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The Eurofi High Level Seminar 2015 Organised in association with the Latvian EU Council Presidency Fostering growth in a highly indebted EU environment.

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Presentation on theme: "The Eurofi High Level Seminar 2015 Organised in association with the Latvian EU Council Presidency Fostering growth in a highly indebted EU environment."— Presentation transcript:

1 The Eurofi High Level Seminar 2015 Organised in association with the Latvian EU Council Presidency Fostering growth in a highly indebted EU environment Riga 22, 23 and 24 April 2015 Draft agenda 16.02.2015 1

2 2 10:45 - 12:15 8:30 - 10:00 14:00 - 15:15 15:15 - 17:30 20:00 - 21:30 19:00 - 20:00 12:15 – 13:00 8:00 – 8:30 17:30- 19:00 Eurofi High Level Seminar 2015 - Riga Overall agenda - Draft COCKTAIL REGISTRATIONS Is the current capital markets single rulebook sufficient for an effective CMU? Fostering growth in a highly indebted EU environment Wednesday 22 April 2015 Thursday 23 April 2015 COCKTAIL GALA DINNER (keynote speeches) GALA DINNER (keynote speeches) Opening remarks: Priorities of the Latvian EU Presidency in the financial area BUFFET LUNCH Evolution of banking business models in the current regulatory and economic landscape Increasing the depth and liquidity of EU capital markets Preserving the investor role of insurers in the context of proposed global systemic rules Mitigating potential systemic risks associated with asset management Exchange of views: Role of the financial sector in relaunching growth in the EU Exchange of views: Role of the financial sector in relaunching growth in the EU Exchange of views EU growth and competitiveness challenges Exchange of views EU growth and competitiveness challenges Friday 24 April 2015 Improving the economic governance of the Eurozone BUFFET LUNCH Future of the single market with further Eurozone integration Economic and structural impacts of the bank crisis management framework Exchange of views Digital Financial Services: regulatory and cybersecurity challenges Forthcoming challenges for EU supervisory authorities: global positioning and coherence across financial sectors Priorities for building an EU capital markets union to facilitate the financing of the EU economy Exchange of views: The evolving role of banks in the EU economy Consequences of prolonged low interest rates for the financial system and growth Developing securitisation and alternative financing instruments for EU SMEs Exchange of views: Key reforms for fostering growth in Europe Ensuring the resilience of EU FMIs Safety and efficiency of securities financing transactions and collateral Expected impact of the Banking Union on Eurozone integration Financing EU infrastructure and environmental projects - Juncker plan Fostering growth in the current EU environment Planning the Capital Markets Union to facilitate the financing of the EU economy The evolving role of banks in the EU economyResilience of non-banks to support market financing Opening remarks: Fostering growth in the current economic environment Retail investor protection and financial education in the CMU 10:15 - 10:45

3 3 14:15 - 15:45 15:45 - 17:15 20:00 - 21:30 19:15 - 20:00 Eurofi High Level Seminar 2015 - Riga 22 April afternoon – Topics – Draft Fosteringgrowth in the current EU environnen t COCKTAIL REGISTRATIONS Exchange of views: Fostering growth in the current EU environnent Expected impact of the Banking Union on Eurozone integration Role of the AQR in restoring confidence in Eurozone banks. Impact of SSM / SRM on lending to enterprises and households in the Eurozone. Additional solutions to improve bank lending in the Eurozone. Likely longer term impacts of the SSM / SRM on the Eurozone banking market (cross-border mergers, further convergence of financing conditions...) and possible limitations to further integration Challenges raised by differing regulatory and supervisory rules between SSM and non-SSM countries and possible ways forward Expected impact of the Banking Union on Eurozone integration Role of the AQR in restoring confidence in Eurozone banks. Impact of SSM / SRM on lending to enterprises and households in the Eurozone. Additional solutions to improve bank lending in the Eurozone. Likely longer term impacts of the SSM / SRM on the Eurozone banking market (cross-border mergers, further convergence of financing conditions...) and possible limitations to further integration Challenges raised by differing regulatory and supervisory rules between SSM and non-SSM countries and possible ways forward 17:30 - 19:00 Fostering growth in a highly indebted EU environment Main obstacles of high indebtedness to growth in Eurozone and EU member states Short and medium term policy objectives to restore growth in the EU given the level of indebtedness (e.g. internal devaluation, investment programme likely to improve competitiveness, improving the margins of enterprises, debt restructuring…). Respective roles of public policies, development banks and commercial financial institutions in supporting growth in this context Possible benefit of moving towards more EU economic and fiscal integration and conditions required Fostering growth in a highly indebted EU environment Main obstacles of high indebtedness to growth in Eurozone and EU member states Short and medium term policy objectives to restore growth in the EU given the level of indebtedness (e.g. internal devaluation, investment programme likely to improve competitiveness, improving the margins of enterprises, debt restructuring…). Respective roles of public policies, development banks and commercial financial institutions in supporting growth in this context Possible benefit of moving towards more EU economic and fiscal integration and conditions required Consequences of prolonged low interest rates for the financial system and growth Impact of loose monetary conditions and QE actions on banking and insurance activities, on their clients and on the credit channel Actions or ways to manage a QE programme required to mitigate possible negative effects Possible evolutions required in the EU macro-prudential framework Consequences of prolonged low interest rates for the financial system and growth Impact of loose monetary conditions and QE actions on banking and insurance activities, on their clients and on the credit channel Actions or ways to manage a QE programme required to mitigate possible negative effects Possible evolutions required in the EU macro-prudential framework Opening remarks : Fosteringgrowthin the currenteconomicenvironment Financing EU infrastructure and environmental projects - Juncker plan Challenges for an appropriate selection of projects eligible to the Juncker plan Appropriate combination of EU public and private financing and guarantees to support the Juncker plan and r ole for the financial sector Green bonds: opportunities for developing a green bond market at EU level, possible need for an EU framework and expected role of public policy in this context Financing EU infrastructure and environmental projects - Juncker plan Challenges for an appropriate selection of projects eligible to the Juncker plan Appropriate combination of EU public and private financing and guarantees to support the Juncker plan and r ole for the financial sector Green bonds: opportunities for developing a green bond market at EU level, possible need for an EU framework and expected role of public policy in this context 14:00 - 14:15

4 4 8:00 - 8:15 8:15 - 10:00 13:00 - 14:00 12:15 - 13:00 10:45 - 12:15 Eurofi High Level Seminar 2015 - Riga 23 April morning – Topics – Draft The evolvingrole of banks in the EU economy BUFFET LUNCH Evolution of banking business models in the current regulatory and economic landscape General evolutions observed in the economics of the EU banking sector e.g. reduced profitability, reduced ROE,....Underlying factors explaining these evolutions e.g. regulatory, economic environment, technological evolutions, over-capacity in some countries / activities... Likely short and long term operational trends: targeted deleveraging, process efficiency, offer restructuring, mergers, etc. Specificity of these trends in the EU compared to other regions (e.g. US, Asia...) Impact of these operational trends on specific customer segments and activities in the EU: main evolutions observed, potential economic impacts Possible challenges raised by these trends with regard to growth and possible actions needed Evolution of banking business models in the current regulatory and economic landscape General evolutions observed in the economics of the EU banking sector e.g. reduced profitability, reduced ROE,....Underlying factors explaining these evolutions e.g. regulatory, economic environment, technological evolutions, over-capacity in some countries / activities... Likely short and long term operational trends: targeted deleveraging, process efficiency, offer restructuring, mergers, etc. Specificity of these trends in the EU compared to other regions (e.g. US, Asia...) Impact of these operational trends on specific customer segments and activities in the EU: main evolutions observed, potential economic impacts Possible challenges raised by these trends with regard to growth and possible actions needed Opening remarks: Priorities of the Latvian EU Presidency in the financial area Forthcoming challenges for the EU supervisory authorities: global positioning and coherence across financial sectors Possible evolutions of the European Supervisory Authorities (ESAs, ESRB), in the context of the review initiated by the EU Commission Proposals for ensuring that EU views are effectively taken into account in global regulatory processes: representation of the EU in the global regulatory bodies (BCBS, FSB, IAIS, IOSCO...), elaboration of common EU positions... Possible evolutions needed in EU supervision to ensure sufficient coherence across financial sectors Forthcoming challenges for the EU supervisory authorities: global positioning and coherence across financial sectors Possible evolutions of the European Supervisory Authorities (ESAs, ESRB), in the context of the review initiated by the EU Commission Proposals for ensuring that EU views are effectively taken into account in global regulatory processes: representation of the EU in the global regulatory bodies (BCBS, FSB, IAIS, IOSCO...), elaboration of common EU positions... Possible evolutions needed in EU supervision to ensure sufficient coherence across financial sectors Exchange of views: The evolving role of banks in the EU economy 10:15 - 10:45 Digital Financial Services: regulatory and cybersecurity challenges Main trends and challenges for the financial sector related to the increasing digitalisation of services and the development of non-bank / non-financial service providers Possible content of an EU regulatory framework for digital financial services Cybersecurity challenges related to digital financial services and possible measures required Digital Financial Services: regulatory and cybersecurity challenges Main trends and challenges for the financial sector related to the increasing digitalisation of services and the development of non-bank / non-financial service providers Possible content of an EU regulatory framework for digital financial services Cybersecurity challenges related to digital financial services and possible measures required Economic and structural impacts of the bank crisis management framework Economic and structural impacts of the global and EU bank R&R frameworks on the EU financial system. Expected benefits in terms of resolvability Main inconsistencies at the global level between RRP regimes (TLAC vs MREL) and differing approaches for resolving banks (e.g. single / multiple points of entry...). Existence of sufficient non-systemic investors to absorb TLAC debt. Ways to improve trust and cooperation among supervisors at the global level in the context of R&R processes Economic and structural impacts of the bank crisis management framework Economic and structural impacts of the global and EU bank R&R frameworks on the EU financial system. Expected benefits in terms of resolvability Main inconsistencies at the global level between RRP regimes (TLAC vs MREL) and differing approaches for resolving banks (e.g. single / multiple points of entry...). Existence of sufficient non-systemic investors to absorb TLAC debt. Ways to improve trust and cooperation among supervisors at the global level in the context of R&R processes

5 14:00 - 15:15 15:15 - 16:30 Eurofi High Level Seminar 2015 - Riga 23 April afternoon – Topics – Draft (1) Planning the Capital Markets Union to facilitate the financing of the EU economy 16: 45 - 18:00 Continued on next page 5 Is the current capital markets single rulebook sufficient for an effective CMU? Finalising the harmonisation of EU trading, post-trading and reporting rules: remaining issues in the perspective of the implementation of MiFID II, CSDR and T2S i.e. transparency, settlement discipline, corporate actions... Priorities for streamlining EU securities legislations (e.g. ownership rights), insolvency laws and tax rules depending on the benefits expected and feasibility. Opportunity of proposing a 29 th legal regime for cross-border securities Is the current capital markets single rulebook sufficient for an effective CMU? Finalising the harmonisation of EU trading, post-trading and reporting rules: remaining issues in the perspective of the implementation of MiFID II, CSDR and T2S i.e. transparency, settlement discipline, corporate actions... Priorities for streamlining EU securities legislations (e.g. ownership rights), insolvency laws and tax rules depending on the benefits expected and feasibility. Opportunity of proposing a 29 th legal regime for cross-border securities Priorities for building an EU capital markets union to facilitate the financing of the EU economy Main short and longer term objectives of the Capital Markets Union e.g. improved financing of EU SMEs, stability, cost efficiency... Expected impacts of the CMU in terms of costs, availability of financing, risk allocation... Overall short and medium term regulatory priorities to implement the CMU based on expected impacts and feasibility e.g.: development of equity financing; completing existing rules: financial instrument frameworks, issuer rules, retail and institutional investor rules, order processing rules, market infrastructure requirements... Possible need for additional market-driven actions and conditions for achieving them Possible barriers to the implementation of the CMU to be lifted Possible evolutions needed in EU capital markets supervision to support the implementation of the CMU (e.g. further supervisory convergence) Priorities for building an EU capital markets union to facilitate the financing of the EU economy Main short and longer term objectives of the Capital Markets Union e.g. improved financing of EU SMEs, stability, cost efficiency... Expected impacts of the CMU in terms of costs, availability of financing, risk allocation... Overall short and medium term regulatory priorities to implement the CMU based on expected impacts and feasibility e.g.: development of equity financing; completing existing rules: financial instrument frameworks, issuer rules, retail and institutional investor rules, order processing rules, market infrastructure requirements... Possible need for additional market-driven actions and conditions for achieving them Possible barriers to the implementation of the CMU to be lifted Possible evolutions needed in EU capital markets supervision to support the implementation of the CMU (e.g. further supervisory convergence) Developing securitisation and alternative financing instruments for EU SMEs Likely short and medium term evolutions of the financing of SMEs in terms of demand, availability and costs Conditions for revitalising the EU securitisation market (return and risk for originators, regulatory constraints for investors, guarantee schemes, evaluation of underlying assets...). Possible need for a specific EU securitisation framework and for EU actions regarding covered bonds Additional short and medium term priorities for developing alternative financing instruments for EU SMEs: prospects of an EU private placement regime, measures for developing crowdfunding and venture capital,... Added value of addressing such issues at the EU level and approach proposed Achieving an appropriate balance between equity and debt financing and possible measures needed Developing securitisation and alternative financing instruments for EU SMEs Likely short and medium term evolutions of the financing of SMEs in terms of demand, availability and costs Conditions for revitalising the EU securitisation market (return and risk for originators, regulatory constraints for investors, guarantee schemes, evaluation of underlying assets...). Possible need for a specific EU securitisation framework and for EU actions regarding covered bonds Additional short and medium term priorities for developing alternative financing instruments for EU SMEs: prospects of an EU private placement regime, measures for developing crowdfunding and venture capital,... Added value of addressing such issues at the EU level and approach proposed Achieving an appropriate balance between equity and debt financing and possible measures needed Increasing the depth and liquidity of EU capital markets Challenges raised by the current depth and liquidity of EU capital markets in the perspective of the implementation of the CMU; likely impact of regulatory requirements and risk aversion on liquidity and expected evolutions of market practices; liquidity issues for different instruments, issuers and types of orders Market and systemic implications (costs, concentration...) of the current liquidity trends Possible actions needed to ensure an appropriate level of liquidity in EU capital markets: regulatory and fiscal policy implications (securities lending, FTT...), market-driven actions (issuance standardisation, electronic brokerage...) Increasing the depth and liquidity of EU capital markets Challenges raised by the current depth and liquidity of EU capital markets in the perspective of the implementation of the CMU; likely impact of regulatory requirements and risk aversion on liquidity and expected evolutions of market practices; liquidity issues for different instruments, issuers and types of orders Market and systemic implications (costs, concentration...) of the current liquidity trends Possible actions needed to ensure an appropriate level of liquidity in EU capital markets: regulatory and fiscal policy implications (securities lending, FTT...), market-driven actions (issuance standardisation, electronic brokerage...) Retail investor protection and financial education in the CMU Role of retail investor policies in the implementation and success of the CMU Possible remaining issues to be addressed in the context of the CMU following the implementation of MiFID II, IMD II, PRIIPS, UCITS, etc… Short and medium term priorities for better allocating retail savings to capital market investments in the EU Retail investor protection and financial education in the CMU Role of retail investor policies in the implementation and success of the CMU Possible remaining issues to be addressed in the context of the CMU following the implementation of MiFID II, IMD II, PRIIPS, UCITS, etc… Short and medium term priorities for better allocating retail savings to capital market investments in the EU 17: 00– 18:00 15: 15– 16:45

6 20:00 - 21:00 18:45 - 20:00 Eurofi High Level Seminar 2015 - Riga 23 April afternoon – Topics (2) Planning the Capital Markets Union to facilitate the financing of the EU economy 21:00 - 22:30 Exchange of views: Role of the financial sector in relaunching growth in the EU What impact can be expected in terms of economic growth and long term investment in the EU from the combined implementation of the Banking Union and the Capital Markets Union? Are these initiatives sufficient to compensate for the expected reduction of bank lending and the reduction of investment observed in the EU over the past years? What are the implications notably in terms of cost and risk management of a further development of market-based financing for issuers, investors and intermediaries? What are the key factors of success of the CMU and the short term priorities? Exchange of views: Role of the financial sector in relaunching growth in the EU What impact can be expected in terms of economic growth and long term investment in the EU from the combined implementation of the Banking Union and the Capital Markets Union? Are these initiatives sufficient to compensate for the expected reduction of bank lending and the reduction of investment observed in the EU over the past years? What are the implications notably in terms of cost and risk management of a further development of market-based financing for issuers, investors and intermediaries? What are the key factors of success of the CMU and the short term priorities? COCKTAIL GALA DINNER (keynote speeches) 6 Continuation of page 6 18:00 - 18:45 Exchange of views: EU growth and competitiveness challenges

7 7 8:00 - 8:30 10:00 -10:20 12:00 - 13:00 10:30 - 12:00 Eurofi High Level Seminar 2015 - Riga 24 April morning – Topics – Draft Resilience of non-bankfinancing BUFFET LUNCH Exchange of views with members of the Eurogroup: Improving the economic governance of the Eurozone How to ensure that member states honour the economic and fiscal commitments agreed in the context of EU Treaties? Benefits expected from and conditions required for moving towards a common fiscal capacity / budget in the Eurozone Exchange of views with members of the Eurogroup: Improving the economic governance of the Eurozone How to ensure that member states honour the economic and fiscal commitments agreed in the context of EU Treaties? Benefits expected from and conditions required for moving towards a common fiscal capacity / budget in the Eurozone Exchange of views Exchange of views: Future of the single market with further Eurozone integration Is further integration of the Eurozone a driver for deepening the broader EU single market of financial services? Can a further integration of the Eurozone be a source of fragmentation within the EU and how to mitigate such a risk? How is the CMU project expected to contribute to developing the EU financial services single market? Exchange of views: Future of the single market with further Eurozone integration Is further integration of the Eurozone a driver for deepening the broader EU single market of financial services? Can a further integration of the Eurozone be a source of fragmentation within the EU and how to mitigate such a risk? How is the CMU project expected to contribute to developing the EU financial services single market? 8:30 - 10:00 13:00 - 14:30 Enhancing the safety and efficiency of securities financing transactions and collateral Next steps regarding EU and FSB SFT regulatory proposals Expected impact of ongoing financial regulations and public initiatives (trading and post-trading regulations, T2S, SFTR, UCITS...) on the availability, mobility and velocity of collateral Balance between client asset protection and transparency objectives and ensuring sufficient liquidity of collateral Interactions between the Capital Markets Union project and collateral management objectives Enhancing the safety and efficiency of securities financing transactions and collateral Next steps regarding EU and FSB SFT regulatory proposals Expected impact of ongoing financial regulations and public initiatives (trading and post-trading regulations, T2S, SFTR, UCITS...) on the availability, mobility and velocity of collateral Balance between client asset protection and transparency objectives and ensuring sufficient liquidity of collateral Interactions between the Capital Markets Union project and collateral management objectives Ensuring the resilience of EU FMIs Possible issues raised by the forthcoming proposal of the EU Commission and by IOSCO/FSB standards for domestic and cross- border CCPs and options to be further considered Interactions between the CCP R&R framework, the Capital Markets Union project, the Banking Union and the banking crisis management framework: impact on CCP supervision, coherence of rules... Addressing potential cyber-risks faced by EU FMIs Ensuring the resilience of EU FMIs Possible issues raised by the forthcoming proposal of the EU Commission and by IOSCO/FSB standards for domestic and cross- border CCPs and options to be further considered Interactions between the CCP R&R framework, the Capital Markets Union project, the Banking Union and the banking crisis management framework: impact on CCP supervision, coherence of rules... Addressing potential cyber-risks faced by EU FMIs Preserving the investor role of insurers in the context of proposed global systemic rules Issues raised for EU insurance companies by the on going definition of a global insurance framework to mitigate systemic risks e.g. scope of activities concerned, potential limitation of the investment capacity and stabilising role of insurers... Defining and implementing accounting standards, which are consistent with the business model of insurance undertakings and their role in the financing of the economy Preserving the investor role of insurers in the context of proposed global systemic rules Issues raised for EU insurance companies by the on going definition of a global insurance framework to mitigate systemic risks e.g. scope of activities concerned, potential limitation of the investment capacity and stabilising role of insurers... Defining and implementing accounting standards, which are consistent with the business model of insurance undertakings and their role in the financing of the economy Mitigating potential systemic risks associated with asset management Next steps regarding EU MMF regulatory proposals Possible follow-up in the EU of work conducted by the FSB on non- bank non-insurer (NBNI) systemic risks Areas possibly requiring further assessment at the EU level in the asset management sector (e.g. management of liquidity risks, herding,...) and possible actions to be envisaged for mitigating remaining risks Mitigating potential systemic risks associated with asset management Next steps regarding EU MMF regulatory proposals Possible follow-up in the EU of work conducted by the FSB on non- bank non-insurer (NBNI) systemic risks Areas possibly requiring further assessment at the EU level in the asset management sector (e.g. management of liquidity risks, herding,...) and possible actions to be envisaged for mitigating remaining risks

8 8 14:15 - 15:45 15:45 - 17:15 20:00 - 21:30 19:15 - 20:00 Eurofi High Level Seminar 2015 - Riga 22 April afternoon – speakers confimed are in bold Fostering growth in the current EU environnent COCKTAIL REGISTRATIONS Exchange of views: Fostering growth in the current EU environnent Chair: M. Monti ECB (P. Praet), MEP (M. Ferber), BNP Paribas (J. Lemierre), Deutsche Bank (L. Frieden), J. de Larosière Exchange of views: Fostering growth in the current EU environnent Chair: M. Monti ECB (P. Praet), MEP (M. Ferber), BNP Paribas (J. Lemierre), Deutsche Bank (L. Frieden), J. de Larosière Expected impact of the Banking Union on Eurozone integration Chair: S. Lautenschläger (SSM) Industry speakers: Banco Santander (tbd), PwC (A. Guilbert), Credit Agricole (tbd) Public authority speakers: Nat Bank of Italy ( L. F. Signorini), EBA (A. Enria), IMF ( J. Franks ), ESM (K. Regling), MEP (D. Hübner) Expected impact of the Banking Union on Eurozone integration Chair: S. Lautenschläger (SSM) Industry speakers: Banco Santander (tbd), PwC (A. Guilbert), Credit Agricole (tbd) Public authority speakers: Nat Bank of Italy ( L. F. Signorini), EBA (A. Enria), IMF ( J. Franks ), ESM (K. Regling), MEP (D. Hübner) 17:30 - 19:00 Fostering growth in a highly indebted EU environment Chair: I. Rimsevics (Nat Bank of Latvia) Industry speakers: La Caixa (J. Gual), Société Générale (O. Garnier) Public authority speakers: ECB (P. Praet), MEP (M. Ferber), IMF (J. Franks) Fostering growth in a highly indebted EU environment Chair: I. Rimsevics (Nat Bank of Latvia) Industry speakers: La Caixa (J. Gual), Société Générale (O. Garnier) Public authority speakers: ECB (P. Praet), MEP (M. Ferber), IMF (J. Franks) Consequences of prolonged low interest rates for the financial system and growth Chair: L. Bini Smaghi Industry speakers: CNP Assurance (X. Larnaudie Eiffel), BBVA (J M González-Páramo), Nykredit (J. Berg), Moody’s (C. Ellis), Zürich (A. Mc Carthy) Public authority speakers: ECB (P. Praet), EIOPA (C. Montalvo), BIS (H. Hannoun) Consequences of prolonged low interest rates for the financial system and growth Chair: L. Bini Smaghi Industry speakers: CNP Assurance (X. Larnaudie Eiffel), BBVA (J M González-Páramo), Nykredit (J. Berg), Moody’s (C. Ellis), Zürich (A. Mc Carthy) Public authority speakers: ECB (P. Praet), EIOPA (C. Montalvo), BIS (H. Hannoun) Opening remarks: Fostering growth in the current economic environment Nat Bank of Latvia: I. Rimsevics Opening remarks: Fostering growth in the current economic environment Nat Bank of Latvia: I. Rimsevics Financing EU infrastructure and environmental projects – Juncker plan Chair: John Moran Industry speakers: HSBC (S. Lake), Swiss Re ( J. Haegeli ), CDC (O. Renaud- Basso), ICO (F. Navarrete), Natixis (A.C. Champion) Public authority speakers: EU Com (B. Angel, G. Thomas), MEP (U. Bullmann), MEP (P. Berès), EIB (tbd) Financing EU infrastructure and environmental projects – Juncker plan Chair: John Moran Industry speakers: HSBC (S. Lake), Swiss Re ( J. Haegeli ), CDC (O. Renaud- Basso), ICO (F. Navarrete), Natixis (A.C. Champion) Public authority speakers: EU Com (B. Angel, G. Thomas), MEP (U. Bullmann), MEP (P. Berès), EIB (tbd) 14:00 - 14:15

9 9 8:00 - 8:15 8:15 - 10:00 13:00 - 14:00 12:15 - 13:00 10:45 - 12:15 Eurofi High Level Seminar 2015 - Riga 23 April morning - Invited speakers - Draft The evolvingrole of banks in the EU economy BUFFET LUNCH Evolution of banking business models in the current regulatory and economic landscape Chair: W. Klinz Industry speakers: BAML (A. Wilmot Sitwell), BNP Paribas (J. Lemierre), DSGV (G. Fahrenschon), KPMG (G. Williams) Public authority speakers: EBA (tbd), EU Com (O. Guersent), MEP (J. von Weizsäcker), SSM (S. Lautenschläger) Evolution of banking business models in the current regulatory and economic landscape Chair: W. Klinz Industry speakers: BAML (A. Wilmot Sitwell), BNP Paribas (J. Lemierre), DSGV (G. Fahrenschon), KPMG (G. Williams) Public authority speakers: EBA (tbd), EU Com (O. Guersent), MEP (J. von Weizsäcker), SSM (S. Lautenschläger) Opening remarks: Priorities of the Latvian EU Presidency in the financial are a Min Fin of Latvia : J. Reirs Forthcoming challenges for the EU supervisory authorities: global positioning and coherence across financial sectors Chair: L. Bini Smaghi Public authority speakers: ESMA (S. Maijoor), EBA (A. Enria), EIOPA (G. Bernardino) Forthcoming challenges for the EU supervisory authorities: global positioning and coherence across financial sectors Chair: L. Bini Smaghi Public authority speakers: ESMA (S. Maijoor), EBA (A. Enria), EIOPA (G. Bernardino) Exchange of views: The evolving role of banks in the EU economy Jacques de Larosière, SSM (S. Lautenschläger) Exchange of views: The evolving role of banks in the EU economy Jacques de Larosière, SSM (S. Lautenschläger) 10:15 - 10:45 Digital Financial Services: regulatory and cybersecurity challenges Chair: Y. Mersch (ECB) Industry speakers: Western Union (J. Dye), DNB (tbd), DTCC (M. Clancy), Unicredit (R. Nicastro), Regional partner (tbc) Public authority speakers: MEP (P. del Castillo), EU Com (P. Zilgalvis) Digital Financial Services: regulatory and cybersecurity challenges Chair: Y. Mersch (ECB) Industry speakers: Western Union (J. Dye), DNB (tbd), DTCC (M. Clancy), Unicredit (R. Nicastro), Regional partner (tbc) Public authority speakers: MEP (P. del Castillo), EU Com (P. Zilgalvis) Economic and structural impacts of the bank crisis management framework Chair: E. König (Single Resolution Board) Industry speakers: Standard Chartered (L. Taylor), Credit Suisse (W. Ervin), Deutsche Bank (S. Matherat), ING (K. Timmermans) Public authority speakers: FSB (S. Andresen), Banque de France (E. Fernandez-Bollo), Nat Bank of Netherland (K. Knot), MEP (E. Ferreira) Economic and structural impacts of the bank crisis management framework Chair: E. König (Single Resolution Board) Industry speakers: Standard Chartered (L. Taylor), Credit Suisse (W. Ervin), Deutsche Bank (S. Matherat), ING (K. Timmermans) Public authority speakers: FSB (S. Andresen), Banque de France (E. Fernandez-Bollo), Nat Bank of Netherland (K. Knot), MEP (E. Ferreira)

10 14:00 - 15:15 15:15 - 16:30 Eurofi High Level Seminar 2015 - Riga 23 April afternoon - Invited speakers - Draft (1) Planning the Capital Markets Union to facilitate the financing of the EU economy 16: 45 - 18:00 Continued on next page 10 Increasing the depth and liquidity of EU capital markets Chair: M. Merlin (EU Com) Industry speakers: State Street (tbd), BAML (J. Taylor), Euronext (tbc), Tradition (V. Remay) Public authority speakers: ESMA (V. Ross), MEP (P. de Backer), Banque de France (D. Beau) Increasing the depth and liquidity of EU capital markets Chair: M. Merlin (EU Com) Industry speakers: State Street (tbd), BAML (J. Taylor), Euronext (tbc), Tradition (V. Remay) Public authority speakers: ESMA (V. Ross), MEP (P. de Backer), Banque de France (D. Beau) Priorities for building an EU capital markets union to facilitate the financing of the EU economy Chair: O.Guersent (EU Com) Industry speakers: JP Morgan (S. Dewar), Nasdaq OMX (M. Billing), Goldman Sachs (tbd), Moody’s (M. Madelain), Crédit Agricole (J. Brunel), BlackRock (B. Novick), Public authority speakers: MEP (P. de Backer), ECB (Y. Mersch), FCA (D. Lawton), Min Fin of Germany (L. Holle) Priorities for building an EU capital markets union to facilitate the financing of the EU economy Chair: O.Guersent (EU Com) Industry speakers: JP Morgan (S. Dewar), Nasdaq OMX (M. Billing), Goldman Sachs (tbd), Moody’s (M. Madelain), Crédit Agricole (J. Brunel), BlackRock (B. Novick), Public authority speakers: MEP (P. de Backer), ECB (Y. Mersch), FCA (D. Lawton), Min Fin of Germany (L. Holle) Developing securitisation and alternative financing instruments for EU SMEs Chair: D. Wright (IOSCO) Industry speakers: S&P (Y. Le Pallec), AXA (E. Nasse- Bridier), HSBC (S. Lake), CDP (tbd) Public authority speakers: MEP (O. Karas), EU Com (O. Guersent), Min Fin of France (D. d’Amarzit), ECB (Y. Mersch), Bundesbank (A. Dombret), FSC (V. La Via) Developing securitisation and alternative financing instruments for EU SMEs Chair: D. Wright (IOSCO) Industry speakers: S&P (Y. Le Pallec), AXA (E. Nasse- Bridier), HSBC (S. Lake), CDP (tbd) Public authority speakers: MEP (O. Karas), EU Com (O. Guersent), Min Fin of France (D. d’Amarzit), ECB (Y. Mersch), Bundesbank (A. Dombret), FSC (V. La Via) Is the current capital markets single rulebook sufficient for an effective CMU? Chair: K. Botopoulos (Hellenic Capital Markets Commission) Industry speakers: BME (tbd), BNY Mellon (H. Kablawi), Euroclear (P. Symons), UBS (tbd) Public authority speakers: ESMA (V. Ross), EU Com (M. Merlin), AMF (G. Eliet), ECB (M. Bayle ), MEP (K. Swinburne) Is the current capital markets single rulebook sufficient for an effective CMU? Chair: K. Botopoulos (Hellenic Capital Markets Commission) Industry speakers: BME (tbd), BNY Mellon (H. Kablawi), Euroclear (P. Symons), UBS (tbd) Public authority speakers: ESMA (V. Ross), EU Com (M. Merlin), AMF (G. Eliet), ECB (M. Bayle ), MEP (K. Swinburne) Retail investor protection and financial education in the CMU Chair: P. Berès (MEP) Industry speakers: Asset manager (tbd), Retail bank (tbd) Public authority speakers: Better Finance for all (G. Prache), CSSF (JM Goy), FSMA (J-P. Servais), FCA (N. Miller) Retail investor protection and financial education in the CMU Chair: P. Berès (MEP) Industry speakers: Asset manager (tbd), Retail bank (tbd) Public authority speakers: Better Finance for all (G. Prache), CSSF (JM Goy), FSMA (J-P. Servais), FCA (N. Miller) 17: 00 - 18:00 15: 15 - 16:45

11 20:00 - 21:00 18:45 - 20:00 Eurofi High Level Seminar 2015 - Riga 23 April afternoon - Invited speakers - Draft (2) Planning the Capital Markets Union to facilitate the financing of the EU economy 21:00 - 22:30 Exchange of views: Role of the financial sector in relaunching growth in the EU Chair: J. de Larosière President of ECON Committee (R. Gualtieri), JP Morgan (V. Grilli), Min Fin of Netherlands (J. Dijsselbloem), Min Fin of Lithuania (R. Sadzius) Exchange of views: Role of the financial sector in relaunching growth in the EU Chair: J. de Larosière President of ECON Committee (R. Gualtieri), JP Morgan (V. Grilli), Min Fin of Netherlands (J. Dijsselbloem), Min Fin of Lithuania (R. Sadzius) COCKTAIL GALA DINNER Keynote speech(es): V.Dombrovskis, J. Hill 11 Continuation of page 11 18:00 - 18:45 Exchange of views: EU growth and competitiveness challenges Chair: J. de Larosière Goldman Sachs (G. Cohn) Exchange of views: EU growth and competitiveness challenges Chair: J. de Larosière Goldman Sachs (G. Cohn)

12 12 8:00 - 8:30 10:00 - 10:20 12:00 - 13:00 10:30 - 12:00 Eurofi High Level Seminar 2015 - Riga 24 April morning - Invited speakers - Draft Resilience of non-bank financing BUFFET LUNCH Exchange of views with members of the Eurogroup: Improving the economic governance of the Eurozone Min Fin of Netherlands (J. Dijsselbloem), Min Fin of Spain (L. de Guindos), Min Fin of Luxembourg (P. Gramegna), Min Fin of Germany (T. Steffen), J. de Larosière Exchange of views C. Noyer, J. de Larosière, S. Andresen Exchange of views C. Noyer, J. de Larosière, S. Andresen Exchange of views: Future of the single market with further Eurozone integration Chair: J. de Larosière Min Fin of Poland (M. Szczurek), Nat Bank of Greece (Y. Stournaras) Exchange of views: Future of the single market with further Eurozone integration Chair: J. de Larosière Min Fin of Poland (M. Szczurek), Nat Bank of Greece (Y. Stournaras) 8:30 - 10:00 13:00 - 14:30 Enhancing the safety and efficiency of securities financing transactions and collateral Chair: ECB (M. Bayle) Industry speakers: Swift (F. Vandenreydt), BNY Mellon (J. Malgieri), DTCC (A. Douglas) Public authority speakers: Deutsche Bundesbank (J. Metzger), Nat Bank of Italy (E. Zautzik), MEP (R. Soru), OFR (R. Berner) Enhancing the safety and efficiency of securities financing transactions and collateral Chair: ECB (M. Bayle) Industry speakers: Swift (F. Vandenreydt), BNY Mellon (J. Malgieri), DTCC (A. Douglas) Public authority speakers: Deutsche Bundesbank (J. Metzger), Nat Bank of Italy (E. Zautzik), MEP (R. Soru), OFR (R. Berner) Ensuring the resilience of EU FMIs Chair: IOSCO (D. Wright) Industry speakers: ICE (tbd), BNPP (L. Caron-Habib), JPMorgan (tbd), Deutsche Börse (T. Book), Goldman Sachs (tbd) Public authority speakers: EU Com (M. Merlin), MEP (K. Swinburne), Banque de France (D. Beau), Min Fin of Netherlands (M. Heijdra) Ensuring the resilience of EU FMIs Chair: IOSCO (D. Wright) Industry speakers: ICE (tbd), BNPP (L. Caron-Habib), JPMorgan (tbd), Deutsche Börse (T. Book), Goldman Sachs (tbd) Public authority speakers: EU Com (M. Merlin), MEP (K. Swinburne), Banque de France (D. Beau), Min Fin of Netherlands (M. Heijdra) Preserving the investor role of insurers in the context of proposed global systemic rules Chair: G. Bernardino (EIOPA) Industry speakers: Allianz (M. Baumgaertel), Axa (C. Thimann), Metlife (tbd) Public authority speakers: IAIS (C. Lezon), BaFin (F. Hufeld), MEP (B. Balz), EU Com (O. Guersent), Nat Bank of Netherland (J. Sijbrand) Preserving the investor role of insurers in the context of proposed global systemic rules Chair: G. Bernardino (EIOPA) Industry speakers: Allianz (M. Baumgaertel), Axa (C. Thimann), Metlife (tbd) Public authority speakers: IAIS (C. Lezon), BaFin (F. Hufeld), MEP (B. Balz), EU Com (O. Guersent), Nat Bank of Netherland (J. Sijbrand) Mitigating potential systemic risks associated with asset management Chair: S. Maijoor (ESMA) Industry speakers: BlackRock (B. Novick), Amundi (tbd), Deka Bank (tbd) Public authority speakers: IOSCO (D. Wright), MEP (N. Gill), Nat Bank of Ireland (C. Roux), AFM NL (M. Van Vroonhoven), EU Com (M. Merlin) Mitigating potential systemic risks associated with asset management Chair: S. Maijoor (ESMA) Industry speakers: BlackRock (B. Novick), Amundi (tbd), Deka Bank (tbd) Public authority speakers: IOSCO (D. Wright), MEP (N. Gill), Nat Bank of Ireland (C. Roux), AFM NL (M. Van Vroonhoven), EU Com (M. Merlin)

13 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 and its contribution to economic growth. 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. Eurofi has two main types of activities conducted by Didier Cahen, Secretary General of Eurofi, Jean-Marie Andrès and Marc Truchet, Senior Fellows: 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, the role of the financial sector in fostering growth 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. Research and documentation:  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, industry trends as well as the impacts for the financial sector of the economic challenges the EU is facing.  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  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 ABOUT EUROFI The European think tank dedicated to financial services 13 EUROFI MEMBERS The membership of Eurofi comprises many leading global and European financial institutions from different sectors of the industry (banking, insurance, market infrastructures, asset management, credit rating agencies…). Main topics currently addressed 111  Measures and instruments needed to ensure an appropriatefinancing of the EU economy: assessment of the economicand growth challenges to be addressed in the EU (on-going deleveraging of EU economies, low inflation…), measures to support bank financing (securitization of high quality loans), proposals for developing a long term investment perspective and for further diversifying the financing of EU SMEs, measures to stimulate EU bond and equity markets…  Prospects of further EU integration: conditions for an effective implementation of the banking union and for reducing financial fragmentation within the EU, possible evolution towards a fiscal union and towards a capital markets union, evolution of the EU regulatory and supervisory institutions (ESRB, ESAs).  Optimizing the EU financial services internal market: conditions for enabling a sustainable SEPA business case, review of the IORP directive, regulation of CRAs…  Evolutions of the prudential and regulatory framework of banks and insurance companies: fine-tuning and implementation of banking and insurance prudential frameworks (liquidity provisions, RWA evaluations, Solvency II), recovery and resolution of banks and non-banks, digital financial services...  Capital markets and investment products regulations: Capital Markets Union, regulation of securities, derivatives and commodities markets and infrastructures, recovery and resolution of financial market infrastructures, cybersecurity, collateral requirements, asset management regulations, investor protection regulation (PRIPs, MiFID, IMD…), regulation of shadow banking  Financial regulation at the global level: feasibility of bank crisis management at the global level, conditions for implementing market regulations consistently systemicity of non-banks non-insurers…


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