1. Draft Agenda – 20.11.2012 1 Eurofi High Level Seminar 2013 - Dublin Organised in association with the Irish EU Presidency Building the appropriate financial regulation to foster stability and growth

2. 2 Eurofi High Level Seminar 2013 - Dublin Overall agenda - Draft 9:15 - 10:45 11:00 - 12:30 8:30 - 9:00 14:00 - 15:30 16:00 - 17:30 19:30 - 20:30 20:30 – 22:00 17:30 - 19:00 18:30 - 19:30 12:30 - 13:00 Thursday, 11 April 2013 COCKTAIL GALA DINNER Addressing the challenges posed by the complexity of the financial sector in fostering stability and growth GALA DINNER Addressing the challenges posed by the complexity of the financial sector in fostering stability and growth Opening speeches: Main priorities of the Irish EU Presidency in the financial area (Irish Finance minister and Governor): status of financial regulation following the crisis Opening speeches: Main priorities of the Irish EU Presidency in the financial area (Irish Finance minister and Governor): status of financial regulation following the crisis BUFFET LUNCH Improving the regulation of EU investment funds and market finance activities to combine safety and innovation (UCITS VI, MMFs, securities lending, securitisation…) REGISTRATIONS Progress in banking reforms to restore confidence and safety (CRD4, Banking Union, EU crisis management framework, structural banking reforms,…) Developing appropriate financial tools to foster EU growth (non-bank financing tools, financing corporates / SMEs,…) Improving the global consistency of financial regulations (market regulations, banking and insurance regulations, investment funds regulations…) Closing remarks and exchange of views with members of the Ecofin Council: role of financial sector in overcoming growth challenges in the present economic and fiscal context Solvency II: outcome and possible recalibrations following the EIOPA impact assessment Wrap up / Exchange of views Improving the safety and efficiency of EU securities and derivatives markets (Market Infrastructures resolution, margining rules, Securities Law Legislation, MiFID II…) Enhancing the financing of long term projects (following the green paper on long term investment…) Wrap up / Exchange of views 15:30 – 16:00 Friday, 12 April Harmonisation of RWAs Addressing collateral management challenges Wed, 10 April WELCOME COCKTAIL Facing up to retail investor protection challenges Exchange of views: challenges posed by the present monetary and economic context to the EU financial sector 17 h 00 Breakfast sessions Retail payments (tbc) Retail payments (tbc)

3. 3 Eurofi High Level Seminar 2013 - Dublin Organised in association with the Irish EU Presidency Date of the seminar 11 April 2013 on the eve of the informal ECOFIN: 8:30 – 19:30 followed by a cocktail and gala dinner Location of the seminar and of the gala dinner Four Seasons Hotel, Dublin Format: - Closed-door event reserved to a selected audience of 200 / 250 public and industry representatives - Roundtable discussions, introduced by 2 or 3 speeches, for exchanges of views between public decision makers and industry leaders members of Eurofi - Chatham House rules - No press as a general rule Additional meetings: 10 April: 17:00 – 19:30: Workshop(s) on retail investor protection and retail payments (tbc) and exchange of views with J. de Larosière on the challenges posed by the present monetary and economic context to the EU financial sector (involving three to four public / industry personalities) (Four Seasons Hotel) 19:45 – 21:00: Welcome cocktail (National Gallery tbc) and informal dinner with the main speakers (Four Seasons Hotel) 12 April: 8:30 – 10:00: Two breakfast sessions on themes tbd (Four Seasons Hotel) 10:30 – 12:00: Possible workshop (tbd) Invitations: -Co-invitations – Irish Authorities and Eurofi – for leading public personalities and members of the Ecofin. Others invited by Eurofi -Irish Presidency: all members of the Ecofin for the gala dinner in March 2013

4. 4 Main topics (to be reviewed) Wednesday 10 April afternoon 17:00 - 18:30 19:45 - 21:00 18:30 - 19:30 WELCOME COCKTAIL Facing up to retail investor protection challenges Are MiFIDII / IMDII distribution rules (eg regarding advice, inducements…) likely to improve retail investor protection? What issues may need to be fine- tuned? Are investor protection rules sufficiently consistent across investment products answering similar needs following MiFIDII, IMDII and PRIPs? Should the consistency of product rules be enhanced (eg for retail structured products)? Does the supervision of product management need to be enhanced? Should product authorisation processes be more consistent? Do the rules proposed appropriately address the issue of product complexity for retail investors (ie definition of complexity, rules to mitigate its effects at product and distribution levels…)? Facing up to retail investor protection challenges Are MiFIDII / IMDII distribution rules (eg regarding advice, inducements…) likely to improve retail investor protection? What issues may need to be fine- tuned? Are investor protection rules sufficiently consistent across investment products answering similar needs following MiFIDII, IMDII and PRIPs? Should the consistency of product rules be enhanced (eg for retail structured products)? Does the supervision of product management need to be enhanced? Should product authorisation processes be more consistent? Do the rules proposed appropriately address the issue of product complexity for retail investors (ie definition of complexity, rules to mitigate its effects at product and distribution levels…)? Exchange of views: challenges posed by the present monetary and economic context to the EU financial sector Are the current monetary and economic policies (low interest rates, public lending facilities…) consistent with the objective to deleverage EU and non-EU economies? Which economic actors (States, public collectivities, corporates, households…) benefit from these monetary and economic policies? Which economic actors are over-leveraged besides States, in which countries and what problems does this raise regarding the objective to relaunch growth? Is there a risk of creating asset bubbles in the present monetary context? Is there a credit crunch at present in the real economy of certain EU countries (e.g. corporates, project finance…) i.e. reduced offer of credit from the financial sector or is demand for credit from the economic actors low? How can this situation be explained? Exchange of views: challenges posed by the present monetary and economic context to the EU financial sector Are the current monetary and economic policies (low interest rates, public lending facilities…) consistent with the objective to deleverage EU and non-EU economies? Which economic actors (States, public collectivities, corporates, households…) benefit from these monetary and economic policies? Which economic actors are over-leveraged besides States, in which countries and what problems does this raise regarding the objective to relaunch growth? Is there a risk of creating asset bubbles in the present monetary context? Is there a credit crunch at present in the real economy of certain EU countries (e.g. corporates, project finance…) i.e. reduced offer of credit from the financial sector or is demand for credit from the economic actors low? How can this situation be explained? Retail payments To be confirmed

5. 5 Main topics (to be reviewed) Thursday 11 April morning 9:15 - 10:45 11:00 - 12:30 8:30 - 9:00 12:30 - 13:00 Opening speeches: Main priorities of the Irish EU Presidency in the financial area and status of financial regulation following the crisis Is the EU financial sector safer following the G20 regulatory package? What are the growth challenges to be addressed in the EU, what sectors of the economy need to be addressed in priority? What role may the financial sector play in fostering growth compared to other drivers such as reforms of public spending, reduction of production cost, fostering research and innovation…? In what way may financial regulation facilitate or hinder this role of the financial sector? What lessons can be learned from the Irish experience during the crisis and from the results of the measures put in place? Opening speeches: Main priorities of the Irish EU Presidency in the financial area and status of financial regulation following the crisis Is the EU financial sector safer following the G20 regulatory package? What are the growth challenges to be addressed in the EU, what sectors of the economy need to be addressed in priority? What role may the financial sector play in fostering growth compared to other drivers such as reforms of public spending, reduction of production cost, fostering research and innovation…? In what way may financial regulation facilitate or hinder this role of the financial sector? What lessons can be learned from the Irish experience during the crisis and from the results of the measures put in place? BUFFET LUNCH Improving the regulation of EU investment funds and market finance activities to combine safety and innovation (UCITS VI, MMFs, securities lending, securitisation…) What regulatory approach for EU MMFs and particularly CNAVs? Will the rules proposed by IOSCO enable to avoid runs while answering the needs of EU investors? How should the IOSCO proposals be adapted to the EU context where most MMFs are UCITS? What impacts of the proposed rules are expected on the EU MMF market? Should UCITS eligible assets be reviewed? How should OTC derivatives be addressed in UCITS? How to mitigate asset re-hypothecation risks? What improvements are required for efficient portfolio management techniques (securities lending…) in UCITS eg review of collateral, of haircut rules? Should they be addressed in a horizontal way for the various investment products using these techniques? What are the priorities for mitigating securitisation risks in terms of risk retention, disclosure, securitisation process, use of CRAs…? How to build on IOSCO recommendations? Improving the regulation of EU investment funds and market finance activities to combine safety and innovation (UCITS VI, MMFs, securities lending, securitisation…) What regulatory approach for EU MMFs and particularly CNAVs? Will the rules proposed by IOSCO enable to avoid runs while answering the needs of EU investors? How should the IOSCO proposals be adapted to the EU context where most MMFs are UCITS? What impacts of the proposed rules are expected on the EU MMF market? Should UCITS eligible assets be reviewed? How should OTC derivatives be addressed in UCITS? How to mitigate asset re-hypothecation risks? What improvements are required for efficient portfolio management techniques (securities lending…) in UCITS eg review of collateral, of haircut rules? Should they be addressed in a horizontal way for the various investment products using these techniques? What are the priorities for mitigating securitisation risks in terms of risk retention, disclosure, securitisation process, use of CRAs…? How to build on IOSCO recommendations? REGISTRATIONS Progress in banking reforms to restore confidence and safety (Banking Union, EU crisis management framework, structural banking reforms, CRD IV…) What are the main targeted evolutions in the banking sector with the implementation of the new international and EU regulatory frameworks (Banking Union, EU crisis management framework, structural banking reforms, CRD IV, EBA stress testing…) e.g. reinforced solvency / loss absorbency / liquidity, deleverage, reductions of certain financial activities,, improved governance, etc.? Has confidence and soundness of the EU banking sector already improved? Why is the inter-bank market still frozen and the valuation of banking groups depressed? Is there a risk of credit crunch in the EU? What could be the likely evolutions of the banking sector in the medium term? Can one expect to put an end to bail-outs? Are the costs of loans expected to increase? What are the additional impacts expected and the possible uncertainties? What should be done to improve the situation? What additional benefits are expected from structural banking reforms, the Banking Union and the recalibration of the LCR? Are the proposals appropriate? What improvements may be required? What importance should be given to implementing improved macro and micro supervision mechanisms compared to additional financial regulation ? Are the existing EU macro prudential mechanisms sufficient to detect and fight future asset bubbles or credit crunches? Progress in banking reforms to restore confidence and safety (Banking Union, EU crisis management framework, structural banking reforms, CRD IV…) What are the main targeted evolutions in the banking sector with the implementation of the new international and EU regulatory frameworks (Banking Union, EU crisis management framework, structural banking reforms, CRD IV, EBA stress testing…) e.g. reinforced solvency / loss absorbency / liquidity, deleverage, reductions of certain financial activities,, improved governance, etc.? Has confidence and soundness of the EU banking sector already improved? Why is the inter-bank market still frozen and the valuation of banking groups depressed? Is there a risk of credit crunch in the EU? What could be the likely evolutions of the banking sector in the medium term? Can one expect to put an end to bail-outs? Are the costs of loans expected to increase? What are the additional impacts expected and the possible uncertainties? What should be done to improve the situation? What additional benefits are expected from structural banking reforms, the Banking Union and the recalibration of the LCR? Are the proposals appropriate? What improvements may be required? What importance should be given to implementing improved macro and micro supervision mechanisms compared to additional financial regulation ? Are the existing EU macro prudential mechanisms sufficient to detect and fight future asset bubbles or credit crunches? Solvency II: outcome and possible recalibrations following the EIOPA impact assessment What are the limitations of the Solvency II framework that the current economic crisis unveiled? What are the possible inconsistencies existing between CRD IV and Solvency II capital frameworks and their consequences? What evolutions of the insurance regulatory framework are suggested by the EIOPA assessments ? What are the merits and limitations of the different tools tested by EIOPA e.g. matching premium, countercyclical premium, matching adjustment, etc.? What transitory measures could enable an easier implementation of the new solvency regime for insurance companies in the EU? What evolutions of the solvency regime resort from level-1 legislation? What would be the appropriate timetable to implement Solvency II? Solvency II: outcome and possible recalibrations following the EIOPA impact assessment What are the limitations of the Solvency II framework that the current economic crisis unveiled? What are the possible inconsistencies existing between CRD IV and Solvency II capital frameworks and their consequences? What evolutions of the insurance regulatory framework are suggested by the EIOPA assessments ? What are the merits and limitations of the different tools tested by EIOPA e.g. matching premium, countercyclical premium, matching adjustment, etc.? What transitory measures could enable an easier implementation of the new solvency regime for insurance companies in the EU? What evolutions of the solvency regime resort from level-1 legislation? What would be the appropriate timetable to implement Solvency II? Wrap up / Exchange of views

6. 6 Main topics (to be reviewed) Thursday 11 April afternoon 17:30 – 19:00 14:00 - 15:30 16:00 – 17:30 15:30 - 16:00 Providing appropriate financial tools to foster EU growth (non-bank financing tools, financing corporates / SMEs, …) Are saving pools sufficient in Europe to face up to EU economic needs (States, corporates, banks…)? How to better channel existing saving pools in Europe to finance investments in the EU economy in the context of Basel III, Solvency II, investment fund rules…? Can EU financial regulation facilitate non-EU investments in Europe? What is expected from the evolution from a bank-led to a more market-led EU economy? What target mix of investments via banks and non-banks? What non-bank financing tools should be privileged? What regulatory frameworks or incentives can be developed to progress non-bank financing? What additional tools and capabilities are required (eg ratings, analysts, vehicles, distribution…)? What are the possible risks of a transfer to a market-led economy and how to mitigate them? Does the financing of corporates need to be enhanced in the current context? How to facilitate greater SME access to and use of non-bank debt or equity funding (private equity, specific high yield market, trading platforms…)? Can lessons be drawn from non-EU experiences? Providing appropriate financial tools to foster EU growth (non-bank financing tools, financing corporates / SMEs, …) Are saving pools sufficient in Europe to face up to EU economic needs (States, corporates, banks…)? How to better channel existing saving pools in Europe to finance investments in the EU economy in the context of Basel III, Solvency II, investment fund rules…? Can EU financial regulation facilitate non-EU investments in Europe? What is expected from the evolution from a bank-led to a more market-led EU economy? What target mix of investments via banks and non-banks? What non-bank financing tools should be privileged? What regulatory frameworks or incentives can be developed to progress non-bank financing? What additional tools and capabilities are required (eg ratings, analysts, vehicles, distribution…)? What are the possible risks of a transfer to a market-led economy and how to mitigate them? Does the financing of corporates need to be enhanced in the current context? How to facilitate greater SME access to and use of non-bank debt or equity funding (private equity, specific high yield market, trading platforms…)? Can lessons be drawn from non-EU experiences? COCKTAIL Improving the safety and efficiency of EU securities and derivatives markets (FMI resolution, margining rules, MiFID II pending issues, SLL…) What specificities of CCPs and CSDs should be taken into account in an FMI recovery / resolution regime? What mechanisms should be put in place to avoid / manage failures of FMIs and ensure continuity? Is public intervention required in some cases? How can interconnections and the cross-border/global context be taken into account? Should derivative CCPs be addressed differently? Do the margining rules for uncleared OTC derivatives trades put forward the appropriate incentives? Should the scope of application be fine-tuned? What implementation approach is required? Are the margin methodologies appropriate? Is the market structure defined in MiFIDII/MiFIR likely tp foster more safety and efficiency in EU capital markets? Are the rules appropriate for large orders (discretion, commitment of capital…)? Do MiFIDII/MiFIR rules allow appropriate price formation and transparency? Are the issues posed by HFT well addressed? Improving the safety and efficiency of EU securities and derivatives markets (FMI resolution, margining rules, MiFID II pending issues, SLL…) What specificities of CCPs and CSDs should be taken into account in an FMI recovery / resolution regime? What mechanisms should be put in place to avoid / manage failures of FMIs and ensure continuity? Is public intervention required in some cases? How can interconnections and the cross-border/global context be taken into account? Should derivative CCPs be addressed differently? Do the margining rules for uncleared OTC derivatives trades put forward the appropriate incentives? Should the scope of application be fine-tuned? What implementation approach is required? Are the margin methodologies appropriate? Is the market structure defined in MiFIDII/MiFIR likely tp foster more safety and efficiency in EU capital markets? Are the rules appropriate for large orders (discretion, commitment of capital…)? Do MiFIDII/MiFIR rules allow appropriate price formation and transparency? Are the issues posed by HFT well addressed? Improving the global consistency of financial regulations What are the main areas of the on-going reforms in which consistency is most required (market regulations, banking and insurance regulations, investment funds regulations…)? What are the main consistency issues on the global level? What are the possible consequences of these differences in terms of stability, overall efficiency…? How can the main existing consistency issues be solved? What are the main priorities and next steps? What lessons can be drawn from the experience of drafting and preparing the implementation of rules derived from the G20 commitments (ie Basel III, OTC derivatives requirements…)? What role can the institutions (supra-national, regional and domestic) play in order to improve consistency of rules? What tools are required in terms of developing and enforcing rules? Should the legislative process evolve ? Improving the global consistency of financial regulations What are the main areas of the on-going reforms in which consistency is most required (market regulations, banking and insurance regulations, investment funds regulations…)? What are the main consistency issues on the global level? What are the possible consequences of these differences in terms of stability, overall efficiency…? How can the main existing consistency issues be solved? What are the main priorities and next steps? What lessons can be drawn from the experience of drafting and preparing the implementation of rules derived from the G20 commitments (ie Basel III, OTC derivatives requirements…)? What role can the institutions (supra-national, regional and domestic) play in order to improve consistency of rules? What tools are required in terms of developing and enforcing rules? Should the legislative process evolve ? Enhancing the financing of long term projects How to identify long term projects with potential to provide medium and long term sustainable growth? What criteria should be used and what should be the respective roles of the private and public sectors in selecting projects? What additional financing is required for these projects in the EU, is there a potential shortage of financing? How to facilitate the investment in long term assets (e.g. specific asset class, investment vehicles / products, regulatory framework, tax incentives, rating enhancement…)? What inappropriate incentives does it provide to insurance companies regarding finance over a 10-year time horizon? How to take the specificities of long term projects into account in insurance / pension fund regulations (Solvency II, IORP)? How to develop the information, data, capabilities required? What should the role of the EU institutions, public and private banks and non- banks, States in the financing of long term projects? What political support may be required? Enhancing the financing of long term projects How to identify long term projects with potential to provide medium and long term sustainable growth? What criteria should be used and what should be the respective roles of the private and public sectors in selecting projects? What additional financing is required for these projects in the EU, is there a potential shortage of financing? How to facilitate the investment in long term assets (e.g. specific asset class, investment vehicles / products, regulatory framework, tax incentives, rating enhancement…)? What inappropriate incentives does it provide to insurance companies regarding finance over a 10-year time horizon? How to take the specificities of long term projects into account in insurance / pension fund regulations (Solvency II, IORP)? How to develop the information, data, capabilities required? What should the role of the EU institutions, public and private banks and non- banks, States in the financing of long term projects? What political support may be required? Wrap up / Exchange of views: M. Carney 19:00– 19:30 Closing remarks and exchange of views with members of the Ecofin Council: role of financial sector in overcoming growth challenges in the present economic and fiscal context Can significant growth be an objective in the context of a deleverage of the economy requested by policy-makers? What role may the financial sector play in fostering growth compared to other drivers such as reforms of public spending, reduction of production cost, fostering research and innovation…? In what way may financial regulation facilitate or hinder this role of the financial sector? What are the priorities to achieve the genuine Economic and Monetary Union defined by the EU Council and what are its impacts for the financial sector? Closing remarks and exchange of views with members of the Ecofin Council: role of financial sector in overcoming growth challenges in the present economic and fiscal context Can significant growth be an objective in the context of a deleverage of the economy requested by policy-makers? What role may the financial sector play in fostering growth compared to other drivers such as reforms of public spending, reduction of production cost, fostering research and innovation…? In what way may financial regulation facilitate or hinder this role of the financial sector? What are the priorities to achieve the genuine Economic and Monetary Union defined by the EU Council and what are its impacts for the financial sector? GALA DINNER Keynote speeches: Addressing the challenges posed by the complexity of the financial sector in fostering stability and growth How take into account the specificities of financial activities while developing rules that can be managed and supervised? What are the issues raised by one size fits all rules and how to mitigate them? Should financial activities be simplified or should regulation and supervision adapt to their sophistication and complexity? GALA DINNER Keynote speeches: Addressing the challenges posed by the complexity of the financial sector in fostering stability and growth How take into account the specificities of financial activities while developing rules that can be managed and supervised? What are the issues raised by one size fits all rules and how to mitigate them? Should financial activities be simplified or should regulation and supervision adapt to their sophistication and complexity? 19:30– 20:30 20:30– 22:00

7. 7 Main topics (to be reviewed) Friday 12 April morning 8:30 - 10:00 Addressing collateral management challenges Can a sustainable equilibrium be found in the market between the supply and demand for collateral? Can confidence be sufficiently rebuilt to reduce the need for collateral? How to ensure that meaningful products are not affected by a potential shortage of good quality collateral? Are the present solutions put in place by the industry to optimise the use of collateral sufficient at market level? To what extent can the range of collateral accepted by expanded? How can the potential issues related to scalability, impact on banks’ balance sheets, etc… be solved? Can cash rich investors be encouraged to feed liquidity into the market? On which issues may public action be most valuable e.g. securities law (legal ownership, re-use of collateral), market infrastructures access and interoperability rules, …? Addressing collateral management challenges Can a sustainable equilibrium be found in the market between the supply and demand for collateral? Can confidence be sufficiently rebuilt to reduce the need for collateral? How to ensure that meaningful products are not affected by a potential shortage of good quality collateral? Are the present solutions put in place by the industry to optimise the use of collateral sufficient at market level? To what extent can the range of collateral accepted by expanded? How can the potential issues related to scalability, impact on banks’ balance sheets, etc… be solved? Can cash rich investors be encouraged to feed liquidity into the market? On which issues may public action be most valuable e.g. securities law (legal ownership, re-use of collateral), market infrastructures access and interoperability rules, …? Harmonisation of Risk Weighted Assets (RWAs) What are the main issues raised during the financial crisis regarding the models used by banks for assessing risks? What are the main inconsistencies related to risk weighting highlighted by the level 3 review (review of the consistency of the regulatory out comes and primarily of RWAs) performed by the BCBS and reported to G20 leaders? What are the consequences of these issues on the adoption of the new (risk based) banks’ regulatory framework (delay of the implementation in the US, etc) and the confidence of investors on the banking sector? Are there alternatives to risk based regulations in the financial area? What are the success factors for an adequate use of risk assessment techniques in particular by the management of banks and supervisors? What regulatory initiatives would be required to improve the situation? Harmonisation of Risk Weighted Assets (RWAs) What are the main issues raised during the financial crisis regarding the models used by banks for assessing risks? What are the main inconsistencies related to risk weighting highlighted by the level 3 review (review of the consistency of the regulatory out comes and primarily of RWAs) performed by the BCBS and reported to G20 leaders? What are the consequences of these issues on the adoption of the new (risk based) banks’ regulatory framework (delay of the implementation in the US, etc) and the confidence of investors on the banking sector? Are there alternatives to risk based regulations in the financial area? What are the success factors for an adequate use of risk assessment techniques in particular by the management of banks and supervisors? What regulatory initiatives would be required to improve the situation? Breakfast sessions

8. 8 Speakers invited (to be confirmed) Wednesday 10 April afternoon WELCOME COCKTAIL Facing up to retail investor protection challenges Chair: Introductory remarks: sponsors of the event Speakers: Public authorities: ESMA, MEP, domestic regulator Industry: JP Morgan, Fidelity, Axa, BPCE Facing up to retail investor protection challenges Chair: Introductory remarks: sponsors of the event Speakers: Public authorities: ESMA, MEP, domestic regulator Industry: JP Morgan, Fidelity, Axa, BPCE Exchange of views: challenges posed by the present monetary and economic context to the EU financial sector Chair: J. de Larosière Speakers: IMF, ECB, Blackrock, Unicredit Exchange of views: challenges posed by the present monetary and economic context to the EU financial sector Chair: J. de Larosière Speakers: IMF, ECB, Blackrock, Unicredit Retail payments To be confirmed Retail payments To be confirmed 17:00 - 18:30 19:45 - 21:00 18:30 - 19:30

9. 9 Speakers invited (to be confirmed) Thursday 11 April morning 9:15 - 10:45 11:00 - 12:30 8:30 - 9:00 12:30 - 13:00 Opening speeches: Main priorities of the Irish EU Presidency in the financial area and status of financial regulation following the crisis Chair: J. de Larosière Speakers: Irish Finance Minister (M. Noonan), Governor of the Bank of Ireland (P. Honohan), BIS (J. Caruana) Opening speeches: Main priorities of the Irish EU Presidency in the financial area and status of financial regulation following the crisis Chair: J. de Larosière Speakers: Irish Finance Minister (M. Noonan), Governor of the Bank of Ireland (P. Honohan), BIS (J. Caruana) BUFFET LUNCH Improving the regulation of EU investment funds and market finance activities to combine safety and innovation (UCITS VI, MMFs, securities lending, securitisation…) Chair: IOSCO (D. Wright) Introductory remarks: sponsors of the event Speakers: Public authorities: EU Commission (J. Faull), MEP (S. Giegold), ESMA (S. Maijoor), Bank of Ireland (M. Elderfield) Industry: Blackrock, Amundi, Fidelity, JP Morgan AM, Invesco Improving the regulation of EU investment funds and market finance activities to combine safety and innovation (UCITS VI, MMFs, securities lending, securitisation…) Chair: IOSCO (D. Wright) Introductory remarks: sponsors of the event Speakers: Public authorities: EU Commission (J. Faull), MEP (S. Giegold), ESMA (S. Maijoor), Bank of Ireland (M. Elderfield) Industry: Blackrock, Amundi, Fidelity, JP Morgan AM, Invesco REGISTRATIONS Progress in banking reforms to restore confidence and safety (Banking Union, EU crisis management framework, structural banking reforms, CRD IV…) Chair: MEP (E. Ferreira or S. Goulard) Introductory remarks: sponsors of the event Speakers: Public authorities: EBA (A. Enria), FSB (S. Andresen), EU Commission (J. Faull), MEP (O. Karas), IMF, E. Liikanen, P. Volcker Industry: Credit Agricole, BBVA, Santander, Deutsche Bank, Standard Chartered, Credit Suisse Progress in banking reforms to restore confidence and safety (Banking Union, EU crisis management framework, structural banking reforms, CRD IV…) Chair: MEP (E. Ferreira or S. Goulard) Introductory remarks: sponsors of the event Speakers: Public authorities: EBA (A. Enria), FSB (S. Andresen), EU Commission (J. Faull), MEP (O. Karas), IMF, E. Liikanen, P. Volcker Industry: Credit Agricole, BBVA, Santander, Deutsche Bank, Standard Chartered, Credit Suisse Solvency II: outcome and possible recalibrations following the EIOPA impact assessment Chair: EU Commission (M. Nava) Introductory remarks: sponsors of the event Speakers: Public authorities: EIOPA (G. Bernardino),), IAIS (Y. Kawai), MEP (B. Balz) Industry: Axa, Allianz, Swiss Re, CNP Assurances Solvency II: outcome and possible recalibrations following the EIOPA impact assessment Chair: EU Commission (M. Nava) Introductory remarks: sponsors of the event Speakers: Public authorities: EIOPA (G. Bernardino),), IAIS (Y. Kawai), MEP (B. Balz) Industry: Axa, Allianz, Swiss Re, CNP Assurances Wrap up / Exchange of views Rehn, ECB (tbd), lead sponsor Wrap up / Exchange of views Rehn, ECB (tbd), lead sponsor

10. 10 Speakers invited (to be confirmed) Thursday 11 April afternoon 17:30 – 19:00 14:00 - 15:30 16:00 – 17:30 15:30 - 16:00 Providing appropriate financial tools to foster EU growth (non-bank financing tools, financing corporates / SMEs,…) Chair: EU Presidency (J. Moran) Introductory remarks: sponsors of the event Speakers: Public authorities: EU Commission (N. Calvino), AMF (G. Rameix), ESMA (S. Maijoor), EBA (A. Enria), MEP (W. Klinz), Danish Central Bank (P. Callesen) Industry: HSBC, NYSE Euronext, Axa, La Caixa, BNP Paribas, Blackrock, Moody’s Providing appropriate financial tools to foster EU growth (non-bank financing tools, financing corporates / SMEs,…) Chair: EU Presidency (J. Moran) Introductory remarks: sponsors of the event Speakers: Public authorities: EU Commission (N. Calvino), AMF (G. Rameix), ESMA (S. Maijoor), EBA (A. Enria), MEP (W. Klinz), Danish Central Bank (P. Callesen) Industry: HSBC, NYSE Euronext, Axa, La Caixa, BNP Paribas, Blackrock, Moody’s COCKTAIL Improving the safety and efficiency of EU securities and derivatives markets (FMI resolution, margining rules, SLL, MiFID II pending issues…) Chair: Introductory remarks: sponsors of the event Speakers: Public authorities: ESMA (S. Maijoor), EU Commission (E. Paulis), MEP (K. Swinburne), Bank of England, BAFIN (E. König) Industry: DTCC, Euroclear, ICE, Swift, Nasdaq OMX, BME, BONY Mellon, Tradition, Citi, Irish stock exchange Improving the safety and efficiency of EU securities and derivatives markets (FMI resolution, margining rules, SLL, MiFID II pending issues…) Chair: Introductory remarks: sponsors of the event Speakers: Public authorities: ESMA (S. Maijoor), EU Commission (E. Paulis), MEP (K. Swinburne), Bank of England, BAFIN (E. König) Industry: DTCC, Euroclear, ICE, Swift, Nasdaq OMX, BME, BONY Mellon, Tradition, Citi, Irish stock exchange Improving the global consistency of financial regulations (market regulations, banking and insurance regulations, investment funds regulations…) Chair: EU Commission (J. Faull) Introductory remarks: FSB, sponsors of the event Speakers: Public authorities: IOSCO (D. Wright), IAIS (Y. Kawai), MEP (S. Bowles), US regulator, Hong Kong regulator (A. Alder) Industry: DTCC, Goldman Sachs, Bof A ML, JP Morgan, S&P, UBS, Société Générale Concluding remarks: J. de Larosière Improving the global consistency of financial regulations (market regulations, banking and insurance regulations, investment funds regulations…) Chair: EU Commission (J. Faull) Introductory remarks: FSB, sponsors of the event Speakers: Public authorities: IOSCO (D. Wright), IAIS (Y. Kawai), MEP (S. Bowles), US regulator, Hong Kong regulator (A. Alder) Industry: DTCC, Goldman Sachs, Bof A ML, JP Morgan, S&P, UBS, Société Générale Concluding remarks: J. de Larosière Enhancing the financing of long term projects (following the green paper on long term investment…) Chair: Introductory remarks: sponsors of the event Speakers: Public authorities: OECD (A. Laboul), EU Commission (M. Nava), IMF, MEP (P. Skinner) Industry: CDC, CDP, EIB, Natixis, Allianz Enhancing the financing of long term projects (following the green paper on long term investment…) Chair: Introductory remarks: sponsors of the event Speakers: Public authorities: OECD (A. Laboul), EU Commission (M. Nava), IMF, MEP (P. Skinner) Industry: CDC, CDP, EIB, Natixis, Allianz Wrap up / Exchange of views: FSB (Carney), G20 (Russian finance minister), Bundesbank (Weidman) 19:00– 20:00 Closing remarks and exchange of views with members of the Ecofin Council: role of financial sector in overcoming growth challenges in the present economic and fiscal context Chair: J. de Larosière Speakers: Public authorities: J Moran (EU Presidency), P. Moscovici, I. Simonyte, V. Grilli, W. Schauble, L. de Guindos Jurado, Hoban, IMF (C. Lagarde), EU Commission (M. Barnier) Industry: lead sponsors Closing remarks and exchange of views with members of the Ecofin Council: role of financial sector in overcoming growth challenges in the present economic and fiscal context Chair: J. de Larosière Speakers: Public authorities: J Moran (EU Presidency), P. Moscovici, I. Simonyte, V. Grilli, W. Schauble, L. de Guindos Jurado, Hoban, IMF (C. Lagarde), EU Commission (M. Barnier) Industry: lead sponsors GALA DINNER Addressing the challenges posed by the complexity of the financial sector in fostering stability and growth Keynote speeches: Noonan, Draghi GALA DINNER Addressing the challenges posed by the complexity of the financial sector in fostering stability and growth Keynote speeches: Noonan, Draghi 20:00– 20:45 20:45– 22:00

11. 11 Speakers invited (to be confirmed) Friday 12 April morning 8:30 - 10:00 Addressing collateral management challenges Chair: Introductory remarks: sponsors of the event Speakers: Public authorities: EU Commission (Paulis), ECB (Coeuré), Lithuanian regulator Industry: BONY Mellon, Euroclear, BPSS, Fidelity Addressing collateral management challenges Chair: Introductory remarks: sponsors of the event Speakers: Public authorities: EU Commission (Paulis), ECB (Coeuré), Lithuanian regulator Industry: BONY Mellon, Euroclear, BPSS, Fidelity Harmonisation of RWAs Chair: MEP (S. Goulard) Introductory remarks: sponsors of the event Speakers: Public authorities: EBA (Enria), BIS, ECB, EU Commission, MEP Industry: BBVA, BNP Paribas, Deutsche Bank, Unicredit, DSGV, PWC Harmonisation of RWAs Chair: MEP (S. Goulard) Introductory remarks: sponsors of the event Speakers: Public authorities: EBA (Enria), BIS, ECB, EU Commission, MEP Industry: BBVA, BNP Paribas, Deutsche Bank, Unicredit, DSGV, PWC Breakfast sessions

12. 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. Eurofi acts as a catalyst for the market and as a neutral go-between connecting diverse financial industry players and the public authorities. Eurofi has two main types of activities conducted by Didier Cahen, Secretary General of Eurofi, Jean-Marie Andrès and Marc Truchet, Senior Fellows: Research and documentation:  Assessments and proposals taking into account economic, risk and end-user impacts, prepared with the support of cross-sectoral working groups comprising members of Eurofi.  Topics addressed include prospective and currently debated issues related to financial regulation and supervision in an EU and global context, as well as industry trends.  Regular interactions organized with representatives of the public authorities and other stakeholders (e.g. end-users, experts) to discuss and fine-tune assessments and proposals. Events and exchanges of views:  Eurofi Financial Forum: a yearly public international Forum gathering together industry leaders and EU and non-EU public decision makers for high level discussions on the major regulatory projects in the financial area, as well as informal networking.  High level seminars and workshops organised regularly to facilitate exchanges of views on regulatory issues between the members of Eurofi and key public decision makers: for example high level seminars organized in 2012 with the Danish EU Presidency and in 2011 with the Presidency of the G20 to address regulatory topics on the agenda of the G20. These international events are organised with the support of Christian Hawkins. Main topics currently addressed  Current evolutions of the prudential and regulatory framework of banks and insurance companies: fine-tuning of CRD IV, impacts of CRD IV and Solvency II on the financing of the economy, structural reforms of the banking sector (Liikanen report), addressing appropriately the systemic importance of diverse financial institutions (banks, market infrastructures, insurance companies), regulation of the shadow banking sector, EU crisis management framework, conditions for a smooth evolution towards a more market-led EU economy, risk disclosure practices to favour financial stability…  Capital markets and investment products regulations: regulation of securities, derivatives and commodities markets and trading and post-trading infrastructures (MiFID review, CSD regulation, EMIR), evolutions in asset management regulations (AIFMD, ETFs, specific fund regulations, possible evolutions of UCITS…), investor protection regulation (PRIPs, MiFID, IMD…) and fund depositary rules (UCITS V), extra- territoriality and cross-border access rules…  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… 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…).  A not-for-profit organization created in 2000 chaired by Jacques de Larosière  Platform for exchanges between the financial services industry and the public authorities addressing issues related to the evolution of financial regulation and supervision EUROFI MEMBERS 12