ABAC Initiatives for the Finance Ministers’...

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2016/SFOM14/007 Session 7

ABAC Initiatives for the Finance Ministers’ Process

Purpose: Information Submitted by: APEC Business Advisory Council

14th Senior Finance Officials’ Meeting Trujillo, Peru

26-27 May 2016

EXECUTIVE SUMMARY The FMP has entrusted 3 initiatives to ABAC – the Asia-Pacific Forum on Financial Inclusion, the Asia-Pacific Financial Forum (APFF) and the Asia-Pacific Infrastructure Partnership (APIP). Under the Cebu Action Plan, ABAC is undertaking various activities through these initiatives related to financing MSMEs, financial inclusion/literacy, the Asia Region Funds Passport, disaster risk financing and insurance, capital market development and long-term investment. Several of these activities are being undertaken through the APFF’s six work streams (Financial Infrastructure Development Network, Trade and Supply Chain Finance Work Stream, Capital Market Work Stream, Financial Market Infrastructure/Cross-Border Practices Work Stream, Insurance and Retirement Income Work Stream, and Linkages and Structural Issues Work Stream). Over 300 individual experts from over 150 organizations are actively participating in these work streams, including firms, international and domestic industry associations, government agencies, regulatory bodies, and international and academic/research organizations. These work streams are led by sherpas and core group members coming from a wide range of these organizations.

Required Action/Decision Points

It is recommended that the Senior Finance Officials: 1. Note the reported activities and encourage interested finance ministries to actively collaborate

with ABAC in undertaking them to advance the Cebu Action Plan.

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Report onABAC Initiatives for the Finance

Ministers’ Process

APEC Business Advisory Council

ABAC Initiatives for theAPEC Finance Ministers’ Process

APEC Finance and

Development Institute

Asia Region Funds

Passport (ARFP)

APEC PPP Experts

Advisory Panel

Asia-Pacific Infrastructure

Partnership (APIP)

Asia-Pacific Financial

Forum(APFF)

Asia-Pacific Forum on Financial Inclusion

APEC Financial

Institutions Dealing with

SMEs

Financial Regulators

Training Initiative

Initiatives entrusted to ABAC

Finance Ministers’ Process (FMP)21 APEC Finance Ministries

Observers: ADB, IMF, OECD, WBG, ABAC

FMP Policy Initiatives

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The APFF StructureAPEC Finance Ministers Process (FMP)

APEC Business Advisory Council (ABAC)

Asia-PacificFinancial Forum

(APFF)

Financial Infrastructure Development

Network

Linkages / Structural

Issues

Insurance / Retirement

Income

Financial Market Infrastructure /

Cross-Border Practices

Capital Markets

Trade / Supply Chain Finance

Credit Information

Secured Transactions

Information for Investors

Asia Region Funds Passport

Classic repo markets

Derivatives

Retirement /Long-Term Investment

Disaster Risk Financing /Insurance

APFF Work Streams

Accounts Receivables Finance

Firms

Investment / commercial banksInsurers and pension fundsNon-bank lendersAsset managersLaw, accounting, consultancy firmsCorporatesCredit rating agenciesCredit bureaus

International / domestic industry

associations

Government agencies

Finance ministriesJustice ministriesTrade ministries

Development assistance agenciesForeign affairs ministries

Regulatory bodies

International organizations

ADBBISIMFOECDWorld Bank/IFCUNCITRAL

Academic / research

institutions

The APFF Network

Central banksSecurities, banking, insurance regulatorsInternational regulatory organizations

Securities industryBanking (general, trade finance,

secured lending, factoring)Insurance and Pensions

Asset management Business and consumer credit

informationChambers of commerce

Over 150 organizations Over 300 individual experts

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APFF Leadership TeamAPFF CHAIR• Hiroyuki Suzuki, Nomura Holdings Inc.

– APFF Coordinator: J.C. ParrenasCAPITAL MARKETS• Classic Repo Markets

Sherpa: Mark Austen, ASIFMA• Derivatives

Sherpa: Keith Noyes, ISDA• Information for Investors

Sherpa: Michael Taylor, Moody’s – Sherpa support team: Farisa Zarin/Eleni Himaras,

Moody’s– Lead, Issuer Disclosure: Stephen Taylor/Candy

Fong, Deloitte Touche Tohmatsu Ltd– Lead, Bond Market Data: Thiam Hee Ng, ADB– Lead, Investor Rights in Insolvency: Charles Booth,

University of Hawaii• Asia Region Funds Passport

Sherpa: Hon Cheung/Steven Chan, State StreetCore Group: Boon-Hiong Chan, Deutsche Bank * Catherine Simmons, Citi * Eugenie Shen, ASIFMA * Qiumei Yang, ICI Global * Rebecca Lentchner, BNY Mellon

FINANCIAL MARKET INFRASTRUCTURE• FMI/Cross-Border Practices

Core Group: Beth Smits, Johns Hopkins University *Boon-Hiong Chan, Deutsche Bank * Rebecca Lentchner, BNY Mellon

• FMI FinTech• Sherpa: David Katz, PayPal (with support from

Matthew Gamser, IFC/Carlo Corazza, WB)

INSURANCE AND RETIREMENT INCOME• Overall Sherpa: Makoto Okubo, Nippon Life• Retirement and Long-Term Investment

Sherpa: Makoto Okubo, Nippon Life– Lead, Retirement Savings and Lifetime

Retirement Income: Vanessa Wang, Citi– Lead, Long-Term Investment: Brian Murray, AIA

• Disaster Risk Financing and InsuranceSherpa: Douglas Barnert, Barnert Global

– Lead, Disaster Risk Financing: Masaaki Nagamura/Hirofumi Kasai, Tokio Marine

– Lead, Microinsurance: Antonis Malagardis, GIZ *Michael McCord, Microinsurance Network

TRADE AND SUPPLY CHAIN FINANCE• Sherpas: Boon-Hiong Chan, Deutsche BankFINANCIAL INFRASTRUCTURE DEVELOPMENT NETWORK• Credit Information

Sherpas: Michael Turner/Patrick Walker, PERC/APCC (with support from Jinchang Lai/Tony Lythgoe, IFC)

– Philippine pilot project coordinators: JinchangLai/Griselda Santos, IFC * Jaime Garchitorena, CIC

• Secured TransactionsSherpas: Chris Wohlert/Thomas Clark, GE Capital International (with support from Jinchang Lai/Tony Lythgoe, IFC)

• Accounts Receivables FinanceSherpa: Boon-Hiong Chan, Deutsche Bank (with support from Jinchang Lai/Tony Lythgoe, IFC)

LINKAGES AND STRUCTURAL ISSUES• Sherpa: Kenneth Waller, Australian APEC Study Centre

Asset mgtfirms

Legal advisers

Academic and

research bodies

Public sector agencies

Credit rating

agencies

Trading companies

Consultancy firms

Construction firms

Commercial banks

Investment banks

Pension funds

Insurers

Utilities firms

Global initiatives

Industry associations

Developers

Over 80 individual experts

Over 60 organizations

The APIP Network

Collaboration with:• Multilateral partner institutions

• ADB * IFC * IDB * OECD* WB

• APFF Insurance and Retirement Income Work Stream

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Activities

Updates on Undertakings inSME Finance and Financial Inclusion

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Action Agenda• Financial Infrastructure Development Network (FIDN):

– Enabling MSMEs to use their reputational collateral (business owners’ financial and non-financial account and transaction data) to access loans

• Credit information systems – legal framework, credit bureaus/registries, capacity building– Enabling MSMEs to use movable assets as collateral to access loans

• Secured transactions/insolvency systems – legal framework, collateral registries, capacity building

– Enabling MSMEs to sell their accounts receivables to obtain working capital (factoring)

• APFF Trade and Supply Chain Finance Work Stream– Addressing the impact of Basel III, KYC/AML rules on lending to MSME

suppliers– Promoting use of e-commerce and digital trade finance– Use of regional currencies in settlement and asset-based financing

• Financial Inclusion– Promoting access of low-income households and micro-entrepreneurs to

financial services (credit, savings, microinsurance, payments, pensions)

Completed and Ongoing Work• 2015 Nov 12, Manila: Launch of APFF Financial Infrastructure

Development Network (FIDN)• 2016 Mar 14-15, Manila: FIDN Conference – to advance Philippines FIDN

Pilot Project• Preparation of FIDN-related events:

– 2016 May 21-22, Nanjing: China Secured Transactions Conference– 2016 July 4-5, Bangkok: Mekong Credit information Sharing Meeting– 2016 2nd Semester, China: SME Credit Reporting Symposium– 2016 2nd Semester, Vietnam: Supply Chain Finance Symposium– 2016 November 21-22, Hanoi: Insolvency Reform Forum

• Preparation of APFF trade and supply chain finance workshop:– 2016 July 8, Singapore

• Preparatory discussions with governments to start FIDN projects:– Brunei Darussalam (secured transactions)– Thailand (secured transactions and credit information)

• 2016 April 7-8, Tokyo: 2016 Asia-Pacific Forum on Financial Inclusion• Publication of report on impact of 2011-2015 Financial Inclusion Forums

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Next Steps I• Holding of APFF and FIDN-related events• Credit information systems:

– Baseline analysis of consumer and commercial credit information sharing in 21 APEC economies (under discussion with USAID)

– Development of 2 APEC templates for data formatting to facilitate regional convergence to support cross-border MSME and migrant worker access to finance (commercial credit reporting and consumer credit reporting)

– Cross-border credit data sharing pilot projects:• Commercial credit data: Mekong-5: Thailand, Vietnam, China, Laos, Cambodia• Consumer credit data: Oceania: Australia, New Zealand, PNG, Pacific islands

• Secured transactions systems: – Advisory activities to introduce, improve, further develop secured transactions

and insolvency laws (Philippines, Brunei, Thailand, Vietnam, China)– Studies:

• Model codes [ABAC,UNCITRAL,OAS,EBRD]• Usage of alternative dispute resolution to accelerate secured transaction reform• Benefits of a harmonized APEC collateral registry to facilitate cross-border transactions

• Trade and supply chain finance: Workshop to cover the following:– Aspects of TPP and good practice supply chain and finance considerations vis-

a-vis global KYC/AML compliance standards, de-risking, e-commerce, trade facilitation and trade financing

– Major impediments and solutions to cross-border e-commerce, digital trade finance and electronic payments (e.g., acceptability of digital proofs of delivery, such as electronic signatures and documents; cybersecurity and anti-fraud standards in cross-border trade and supply chains.

• Financial inclusion:– Compilation, publication and dissemination of the report of the 2016 Forum– Collaboration with Peru Ministry of Economy and Finance – FMP Financial

Inclusion Seminar (24 May 2016, Trujillo, Peru)

Next Steps II

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Updates on Undertakings inCapital Market Development

Valuation Practices

Action AgendaCAPITAL MARKET DEVELOPMENT• Classic (Title-Transfer) Repo Markets• Legal infrastructure for OTC Derivatives Clearing

– Legal netting infrastructure– Protection of collateral interests– Margining of non-cleared OTC derivatives

• Availability of Information for Capital Market Investors– Self-assessment templates for issuer disclosure, bond market data and investor rights in

insolvency• Supporting the successful launch of the Asia Region Funds Passport (ARFP)

– Studies and surveys– Encouraging participation of more economies; convergence with other schemes– Promoting local industry support

VALUATION PRACTICES• Dialogues with regulators, practitioners, users of services• Development of tools:

– Audit of valuation landscape across APEC– Template of best practice

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Completed and Ongoing Work I• Classic (Title-Transfer) Repo Markets

– 2015 Nov 16, Manila: ABAC-ASIFMA-ADB-ISDA Workshop for the Philippines

– 2016 Apr 19, Jakarta: ABAC-ASIFMA-ADB-OJK Workshop for Indonesia• Legal infrastructure for OTC Derivatives Clearing

– 2015 Nov 16, Manila: ABAC-ASIFMA-ADB-ISDA Workshop for the Philippines

– Discussion with OJK Indonesia on possible workshop in 4Q 2016• Availability of Information for Capital Market Investors

– 2015 March, Manila: Pilot Program Workshop with Philippine Securities and Exchange Commission

– Ongoing discussions on future programs with Thailand, Vietnam, Malaysia and the ASEAN Capital Markets Forum.

• Supporting the successful launch of the Asia Region Funds Passport (ARFP)– Completion of APFF Study on Tax Implications of ARFP– Discussions with Chinese Taipei on possible ARFP workshop

Completed and Ongoing Work II• Valuation Practices - Outreach activities

– 2016 January, Kuala Lumpur: Malaysia Roundtable– 2016, April 26, Port Moresby: Briefing for PNG government and

private sector– Future Roundtables to be held in Japan, Philippines, Thailand and

Vietnam in coming months– 2016 Autumn, Beijing: Symposium planned in partnership with CAS –

Valuation and its Contribution to Economic Growth

• Valuation Practices – Completion of drafts:– Audit of the valuation landscape in APEC– Template of best practices for valuation

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Updates on Undertakings inFinancial Market Infrastructure /

Cross-Border Practices

Action Agenda• Financial Market Infrastructure/Cross-Border Practices:

– Aim: Regional securities investment ecosystem to facilitate cross-border portfolio investment flows

– Focus:• Regional cooperation to deal with multifarious changes in market

access, clearing, settlement and repatriation across member economies and their timelines (including shortening of settlement cycles to T+2)

• Regional cooperation to deal with impact of KYC/AML rules on cross-border investment flows, focusing on aligning standards for documentation collection and reporting, use of third party industry utilities for centralized KYC/AML electronic depositary, minimum standards for data privacy, protection, security and cross-border flows.

• FMI FinTech (under discussion)– Topics under consideration: E-payments, impact of KYC rules,

cyber-security challenges, impact of data localization, FinTechliteracy

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Next Steps• Develop a Roadmap to Improve the Regional

Financial Market Infrastructure• Collaboration with interested APEC finance ministries

• Define work plan for FMI Fintech

Updates on Undertakings inInfrastructure, Insurance, Pensions

and Disaster Risk Financing

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Action Agenda• Insurance

– Regulation and accounting frameworks supporting insurers’ long-term business and investment

– Expanded flow of long-term investment in infrastructure• Retirement Income Reform

– Promote growth of supply of/demand for retirement income products to expand the pool of long-term assets

• Promote effective Disaster Risk Financing through: – Developing sound financial and insurance markets– Enhancing disaster risk evaluation through the use of data– Raising public awareness on disaster risk– Steering investment to upgrade disaster resilient infrastructure– Knowledge sharing to prompt actions among APEC economies– Public-private collaboration

• Microinsurance– Expanding microinsurance coverage in APEC economies

Completed and Ongoing Work• Retirement Income and Long-Term Investment

– 2016 Jan 25-26, Hong Kong: Work stream discussions on 2016 deliverables

– 2016 May 10, Kuala Lumpur: APFF Workshop on Developing an Islamic Infrastructure Investment Platform (I3P)

– 2016 Apr 27, Singapore: Work stream discussions on 2016 deliverables.

– Ongoing: Individual dialogues of work stream members with accounting (IASB/FASB) and insurance regulatory bodies (IAIS, CIRC, ASEAN insurance regulators, etc.)

• Disaster Risk Financing– 2016 Feb 13-14, Lima: FMP Workshop on DRF and DR Insurance

and APEC Regional Working Group on DRF• Microinsurance

– 2016 Apr 7-8, Tokyo: Session discussions at the Asia-Pacific Forum on Financial Inclusion

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Next Steps• Retirement Income and Long-Term Investment

– 2016 Jun 6-7, Taipei: Continued work stream discussions on 2016 deliverables.

– Continuation of engagement with accounting and insurance regulatory bodies

• Disaster Risk Financing– Development of APEC Roadmap for DRF

• Microinsurance– Development of APEC Roadmap for Microinsurance

Updates on Undertakings inLinkages and structural issues

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Action Agenda

• Regional architecture– Financial regulation– Regional coordination and integration

• Islamic patient capital

Completed, Ongoing, Future Work• Regional architecture

– Financial Regulation in Asia Research Team at Melbourne University –working papers and articles available on https://government.unimelb.edu.au/financial-regulation-in-asia

– 2016 Mar 23, Sydney: ABAC – ARFP and Regional Financial Market Integration Industry/Regulator Dialogue

– 2016 Dec 7, Singapore: Workshop on regional financial architecture (Convenors: Melbourne University/Singapore Management University)

• Islamic patient capital– Harvard University paper completed, being finalized for distribution– Key ideas communicated to regulators at the first ABAC workshop on

Islamic Infrastructure Investment Platform in Brunei in 2015; to be discussed again at the APFF Workshop on Developing an Infrastructure Investment Platform (I3P), 10 May, Kuala Lumpur

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Updates on Undertakings inFinancial Innovation

2016 Objectives and Activities• Objectives

– Hold Roundtables among key stakeholders from the public and private sectors and major international organizations

– Based on the conclusions of the Roundtables, formulate recommendations on structures and processes to help member economies harness financial innovation to build bigger, robust and inclusive financial markets

• Activities– 2016, Feb 24, San Jose: APFF Roundtable on Financial Innovation

(completed)– 2016, Jul 15, Hong Kong: ABAC-ASIFMA APFF FinTech Roundtable

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APFF Roundtable on Financial Innovation:How can we harness innovation to build bigger, robust and inclusive financial markets?

24 FebruarySilicon Valley, California, USA

FIDN Conference on Credit Infrastructure

14-15 MarchMakati City, Philippines

2016 Asia-Pacific Forum on Financial Inclusion:Financial inclusion in a digital age

7-8 AprilTokyo, Japan

Repo Seminar: Developing Deep and Liquid Repo Markets in Indonesia

19 April Jakarta, Indonesia

APFF Workshop on Developing an Islamic Infrastructure Investment Platform (I3P)

10 MayKuala Lumpur, Malaysia

International Conference onSecured Transactions Legal Reform

21-22 MayNanjing, China

APFF Roundtable on Financial Innovation:How can we harness innovation to build bigger, robust and inclusive financial markets?

24 FebruarySilicon Valley, California, USA

FIDN Conference on Credit Infrastructure

14-15 MarchMakati City, Philippines

2016 Asia-Pacific Forum on Financial Inclusion:Financial inclusion in a digital age

7-8 AprilTokyo, Japan

Repo Seminar: Developing Deep and Liquid Repo Markets in Indonesia

19 April Jakarta, Indonesia


10 MayKuala Lumpur, Malaysia

International Conference onSecured Transactions Legal Reform

21-22 MayNanjing, China

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24 February 2016Hosted by PayPal

Corporate Campus, PayPal HeadquartersTown Hall Entrance, 2161 N 1st St., San Jose, CA 95131

Asia-Pacific Financial Forum


Roundtable on Financial InnovationHow can we harness innovation to build bigger, robust and inclusive

financial markets?

Insurance

APFF Roundtable on Financial Innovation:24 February, Silicon Valley, USA

Highlights I: Impact of FinTech

• Innovations New business models Regulatory implications

• FinTech development being driven by:– Front-end tech: e.g., API, mobile money– Front-end financial services: e.g., P2P lending– Back-end tech: e.g., block chain, big data, AI, security– Back-end financial services: e.g., payments, underwriting

• Creating disruptions in various parts of the financial sector, examples:– Lending: new non-bank lenders, marketplace lending, internet finance– Fund transfers and payments: mobile/card payments, advanced fraud

and security methods, P2P, cross-border transfer platforms– Insurance: mobile access, new technologies driving operational costs,

enhanced analytics for better risk decisioning

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Highlights II: Current Situation

• Currently predominant FinTech firms powered by recent but not the newest innovations– E.g., digital platforms and apps, big data, algorithms

• Newer technologies (e.g., block chain, artificial intelligence): still limited commercialization but have very significant potential for disruption

• Wide variation in levels of market penetration– Payments: most developed (due to e-commerce)– Lending: high investment growth, becoming significant– Block chain (distributed ledger): rapidly growing from a low base

• Incumbent financial institutions investing heavily in FinTech• Non-financial technology companies entering the financial services

sectors through FinTech acquisitions and investment• Big opportunities for financial inclusion in emerging markets


Highlights III: Regulatory and Policy Issues

• RegTech: enabling financial services firms to comply more effectively with regulations

• How policies and regulations should respond to rapidly evolving business models powered by FinTech, especially in balancing:– Critical regulatory objectives (e.g., stability, cyber security, data

privacy, consumer protection, fighting crime and terrorism) with– Broader policy goals (e.g., financial inclusion, efficiency, innovation,

growth of trade and investment)– Where the balance lies may be perceived differently in different

markets (e.g., emerging vs. advanced)• Various jurisdictions now moving to promote innovations to

develop their financial sectors – design and adoption of enabling regulatory and policy frameworks

• Needed: closer domestic and regional collaboration among regulators/policy makers, financial industry, FinTech startups, experts from multilateral and academic institutions – a role for APEC?

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Workshop on Developing an Islamic Infrastructure Investment Platform (I3P)

Asia-Pacific Financial Forum

10 May 2016 Training Room 3.2-3.4, Level 3, Sasana Kijang, Kuala Lumpur, Malaysia

In conjunction with


BACKGROUND

• 2015 September 11, Cebu: At AFMM lunch dialogue with finance sector, Brunei and Malaysia encouraged ABAC to identify barriers to expansion of cross-border investment of Islamic financial institutions, especially pensions and insurance (takaful) in infrastructure

• 2015 October 27, Brunei: – Workshop identified the need to:

• develop commonly accepted definitions of Shariah-compliant infrastructure projects and financial instruments

• develop Islamic hedging instruments• develop instruments to allow Islamic long-term financial institutions

to invest in infrastructure• address tax discrimination against Islamic finance• agree on common approaches to international regulatory issues.

– Interested APEC economies should establish a platform through which these steps could be undertaken – Islamic Infrastructure Investment Platform (I3P)

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OUTCOMES OF THE WORKSHOP• Participants: Multilateral institutions (IsDB, ADB, WB), Islamic financial and

asset management firms (domestic, regional, global), industry associations, government and regulatory agencies, initiatives (e.g., IISS), academe, scholars

• Sessions:1. Cross-border funding of Infrastructure: Key considerations, common

approaches and financial instruments2. Key requirements for building dynamic markets3. Developing an Islamic Infrastructure Investment Platform (I3P)

• Agreement on initial ideas for the mission, vision, structure and work streams of the platform

• Expressions of interest from participating institutions to collaborate in the platform

• Expressions of support from Malaysia and Brunei• Next steps:

– ABAC/APFF to incorporate a proposal in the 2016 Report to APEC Finance Ministers

– Preliminary discussions with institutions signaling interest in playing lead roles in work streams

APFF Roundtable on Financial Innovation II:Fintech 2016: Challenges and Opportunities for Asian Industry and Regulators

15 JulyHong Kong, China

First Meeting on the Mekong Credit Information SharingCo-organized by IFC, ABAC, National Credit Bureau of Thailand (NCB) and Business Information Industry Association (BIIA)

4-5 JulyBangkok, Thailand

APFF Trade and Supply Chain Finance Workshop

8 JulySingapore

APFF High-Level SymposiumAPFF 2016 – What Was Accomplished and What Lies Ahead

1 AugustShenzhen, China

Proposed:2016 Financial Sector Roundtable and Dialogue with APEC Finance Ministers

TBCLima, Peru

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8 JulySingapore




TBCLima, Peru


• Date, time and venue: 15 July 2016, 08:30-18:00, HKMA, Hong Kong, China• Co-organizers: ABAC, ASIFMA, • Co hosts: HKMA, HK SFC• Invitees: About 160 policy makers and regulators, multilateral institutions,

financial services firms, FinTech start-ups, academic institutions• Agenda:

– The evolving FinTech regulatory landscapes in global financial centers and Asia– Distributed ledger (block chain) technology– Cybersecurity, data privacy and cloud technology– Workshops:

• Alternative lending, crowdfunding, P2P• RegTech• Artificial intelligence, machine learning, robo-advisors• KYC, AML and financial crimes• Market and reference data• Digital payments

– Plenary panel discussion: Regulation and FinTech

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• Date, time and venue: 1 August 2016, 10:30-17:30, J.W. Marriott Shenzhen Hotel, Shenzhen, Guangdong Province, China

• Organizer: ABAC • Hosts: ABAC China, China Council for the Promotion of International Trade

(CCPIT)• Invitees: FMP participants (finance ministries, international organizations),

financial regulators, ABAC members, financial industry firms and associations, academic institutions

• Agenda:– How can we remove the key barriers to finance for MSMEs?– How can we accelerate capital market development and integration in the

Asia-Pacific region?– How can we enable the insurance and pension sectors to play their proper

roles in the region’s financial systems?– How can we harness the potential of FinTech to build efficient and inclusive

financial markets?• Discussions to focus on contents of 2016 APFF Progress Report:

– Review of progress of public-private sector collaboration using the APFF platform

– The way forward for initiatives and next steps






8 JulySingapore




TBCLima, Peru

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Need More Information?

Contact:Dr. Julius Caesar Parreñas

Senior Advisor, Nomura 2-2-2, Otemachi, Chiyoda-ku, Tokyo 100-8130, Japan +81-3-5255-9611 [email protected]

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