Y Mersch), ESM (K. Regling), MEP ( E.
Ferreira)
Encouraging long term investment in the EU following the
proposals of the EU Commission
17:00 – 18:30
18:30 - 18:45
Chair:
Introductory remarks:
Industry: EIB, CDC, CdP, CNP Assurances, JP Morgan
Public Authorities : EU Commission,
Chair: M. Wheatley (FCA)
Industry: Euronext, S&P, bank, State Street
Public Authorities: IOSCO, EU Commission, BAFIN
Proposals for regulating MMFs and addressing shadow banking
risks
Chair: D Wright (IOSCO)
Introductory remarks:
Industry: Amundi Blackrock , BNY Mellon, BNP Paribas IP
Public Authorties : EU Commission, ESMA , Hellenic Capital Market
Commission, Consob, SEC
User
Recovery and resolution of cross-border banks and FMIs
Chair:
Introductory remarks:
Industry: BNP Paribas, JP Morgan, Deutsche Bank, DTCC, UBS, ICE
Public Authorties : FSB, FDIC, EU Commission, EBA, IADGS (J. Pruski)
Expert: P. Tucker
Impressions of the day
J. de Larosière
Exchange of views: Economic trends (macro and business) in an evolving economic and monetary union
18:45 - 20:00
Chair: Jacques de Larosière
Authorities: ECB, Italian and Latvian Authorities (Finance Minister or Central Bank Governor)
Industry: Goldman Sachs
20:00 - 21:00
COCKTAIL
21:00 – 22:30
Achieving an effective economic and monetary union
Keynote speeches: Ch. Lagarde
GALA DINNER
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Eurofi High Level Seminar 2014 – 1 April morning
Speakers
8:00 – 8:25
Exchange of views with members of the Eurogroup
Key priorities for the forthcoming EU Commission in terms of regulatory approach and topics
8:30 - 10:00
10:00 - 11:30
Chair:
Introductory remarks:
Industry: BofA, Blackrock, Goldman Sachs, HSBC,
Public Authorities:
Proposals for ensuring an appropriate financing of EU
corporates and midcaps in the short and medium term
Chair: W. Klinz (MEP)
Introductory remarks:
Industry: EIB, Hellenic Stock Exchange, BPCE,
Public Authorities :
Addressing collateral management challenges
Chair:
Introductory remarks:
Industry: JPMorgan, Euroclear, Deutsche Börse
Public Authorities : ECB, EU Commission, IMF, IOSCO
Cross-border implementation and global consistency of OTC derivatives and Basel III requirements
11:30 - 13:00
13:00 - 13:15
Chair:
Introductory remarks:
Industry: Credit Suisse
Public Authorities: IOSCO, HK SFC, CFTC, SEC
Closing remarks
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ABOUT EUROFI
The European Think Tank dedicated to financial services
 A not-for-profit organization created in 2000 chaired by Jacques de Larosière
 A platform for exchanges between the financial services industry and the public authorities addressing issues related to the evolution of financial regulation and supervision
Research and documentation:
Main activities
The main objectives of Eurofi are to help industry and public decision-makers reach a common
understanding of possible evolutions required in the regulation and supervision of financial services and
to open the way to legislative or industry-driven solutions that may enhance the safety and effectiveness of
the EU financial sector.
 Assessments and proposals taking into account economic, risk and end-user impacts are prepared with
the support of cross-sectoral working groups comprising members of Eurofi.
 Topics addressed include prospective and on-going regulatory proposals at the EU and global levels, as
well as industry trends.
Eurofi acts in a general interest perspective, facilitating exchanges of views between diverse financial
industry players and the public authorities. These exchanges are prepared by objective fact finding and
issue analyses.
Main topics currently addressed
Eurofi has two main types of activities conducted by Didier Cahen, Secretary General of Eurofi,
Jean-Marie Andrès and Marc Truchet, Senior Fellows:
 Current evolutions of the prudential and regulatory framework of banks and insurance
companies: proposals for an EU banking union, fine-tuning of banking and insurance prudential
frameworks (liquidity provisions, RWA evaluations, Solvency II), structural reforms of the banking
sector, recovery and resolution framework of banks and non-banks, regulation of shadow banking
Events and meetings:
Eurofi organizes annually two major international events (the High Level Seminar in March /
April and the Financial Forum in September) gathering together industry leaders and EU and non-EU
public decision makers for discussions on the major on-going regulatory projects in the financial area, as
well as informal networking.
These events have been organised in recent years in association with the EU or G20 Presidencies in
parallel with informal ECOFIN councils or G20 Finance Ministers meetings. They are organised with the
support of Christian Hawkins and his team.
Additional workshops involving the members of Eurofi are set up to exchange views on regulatory
issues. Bilateral meetings are also regularly organised with representatives of the public authorities and
other stakeholders (e.g. end-users, experts)
to fine-tune assessments and proposals.
 Challenges posed by the deleveraging process and the present monetary context
 Capital markets and investment products regulations: regulation of securities, derivatives and
commodities markets and infrastructures (MiFID review, CSD regulation, EMIR, recovery and resolution),
collateral rules and Securities Law Legislation (SLL), asset management regulations (AIFMD, UCITS,
MMFs…), investor protection regulation (PRIPs, MiFID, IMD…) and fund depositary rules (UCITS V)
 Developing a long term investment perspective and ensuring an appropriate financing of the
EU economy: proposals for enhancing the financing of infrastructure projects and for further diversifying
the financing of EU corporates and midcaps
 The global consistency of financial regulations and the implementation of G20 commitments
 Optimizing the EU financial services internal market: addressing the increasing fragmentation of
EU financial activities prompted by the crisis, conditions for enabling a sustainable SEPA business case,
review of the IORP directive, regulation of CRAs…
EUROFI MEMBERS
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