The Eurofi Financial Forum 2015 Organised in association with the Luxembourg EU Council Presidency

EU and Eurozone growth and integration challenges: the moment of truth? Luxembourg

9, 10, 11 September 2015

Draft agenda 31.08.2015  

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2

11:45-12:00

14:00-14:45

14:45-16:00

20:00-21:30

19:15-19:45

12:00-12:45

8:00-9:30

16:00-17:15

Eurofi Financial Forum 2015 - Luxembourg Overall agenda - Draft

COCKTAIL

REGISTRATIONS

Wednesday 9 September 2015 Thursday 10 September 2015

COCKTAIL

GALA DINNER (Keynote speeches)

Strategic and regulatory challenges with emerging financial trends (Exchange of views)

BUFFET LUNCH

EU growth and competitiveness: getting back on the right track

Friday 11 September 2015

Closing session: Towards an effective economic convergence

in the EU area (12:00-13:15)

Ensuring an appropriate global coordination of financial regulations

(11:00-12:00)

Financing climate change initiatives

Addressing global data availability challenges

Evolution of financial services in the context of increasing digitalisation

The Capital Markets Union (CMU) action plan: key priorities and roadmap

The evolving role of banks in financing the economy (Exchange of views)

Ensuring the coherence of EU financial regulation (Exchange of views)

Remaining issues and forthcoming challenges reg. bank prudential

regulation

EMIR review and CCP Recovery & Resolution

Mitigating potential financial stability risks in the insurance and asset

management sectors

Addressing cybersecurity challenges

First achievements of the Juncker Plan and forthcoming challenges

Mitigating the impacts of lasting low interest

rates for the financialsector

SSM / SRM / ESRB key challenges and

remaining issues

Growth and integration challenges in the EU Implementing the Capital Markets Union

& asset management future prospects

Emerging trends in the financial sector Ensuring the resilience of the EU financial sector

Opening remarks / debate: How to achieve stronger growth in the EU?

Facilitating the cross-border distribution of EU

investment funds

Maximizing the contribution of asset

management to the CMU (products, frameworks)

Balancing debt and equity financing

Structuring an effective EU securitisation market

10:30-11:45

13:30-15:00

15:30-16:45

20:15-21:00

18:15-18:30 18:30-19:00

16:45-18:00

17:30-19:00 Wrap-up on CMU challenges and next steps (Exchange of views)

19:00-20:15

21:00-22:30

Key forthcoming challenges and prospects for the EU asset management sector (Exchange of views)

15:00-15:20

Profitability and competitiveness of EU banks: main challenges (Exchange of views)

Accounting challenges in the context of the EU

long term agenda

EU & international governance

Keynote speeches

9:45-10:00

Developing the international attractiveness of the EU economy (Exchange of views)

Opening remarks Supervisory challenges raised by emerging trends in the financial sector (digitalisation, alternative financing

mechanisms…)

Mitigating marketl iquidityshortagerisks

Concluding remarks 19:45-20:00

L. Angeloni, Supervisory Board, ECB C. Bavagnoli,  Min. of Economy and Finance, France  G. Bernardino, EIOPA R. Berner, US Treasury (OFR) A. Bucher, EU Commission (DG ECFIN) P. Callesen, Central Bank of Denmark B. Coeuré, ECB J. Cunliffe, Bank of England P. de Backer, MEP K. Braddick, UK Treasury P. Del Castillo Vera, MEP A. Dombret, Bundesbank V. Dombrovskis, EU Commission A. Enria, EBA M. Ferber, MEP E. Fernandez-Bollo, ACPR G. Gelos, IMF J. Guill, CSSF S. Goulard , MEP P. Gramegna, Min Finance, Luxembourg N. Gill, MEP R. Gualtieri, ECON Committee O. Guersent, EU Commission J. Hill, European Commission F. Hufeld, BaFin P. Kazimir, Deputy Prime Minister, Slovakia

T. Kelam, MEP K. Knot, Central Bank of Netherlands E. König, Single Resolution Board (SRB) L. Holle, Ministry of Finance, Germany V. La Via,  Min. of Economy and Finance, Italy & FSC S. Maijoor, ESMA G. Medcraft, IOSCO Y. Mersch, ECB A. J. Murton,  FDIC R. Ophele, Banque de France S. Pietikainen, MEP M. Prada, IFRS P. Praet, ECB G. Reinesch, Central Bank of Luxembourg D. Riquet, MEP C. Roux, Central Bank of Ireland K. Regling, ESM J.P. Servais, FSMA L.F. Signorini, Banca d’Italia P. Simon, MEP K. M. Stein, SEC G. Thomas, DG Energy, EU Commission C. Van Nieuwenhuizen , MEP G. Vegas, Consob M. Verwey, DG ECFIN, EU Commission D. Wright, IOSCO 3

Eurofi Financial Forum 2015 - Luxembourg Key speakers confirmed: public authorities

C. Allen, Barclays M. A. Autheman, Euroclear E. Baur, Swiss RE J. Berg, Nykredit M. Billing, Nasdaq P. Bordenave, BNP Paribas F. Bompaire, Amundi T. Book, Eurex L. Bini Smaghi, Société Générale M. Bodson, DTCC P. Bordenave, BNP Paribas P. Brassac, Crédit Agricole S.A. T. Buecheler, Allianz SE J.M. Campa, Grupo Santander M. Cole-Fontayn, BNY Mellon G. Cox, Metlife H. Delcourt, BIL C. Ellis, Moody’s A. Fayolle, EIB D. Flint, HSBC Holdings plc L. Freitas De Oliveira, Capital Group L. Frieden, Deutsche Bank S. Gavell, State Street D. Gepp,  Federated Investors J.M. González-Páramo, BBVA P. M. Hildebrand, BlackRock

R. Holmes, Standard Chartered G. Harlin, AXA W. Hoyer, EIB T. Keane, Western-Union S. Lake, HSBC Holdings plc X. Larnaudie-Eiffel, CNP Assurances J. Lemierre, BNP Paribas G. Leibbrandt, Swift I. Levine, Capital Group G. Lynch, Bank of America Merrill Lynch R. Nicastro, Unicredit M. O’Brien, JP Morgan Asset Management I. Redondo, CaixaBank O. Renaud-Basso, Caisse des Depôts Group U. Rohner, Credit Suisse Group M. Rüdiger, DekaBank N. Sahai, S&P K.P. Schackmann-Fallis, DSGV R. Sharfe,  Luxembourg Stock Exchange F. Shirzad, Goldman Sachs & Co. J. Taylor, EIB J. Tessler, Clearstream Banking K. Timmermans, ING A. Weber, UBS AG A. Wilmot-Sitwell, Bank of America Merrill Lynch 4

Eurofi Financial Forum 2015 - Luxembourg Key speakers confirmed: Eurofi members

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14:45-16:00

16:00-17:15

20:00-21:30

19:15-19:45

Eurofi Financial Forum 2015 - Luxembourg 9 September afternoon – Confirmed speakers are in bold Growth and integration challenges in the EU

COCKTAIL

REGISTRATIONS

Exchange of views: Ensuring the coherence of EU financial regulations Chair: IOSCO (D. Wright)

J. Lemierre (BNP Paribas), A. Enria (EBA)

Mitigating the impacts of lasting low interest rates for the financial sector

Chair: W. White (OECD) Industry speakers: Nykredit (J. Berg), CNP Assurances (X. Larnaudie Eiffel), Swiss RE (J. Haegeli) Public authority speakers: BIS (I. Fender), ECB (P. Praet), MEP (C. Van Nieuwenhuizen), EIOPA (G. Bernardino)

17:30-19:00

First achievements of the Juncker Plan and forthcoming challenges Chair: I. Goubin (Min Fin Lux) Industry speakers: EIB (A. Fayolle), LTIC (F. Bassinini), CDC (O. Renaud Basso), AXA (L. Clamagirand), Federated Investors (D. Gepp) Public authority speakers: EU Commission /DG EcFin (A. Bucher), FSC (L. Holle), MEP ( D. Riquet) Expert: JJ. Bonnaud

SSM / SRM / ESRB key challenges and remaining issues

Chair: L. Bini-Smaghi (Société Générale) Industry speakers: Unicredit (R. Nicastro), Crédit Agricole (J. Brunel), La Caixa (I. Redondo) Public authority speakers: SSM (L. Angeloni), SRM (E.König), Banca d’Italia (L.F. Signorini), Banque de France (R. Ophèle)

Opening remarks / debate: How to achieve stronger growth in the EU? Opening remarks: G. Reinesch (Central Bank Lux )

Speakers: V. La Via (Italian Treasury & FSC), L. Frieden (Deutsche Bank) 14:00-14:45

Accounting challenges in the context of the EU long term agenda

Chair: A. Rubin de Cervin (EU COM-FISMA) Introductory remarks: IFRS (M. Prada) Industry speakers: PWC (E. Boris), Deutsche Bank (R. Leiber), AXA (G. Harlin) Public authority speakers: EFRAG (F. Flores), IFRS (M. Prada), EIOPA (C. Montalvo), AFM (G. Everts)

Mitigating market liquidity shortage risks Chair: D. Beau (Banque de France) Industry speakers: BlackRock (B. Novick), JP Morgan (G. America), Clearstream (S. Lepp), PwC (N. Forrest) Public authority speakers: EU COM-FISMA (A. Rubin de Cervin), Consob (N. Giusto), FCA (E. Schooling Latter), IOSCO (G. Medcraft)

Concluding remarks

J. de Larosière

19:45-20:00

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8:15-8:30

12:30-13:15

11:45-12:00

10:30-11:45

Eurofi Financial Forum 2015 - Luxembourg 10 September morning – Confirmed speakers are in bold Emerging trends in the financial services sector

BUFFET LUNCH

Evolution of financial services in the context of increasing digitalisation Chair: ECB (Y. Mersch) Industry speakers: BIL (H. Delcourt), BBVA (T. Paavola), Western Union (T. Keane), Swift (G. Leibbrandt), ING (K. Timmermans) Public authority speakers: EU COM DG Connect (P. Zilgalvis), MEP (P. del Castillo Vera), Bundesbank (A. Dombret), UK Treasury (K. Braddick)

Exchange of views: The evolving role of banks in financing the economy G. Lynch (BAML), J. de Larosière

Exchange of views: Profitability and competitiveness of EU banks: main challenges P. Bordenave (BNP Paribas), D. Wright (IOSCO)

8:30-10:00

Financing climate change initiatives Chair: EIB (J. Taylor) Industry speakers: HSBC (S. Lake), Novethic (A-C. Husson), S&P (Y. Le Pallec), Swiss Re (E. Baur) Public authority speakers: EU COM Climate action /DG Energy (G. Thomas), Min Fin France (C. Bavagnoli), MEP (S. Pietikaïnen) Expert: P. Canfin

Addressing global data availability challenges Chair: R. Berner (US OFR) Industry speakers: DTCC (L. Thompson), State Street (S. Gavell), Moody’s (C. Ellis) Public authority speakers: ECB (B. Coeuré), IOSCO (D. Wright), ESMA (V. Ross), Bank of England (J. Cunliffe)

12:00-12:45 Exchange of views: Strategic and regulatory challenges with emerging financial trends

Moderator: J. de Larosière HSBC (D. Flint), Crédit Agricole (P. Brassac), ESMA (S. Maijoor), EBA (A. Enria)

Opening remarks: J. Guill (CSSF) Regulatory and supervisory challenges raised by emerging trends in the financialsector (digitalisation, alternative financing

mechanisms…)

10:00-10:15

13:30-15:00

15:30-16:45

Eurofi Financial Forum 2015 - Luxembourg 10 September afternoon – Confirmed speakers are in bold Implementing the CMU & asset management future prospects

16:45-18:00

Continued on next page 7

The Capital Markets Union (CMU) action plan: key priorities and roadmap

Chair: O. Guersent (EU COM - FISMA) Introductory remarks: ECB (Y. Mersch) BNY Mellon (M. Cole-Fontayn), BAML (A. Wilmot-Sitwell) Industry speakers: Société Générale (L. Bini Smaghi), DSGV (K.P. Schackmann-Fallis), S&P (N. Sahai), Euroclear (MA. Autheman) Public authority speakers: ESMA (S. Maijoor), FCA (E. Schooling Latter) Expert: F. Villeroy de Galhau

Maximizing the contribution of asset management to the financing of the economy (products, frameworks)

Chair: B. de Juvigny (AMF) Industry speakers: Amundi (F. Bompaire), Federated Investors (D. Gepp), JPMorgan (M. Greco), DekaBank (M. Rüdiger) Public authority speakers: EU COM–FISMA (T. Lueder), MEP (N. Gill), Consob (G. Vegas), Central Bank of Ireland (C. Roux)

Facilitating the cross-border distribution of EU investment funds

Chair: W. Klinz Industry speakers: CACEIS (E. Derobert), Capital Group (L. Freitas De Oliveira), Euroclear (J. Van de Velde) Public authority speakers: EU COM – FISMA (T. Lueder), FSMA (J-P. Servais), CSSF (J-M. Goy)

Structuring an effective EU securitisation market

Chair: G. Medcraft (IOSCO) Industry speakers: BAML (A. Batchvarov), KPMG (G. Williams), Natixis (E. Lefort), Moody’s (K. Frey), CdP (E. Reviglio) Public authority speakers: EIOPA (C. Montalvo), EU COM-FISMA ((A. Rubin de Cervin), Min Fin NL (M. Heijdra), MEP (P. Simon)

Exchange of views: Key forthcoming challenges and prospects for the EU asset management sector

D. Wright, JP. Morgan (M. O’Brien) 15:00-15:20

Balancing debt and equity financing

Chair: Ph. De Backer (MEP) Industry speakers: Luxembourg Stock Exchange (R. Scharfe), Tradition (V. Remay), VÖB/Nord LB (G. Dunkel), BME (tbd) Public authority speakers: Min Fin Germany (L. Holle), Min Fin Slovakia (K.Sasko), Banque de France (R. Ophèle) Expert: Better Finance (G. Prache)

20:15-21:00

19:00-19:45

Eurofi Financial Forum 2015 - Luxembourg 10 September afternoon - Confirmed speakers are in bold Implementing the CMU & asset management future prospects

21:00-22:30

EU growth and competitiveness: getting back on the right track

Chair: J. de Larosière

R. Gualtieri (EU Parliament), A. Weber (UBS), JM Gonzalez-Paramo (BBVA)

COCKTAIL

GALA DINNER Keynote speech P. Gramegna

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Continuation of 10 September afternoon

18:15-18:30 Exchange of views: wrap-up on CMU challenges and next steps

D. Wright, J. Tessler (Clearstream)

Keynote speeches

K. Stein (SEC), J. Hill (EU COM) 18:30-19:00

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8:00-9:15

10:30-11:00

Eurofi Financial Forum 2015 - Luxembourg 11 September morning – Confirmed speakers are in bold Ensuring the resilience of the EU financial sector

Exchange of views: Developing the international attractiveness of the EU economy Chair: J. de Larosière

M. Ferber (EU Parl.), P. Hildebrand (BlackRock), P. Kazimir (Min. of Finance, Slovakia)

9:15-10:30

Addressing cybersecurity challenges

Chair: IOSCO (D. Wright) Industry speakers: Zurich (J. Gossé), BNY Mellon (Daniel Crisp), Deutsche Boerse AG (F. Fischer) Public authority speakers: EU COM DG Connect (P. Zilgalvis), MEP (T. Kelam), ENISA (E. Ouzounis), CFTC (J. Bandman)

Mitigating potential financial stability risks in the insurance and asset management sectors

Chair: J. Berrigan (EU COM – FISMA) Industry speakers: Blackrock (B. Novick), Allianz (T. Buecheler), Metlife (G. Cox) Public authority speakers: BAFIN/IAIS (T. Schmitz-Lippert), EIOPA (G. Bernardino), IMF (G. Gelos)

Remaining issues and forthcoming challenges regarding bank prudential regulation

Chair: EBA (A. Enria) Industry speakers: HSBC (D. Flint), Santander (JM Campa), Standard Chartered (R. Holmes), Credit Suisse (U. Rohner) Public authority speakers: Central Bank Denmark (P. Callesen), Central Bank Netherland (K. Knot), ACPR (E. Fernandez-Bollo), US FDIC (A.J. Murton)

EMIR Review and CCP Recovery & Resolution

Chair: ECB (B. Coeuré) Industry speakers: Eurex (T. Book), BPSS (L. Caron-Habib), Goldman Sachs (J. Cosco), Nasdaq (M. Billing), Capital Group (I. Levine) Public authority speakers: EU COM- FISMA (M. Fabregas), ESMA (V. Ross), MEP (K. Swinburne), Bank of England (D. Bailey)

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11:00-12:00

Eurofi Financial Forum 2015 - Luxembourg 11 September morning – Confirmed speakers are in bold EU and international governance

Closing session: Towards an effective economic convergence in the EU

Chair: J. de Larosière

Discussants: V. Dombrovskis (EU Commission), K. Regling (ESM), R. Gualtieri (EU Parliament), W. Hoyer (EIB)

Ensuring an appropriate global coordination of financial regulations

Chair: S. Goulard (MEP) Industry speakers: BAML (J. Hughes), DTCC (M. Bodson), Goldman Sachs (F. Shirzad), Barclays ( C. Allen) Public authority speakers: US SEC (K. Stein), EU COM – ESMA ((S. Maijoor), IOSCO (G. Medcraft)

12:00-13:15

Continuation of 11 September morning

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 industry leaders and EU and non-EU public decision makers for discussions on the major on-going regulatory projects in the financial area and the role of the financial sector in fostering growth as well as informal networking.

!  These events are regularly organised in association with the EU Presidencies in parallel with informal ECOFIN councils and in some cases with the G20 Presidencies. They are organised with the support of Virginie Denis and her 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.

Researchand 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 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 and the economic and monetary context impacting the EU financial sector

ABOUT EUROFI

The European think tank dedicated to financial services

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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 appropriate financing of the EU economy: assessment of the economic challenges to be addressed in the EU impacting the financial sector and of the impact of on-going monetary actions, measures to support bank financing (securitisation) and further diversify the financing of SMEs and infrastructure projects, proposals for developing a long term investment perspective, measures to stimulate EU bond and equity markets…

!  Prospects of further EU integration: implementation of the Banking Union, priorities for implementing a Capital Markets Union, possible evolution towards a fiscal union and further economic integration in the Eurozone, evolution of the EU regulatory and supervisory authorities (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, prospects of further banking integration…

!  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 CCPs, cybersecurity, SFT and 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, coordination of capital markets regulations at the global level, systemicity of non-banks non-insurers…