Agenda - Eurofi · Agenda Thursday 15th September 08:30 - 09:15 Opening Session S[01] Opening...

Agenda

Thursday 15th September08:30 - 09:15 Opening Session

S[01] Opening Plenary Session Priorities of the Polish Presidency in the financial area

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Main Auditorium

09:30 - 11:00 Parallel Sessions

S[02] Reviewing MiFID investment pr oduct distribution rules

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Auditorium 2

S[03] Challenges and priorities in the regulation of EU post-trade infrastructures

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Auditorium 1

S[04] Improving visibility on risks

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Main Auditorium

11:00 - 11:30Coffee Break Foyer


S[05] Improving commodity markets regulation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Main Auditorium

S[06] Is Solvency II up to the challenges Europe is facing?

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Auditorium 1

13:00 - 14:00Lunch Foyer


S[07] Calibrating appropriately the liquidity framework

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Main Auditorium

S[08] Prospects of the Polish and Central & Eastern Europe insurance industry in the EU context

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Auditorium 1

15:30 -15:45Coffee Break Foyer

15:45 - 17:30 Plenary Session

S[09] Defining an EU resolution framework to mitigate systemic risk

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Main Auditorium


S[10] New EU Authorities: Challenges & Success Factors - Q&A Session

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Main Auditorium

18:00 - 19:00 Plenary Closing Session

S[11] Monitoring the impacts of financial reforms on the EU economy

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Main Auditorium

19:00 - 19:45Cocktail University of Technology - Foyer

19:45 Bus Transfer to Gala Dinner (Sofitel Hotel) & other Hotels

20:00 - 22:30 Gala Dinner

S[12] How to restore confidence in European financial markets and institutions?

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sofitel Hotel - Atrium

Friday 16th September08:00 - 09:00 Parallel Breakfast Sessions

S[13] Polish best practices in financing the economy

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Auditorium 1

S[14] Answering the needs of the real economy in EU fund and financial instruments regulation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Auditorium 2


S[15] Evolutions in the EU regulation of rating agencies

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Auditorium 1

S[16] Prospects of EU project bonds and EU 2020 financial instruments

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Main Auditorium

S[17] UCITS V / AIFM level 2: review of depositary requirements/responsibilities

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Auditorium 2

10:45 - 11:15Coffee Break Foyer

11:15 -12:45 Plenary Session

S[18] MiFID review: priorities for reviewing the regulation of trading activities

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Main Auditorium


S[19] Ensuring a level playing field in the regulation of financial activities across regions and sectors

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Main Auditorium

13:30 End of the Eurofi Financial Forum 2011

13:45 Bus Transfer to Copernicus Airport & Hotels

WROCLAW, POLAND - TH & TH SEPTEMBER THE EUROFI FINANCIAL FORUM

Thursday 15 September 2011

MAIN AUDITORIUM08:30 - 09:15

Welcome

Didier Cahen Secretary General, EUROFI

Chair

Jacques de Larosière President, EUROFI

Keynote Opening Speeches

Jacek Rostowski Minister of Finance, Poland and President of the Ecofin

Joaquín Almunia Vice-President and Commissioner for Competition, European Commission

Jonathan FaullDirector General, Internal Market & Services,European Commission

Stanisław Kluza Chairman, KNF - Polish Financial Supervision Authority

1

08:30 - 09:15 Opening Plenary Session

[S01] Priorities of the Polish Presidency in the financial area


2


AUDITORIUM 209:30 - 11:00

Chair

Wolfgang MansfeldFormer Member of the Executive Board, Union Investment Group

Introductory Remarks

Jean-Paul Mazoyer Deputy Chief Executive Officer, Amundi

Speakers

Public Authorities

Julie Galbo Deputy Director General, Danish FinancialSupervision Authority

Industry Representatives

Paul FreemanManaging Director, Regional Executive,Blackrock

Timothy HailesManaging Director, JPMorgan and Chair of the Joint Associations Committee for Retail Structured Products

Steven MaijoorChair, European Securities and Markets Authority (ESMA)

Artur RzepkaVice President, Polish Individual Investors Association & Representative of Euroinvestors

Points of Discussion

• Should the list of complex products be extended and should theauthorities be granted with product-related regulatory powers?

• What are the benefits and possible drawbacks of stricter inducementsrules? Which alternatives could be considered for effectively mitigatingconflicts of interest in investment product distribution?

• What are the expected impacts and feasibility of rules imposing thedisclosure of the status of advisors in different distributionenvironments?

• Are the rules proposed for justifying investment decisions and verifyingtheir continued suitability over time applicable and desirable?

[S02] Reviewing MiFID investment product distribution rules[S03] Challenges and priorities in the regulation of EU post-trade infrastructures[S04] Improving visibility on risks

[S02] Reviewing MiFID investment product distribution rules



Chair

Peter PraetMember of the Executive Board, European Central Bank (ECB)


Emil Paulis Director, Financial Markets, DG Internal Market & Services, European Commission

Nigel Wicks Chairman, Euroclear

Speakers

Public Authorities

Verena Ross Executive Director, European Securities and Markets Authority (ESMA)


Eric de Gay de NexonHead of Strategy for Market Infrastructures,Société Générale Securities Services

Andrew DouglasHead of Public Affairs Europe, DepositoryTrust & Clearing Corporation (DTCC)

Paul SwannPresident and Chief Operating Officer,ICE Clear Europe

Marcello TopaDCC Market Policy & Strategy, GTS EMEA, Citi

[S03] Challenges and priorities in the regulation of EU post-trade infrastructures


3



• What improvements are expected in the post-trading space bythe combined effects of EMIR, the proposed CSD legislation andTarget 2 Securities (T2S)? Will there be any remaining regulatoryloopholes in the post-trading space once these differentinitiatives are implemented?

• How will the business model of CSDs and ICSDs evolve with theimplementation of T2S and what type of CSD legislation isrequired in this perspective? What types of services should berecognized as core CSD functions? What should be the scopeof the legislation (ie functions or specific entities)?

• Can one be confident about the outcome of on-goingdiscussions regarding the scope of EMIR, the consistency ofrules between the EU and the US in the clearing space andextra-territorial provisions? What are the operational impacts ofthe issues currently discussed?

• Beyond EMIR, what are the remaining priorities to be addressedto improve the efficiency of clearing processes across the EU?

[S04] Improving visibility on risks


Chair

Jacques de LarosièrePresident, EUROFI


Etienne BorisSenior Partner, PwC

Javier Torres RiescoCorporate Vice President, Head of integralrisk control and model validation, Grupo Santander

Speakers

Public Authorities

Adam FarkasExecutive Director,European Banking Authority (EBA)

Carlos MontalvoExecutive Director, European Insurance andOccupational Pensions Authority (EIOPA)


Laurent BerrebiChief Economist, Groupama

Philippe BordenaveSenior Executive Vice-President, Chief Financial Officer, BNP Paribas

Christophe BourdillonPermanent Representative to the EU Institutions, Caisse des Dépôts

Juan YermoHead of Unit, Private Pensions, Directoratefor Financial and Enterprise Affairs, Organisation for Economic Co-operation andDevelopment (OECD)

Bernard de LongevialleManaging Director, Lead Analytical Manager,Central Eastern Europe - Middle East - Africa- Russia CIS, Standard & Poor's

Andrew ProcterGlobal Head of Government & Regulatory AffairsDeutsche Bank AG

11:00 - 11:30 Coffee Break


• Why improving risk disclosure in the banking area ismandatory? What are the expected impacts on long terminvestment strategies?

• What are the existing limits to risk disclosure? What are theconsequences of the lack of comparability and of legibility ofexisting risk disclosures in financial statements?

• What are the main priorities to improve risk disclosure? What would be the features of a possible risk statement?

• What are the main success factors to improve risk disclosurepractices?




Chair

Jean-François ThéodoreFormer Deputy Chief Executive Officer, NYSE Euronext


Blythe MastersHead of Global Commodities, JPMorgan

Tajinder SinghDeputy Secretary General, International Organization of Securities Commissions(IOSCO)

Speakers

Public Authorities

Thierry FrancqSecretary General, Autorité des Marchés Financiers (AMF)

Alexander JusthamDirector of Markets & Capital Markets SectorLeader, Financial Services Authority, UK


Amine Bel Hadj SoulamiGlobal Head Commodity Derivatives, BNP Paribas

Don CasturoManaging Director and Head of Commodity Investor Product Trading, Goldman Sachs & Co

David PeniketPresident and Chief Operating officer, ICE Futures Europe

Emil PaulisDirector, Financial Markets, DG Internal Market & Services, European Commission

Geir ReigstadSenior Vice President, NASDAQ OMX Commodities

Vincent RemayAdviser to the Chairman, Viel & Cie


• How can position management and position limits help to bettermitigate the risks of market manipulation and disorderlymarkets? Can they be effective in curbing excessive volatilityor avoiding the build-up of unrealistic and potentially disruptivepositions and what are the potential drawbacks?

• What are the priorities for improving the transparency offinancial commodity markets? Can transparency requirementsbe extended to OTC products?

• How to achieve global consistency of rules applying to financialcommodity markets?

[S05] Improving commodity markets regulation[S06] Is Solvency II up to the challenges Europe is facing?

[S05] Improving commodity markets regulation


4



[S06] Is Solvency II up to the challenges Europe is facing?


Chair

Mario NavaActing Director, Financial Institutions and Head of Unit, Banks and FinancialConglomerates, DG Internal Market and Services, European Commission


Gabriel BernardinoChair, European Insurance and Occupational Pensions Authority (EIOPA)

Gérald HarlinGroup Chief Financial Officer, AXA Group

Speakers

Public Authorities

Damian JaworskiDeputy Managing Director, Financial Sector,Development and Cross-sector policy, KNF - Polish Financial Supervision Authority


Martina BaumgaertelHead of Group Regulatory Policy, Allianz SE

Jozef De MeyChairman of the Board, Ageas

Monica MächlerVice-Chair of the Board of Directors, Swiss Financial Market Supervisory Authority(FINMA) & Chair of the Technical Committee,International Association of Insurance Supervisors (IAIS)

Stefan LippeChief Executive Officer, Swiss Reinsurance Company


• Is Solvency II preserving the long term and stabilising economicrole of insurer’s investment? Will it affect the long term horizon of insurers’ investment? Will it answer to long-termsavings challenges? Will it allow insurance companies to play their natural counter-cyclical role in time of stressedfinancial markets? Are the role of insurers and advanced riskmitigation techniques appropriately taken into account inSolvency II? Does Solvency II take sufficiently into account theglobal role of insurers?

• What is the impact of Solvency II on the competitiveness ofinsurance? Will it preserve the competitiveness of the panEuropean insurance companies at the global level? Whatpossible level playing issues between the European pension andinsurance industries should be tackled? Will Solvency II andCRD4 respective frameworks and timetables ensure a levelplaying field between banks and insurance?

13:00 - 14:00 Lunch

5

Eurofi would like to thank very warmly the lead sponsors of the event for their contribution

LEAD SPONSORS




Chair

Brooke MastersChief regulation correspondent, Financial Times


Jean-Paul ChiffletChief Executive Officer, Crédit Agricole S.A.


Concluding Remarks


Speakers

Public Authorities

Adam FarkasExecutive Director, European Banking Authority (EBA)

Thomas J. JordanVice Chairman of the Governing Board, Swiss National Bank


Philippe BordenaveSenior Executive Vice-President, Chief Financial Officer, BNP Paribas

Alain DavidDeputy Chief Financial Officer, Groupe BPCE

Stanislaw KluzaChairman, KNF - Polish Financial Supervision Authority

José Maria RoldánDirector General of Banking Regulation,Banco de España

Bernard de LongevialleManaging Director, Lead Analytical Manager,Central Eastern Europe, Middle East, Africa,Russia CIS, Ratings - Financial Services,Standard & Poor’s

Manuel González CidChief Financial Officer, BBVA

Jordi Gual SoleChief Economist, La Caixa


• What are the main features of the proposed liquidity frameworkand their expected consequences on the diverse businessmodels across the different geographic areas? How to take intoaccount the business models of a bank with limited risks?

• What should be the role of Central Banks in either anidiosyncratic or a systemic liquidity stress and its consequenceson the liquidity framework (e.g. definition of high quality liquidassets, size of the pool of liquidity assets)?

• What should be the appropriate regulatory process in Europe inthe global context, to achieve the evolutions required by theproposed liquidity framework? What would be the appropriatetimetable? How to achieve an effective level playing field at theEU and global level?

[S07] Calibrating appropriately the liquidity framework[S08] Prospects of the Polish and Central & Eastern Europe insurance industry in the EU context

[S07] Calibrating appropriately the liquidity framework


6



[S08] Prospects of the Polish and Central & Eastern Europe insurance industry in the EU context


Chair

Gregory PrądzyńskiPresident of the Board, Polish Chamber of Insurance (PIU)

Speakers

Public Authorities



Pawel DangelChief Executive Officer, Allianz Polska

Cyrille de MontgolfierChief Executive Officer Central and East ernEurope, AXA Group

Katarzyna Przewalska Deputy Director, Financial Services, Ministry of Finance of Poland

Krzysztof Grzyliń skiManaging Director, Gen Re Warsaw

Witold JanuszCountry Manager Poland, Lloyd’s Polska


• What are the main issues to be addressed in the areas of healthinsurance, catastrophic risks, pensions…?

• What are the possible ways forward and interactions with on-going EU regulatory projects?

• How to leverage the best Polish and Eastern Europe practicesat the EU level?


7

Eurofi thanks the Polish Banking and Insurance Associations for their contribution to the organization

of the Eurofi Financial Forum in Poland




Chair



MP AzevedoDeputy Director, Federal Deposit InsuranceCorporation (FDIC)

Nils BernsteinGovernor, Central Bank of Denmark

Herman DaemsChairman of the Board, BNP Paribas Fortis

Andrea EnriaChair, European Banking Authority (EBA)

Speakers

Public Authorities

Elisa FerreiraMEP, Committee on Economic and MonetaryAffairs, European Parliament



Lara de Mesa GarateHead of Public Policy, Banco Santander

Wilson ErvinManaging Director & Senior Advisor, Credit Suisse

Santiago Fernandez de LisChief Economist, Financial Systems and Regulation, BBVA

Alan JoynesSenior Regulatory Officer, Swiss Reinsurance Company

Jerzy PruskiPresident of the Management Board, Bank Guarantee Fund

William MillsChief Executive Officer, Europe, Middle East and Africa, Citi

Karl-Peter Schackmann-FallisExecutive Member of the Board, DeutscherSparkassen und Giroverband (DSGV)

Giuseppe ScognamiglioHead of Public Affairs, UniCredit

Pamela WalkdenGroup Treasurer, Standard Chartered Bank


• Drawing lessons from the financial crisis, what would be thecontribution of risk assessments practices, stringent capital andliquidity requirements, enhanced market transparency, intrusivemicro supervision and effective resolution frameworks? In thiscontext what is the expected contribution of resolutionframeworks to financial stability and to reducing moral hazard?

• What are the role, issues and success factors related to thedifferent possible tools to be included in resolution frameworke.g. living wills, bank resolution funds, asset transferability, bailin mechanisms, burden sharing rules, supervisors’empowerment and coordination etc…? Which American bestpractices could Europe draw inspiration from?

• What are the resources to be called into play by the banks e.g.creation of resolution funds, deposit guarantee schemes,drawing up and maintenance of living wills, possiblereorganisation of financial groups, sub optimisation ofinstitutions' cash flow, systemic overload, etc…? What are thepossible pilings-up effects? What regulatory optimisations orpriorities, does this point to?

• What are the EU challenges in the context of the single market?What priorities for an EU resolution framework and possible rolefor the European banking Authority? How to make resolutionframeworks sufficiently consistent at the global level?

[S09] Defining an EU resolution framework to mitigate systemic risk


8



9


Chair


Discussants


Andrea EnriaChair, European Banking Authority (EBA)


[S10] New EU Authorities: Challenges & Success Factors - Q&A Session



Chair


Speakers

Public Authorities

Michel BarnierEU Commissioner for Internal Market & Services, European Commission


Jacques de VaucleroyChief Executive Officer Northern, Central and Eastern Europe and Global Life & Savings, AXA

Othmar KarasMEP, Committee on Economic and MonetaryAffairs, European Parliament

Jens WeidmannPresident, Deutsche Bundesbank

Kostas PantazopoulosManaging Director and Global Head of Interest Rate Products, Goldman Sachs International

Alfredo SaénzVice Chairman and Chief Executive Officer,Grupo Santander


• What possible unintended consequences of the new financialregulations (Basel 3, Solvency 2…) on the diverse financingmechanisms and financial institutions business models requirecautious attention? What could be their economic impact?

• How to overcome the challenging technical discussions on theireffective impact on the economies?

• Does an on-going focused monitoring of the actual consequencesof these financial reforms allow avoiding unfruitful technicaldebates and facilitating prompt regulatory adjustments?

• How to appropriately monitor at the EU and the global levels suchconsequences?

• What structural evolutions of the financing mechanisms (e.g.evolution of financial product lines, effective access of banks tofinancial markets, development of alternative financing mechanismsetc…) should be monitored to anticipate possible negative impactson the economies of the different geographical areas?

[S11] Monitoring the impacts of financial reforms on the EU economy




SOFITEL HOTEL - ATRIUM20:00 - 22:30

Welcome

Didier CahenSecretary General, EUROFI



Keynote Addresses

Jacek RostowskiMinister of Finance, Poland and President of the Ecofin

Jean-Claude TrichetPresident, European Central Bank

[S12] How to restore confidence in European financial markets and institutions?

19:00 - 19:45 Cocktail - University of Technology

10

20:00 - 22:30 Gala Dinner

19:45 Bus Transfer to Gala Dinner (Sofitel Hotel) & Other Hotels


11

Notes Day 1


Friday 16 September 2011


Chair

Krzysztof PietraszkiewiczPresident, Polish Bank Association

Speakers

Public Authorities

Danuta HübnerMEP & Chair, Committee on Regional Development, European Parliament

Hanna Gronkiewicz-WaltzPresident, City of Warsaw


Frederic AmoudruPresident of the Management Board, BNP Paribas Bank Polska

Zbigniew JagiełłoPresident, PKO Bank Polski SA

Luigi LovaglioChief Executive Officer, PKO Bank SA,Member of Unicredit Group

Wiesław SzczukaUnder Secretary of State, Polish Ministry of Finance

Ryszard SłowińskiFirst Vice-President of the ManagementBoard, Bank Gospodarstwa Krajowego

Ludwik SobolewskiPresident & Chief Executive Officer, Warsaw Stock Exchange


• What are the main challenges in financing the sustainablegrowth in Poland?

• What are the successful experiences of Polish market playersin financing SMEs in particular? How to take them into accountat the EU level?

[S13] Polish best practices in financing the economy[S14] Answering the needs of the real economy in EU fund and financial instruments regulation

[S13] Polish best practices in financing the economy

08:00 - 09:00 Parallel Breakfast Sessions

12




Chair

Marc Truchet Senior Fellow, EUROFI

Speakers

Public Authorities

Sven GiegoldMEP, Committee on Economic and Monetary Affairs European Parliament



Jérôme BrunelMember of the Executive Board and Head of Public Affairs, Crédit Agricole SA

Joanna CoundManaging Director, Government Affairs & Public Policy, Blackrock

Verena RossExecutive Director, European Securities and Markets Authority (ESMA)

Holger NaumannMember of the Board & Chief Operating Officer, DWS Investment GmbH

Marc RaynaudHead of Global Funds Solutions, BNP Paribas Investment Partners


• How to enhance the role of investment products and financialplayers in channeling long term investments towards the realeconomy and long term saving?

• What evolutions in existing EU investment product frameworks(eg UCITS, AIFMD…) should be considered in order to facilitatelong term investment while ensuring sufficient balance betweensafety, liquidity and return for investors?

• Should specific instruments be developed on an EU level tofacilitate investment in long term assets and in the real economy?

13

[S14] Answering the needs of the real economy in EU fund and financial instruments regulation

Eurofi would like to thank very warmly the support sponsors of the event for their contribution

SUPPORT SPONSORS




Chair



Yann Le PallecManaging Director, Head of Corporate and Government Ratings, EMEA, Standard & Poor's

Speakers

Public Authorities



Gertrude Tumpel-GugerellFormer Member of the Executive Board of the European Central Bank (ECB)

Piotr PilatDirector, Financial Services, Polish Ministry of Finance


• The G20 has called for reduction in reliance on ratings inregulation - what are the alternatives and what progress isbeing achieved? Can market players be motivated to rely lesson ratings in investment guidelines, mandates etc…? Wouldthis limit herding and cliff effects from forced selling?

• What effects can we expect from the setting up of a Europeancredit rating agency? How can competition between CRAs bepromoted and would competition drive the quality of ratings?

• How do the CRA Regulation (proposal expected in November)and the amending Regulation address calls for transparency andwhat have CRAs done themselves? What else needs to be done?Would limiting the ability of rating agencies to publish ratingsunder certain market conditions impact investor protection?Short term view and lack of timely communication to marketsof rating agencies are often put forward: how to explain thissituation and what could be done to reduce such a trend?

• Ahead of the G20 Ministerial meeting in October and the G20Summit in Cannes in November, what progress has been madeon CRA regulation internationally? In particular, are oversightframeworks consistent across jurisdictions as requested by theG20 Leaders in London? Are we expecting sufficientinternational convergence in CRA regulation to ensure thecontinued availability of third country ratings in Europe?

[S15] Evolutions in the EU regulation of rating agencies[S16] Prospects of EU project bonds and EU 2020 financial instruments[S17] UCITS V / AIFM level 2: review of depositary requirements/responsibilities

[S15] Evolutions in the EU regulation of rating agencies


14




Franco BassaniniPresident, Cassa Depositi e Prestiti (CDP)

Laurent BerrebiChief Economist, Groupama

Jean-Jacques BonnaudIndependent Director, Board Member, EUROFI

Christophe BourdillonPermanent Representative to the EU Institutions, Caisse des Dépôts

José Luis EscrivaManaging Director, Head of Global Public Finance, BBVA

Karl HappeHead of Fixed Income Strategy, AIM-IS - Global Fixed Income Strategy, Allianz Investment Management SA

Wojciech KowalczykVice President of the Management Board,BGK Bank

Wolfgang MansfeldFormer Member of the Executive Board,Union Investment Group


• Following the crisis (downgrading of monolines, decreasedsecuritization volumes, public budget deficits…) and the newfinancial regulatory frameworks (Basel 3, Solvency 2), what arethe key features of the current financing mechanisms of EUinfrastructures? What are the improvements required by the EUfinancing mechanisms to achieve the EU 2020 infrastructure,smart energy and information systems agenda?

• What are the main objectives and features of the EU projectbonds proposed by the EU Commission and the EuropeanInvestment Bank (EIB)?

• Are the project bonds attractive for asset managers, pensionfunds, insurers, banks, etc. to address the infrastructureinvestments needs of Europe? What is the estimated size of theEU project bond market? What are the key success factors toachieve such a target (e.g. set up an efficient Guarantee processto face up the targeted volume, define the market conditions toachieve sufficient liquidity of these assets, sufficient maturitycompared with existing financing instruments, cost efficiencyof project bonds etc.?

• What are the possible additional priorities for Europe to betterfinance long term investments e.g. creation of EU publicagencies for financing Public Private Partnerships (PPP), ofEuropean monocline, creation of new class of assets dedicatedto infrastructures, etc? What is the respective role sought forbanks, insurers, pension funds etc.? What is the contribution ofthe project bonds in such landscape?

• What is the appropriate legislative process to respond to EUinfrastructure needs and to rapidly successfully launch theproject bond initiative?

15


Chair

Gerassimos ThomasDirector of Finance, coordination with EIB,EBRD and IFIs, DG Economic & Financial Affairs, European Commission


Philippe MaystadtPresident, European Investment Bank (EIB)

Othmar KarasMEP, Committee on Economic and MonetaryAffairs, European Parliament

Speakers

Public Authorities

Pervenche BerèsMEP & Chair, Committee on Employment and Social Affairs, European Parliament

Danuta HübnerMEP & Chair, Committee on Regional Development, European Parliament

[S16] Prospects of EU project bonds and EU 2020 financial instruments



16


Chair

Marc TruchetSenior Fellow, EUROFI


Eric DerobertHead of Public Affairs, CACEIS

Speakers

Public Authorities

Vicki FordMEP, Committee on Economic and MonetaryAffairs, European Parliament


Paul BodartExecutive Vice President, Head of EMEA Operations, Bank of New York Mellon

William DouglasManaging Director and Head of Hedge Fund and Business Consulting,Goldman Sachs International


Philippe RicardHead of Asset and Fund Services, BNP Paribas Securities Services


• What are the conditions for the Level 2 definition of depositaryliabilities in the AIFM Directive to be workable? Can theinsolvency of a third-party sub-custodian be considered as anexternal factor in some cases?

• Should the definition of depositary responsibilities and liabilitiesdiffer between AIF and UCITS funds? Are AIFMD depositaryrequirements sufficiently protective for UCITS investors? Whatwould be the impacts of stricter rules for UCITS depositaries?

• What are the prospects and conditions of a fund depositary passport?

[S17] UCITS V / AIFM level 2: review of depositary requirements/responsibilities





Chair

Sharon BowlesMEP & Chair, Committee on Economic andMonetary Affairs, European Parliament


Thierry FrancqSecretary General, Autorité des Marchés Financiers (AMF)

Emil Paulis Director, Financial Markets, DG Internal Market & Services, European Commission

Speakers

Public Authorities

Markus FerberMEP, Committee on Economic and MonetaryAffairs, European Parliament



Paul ChristensenManaging Director and Global Co-head of Principal Strategic Investments - MarketStructure, Goldman Sachs

Jose-Luis GuerreroCo-Head of Global Markets, HSBC

Jens HenrikssonPresident, NASDAQ OMX Stockholm

Verena RossExecutive Director, European Securities and Markets Authority (ESMA)

Kay SwinburneMEP, Committee on Economic and MonetaryAffairs, European Parliament

Jonathan MouldsPresident, Europe, Bank of America MerrillLynch & CEO Merrill Lynch International

Antonio ZoidoChairman and Chief Executive Officer, Bolsas y Mercados Españoles (BME)


• What types of transactions and venues should MiFID regulate?Is there a need to create a new OTF (Organized TradingFacilities) category to regulate the trading happening outsideexisting MiFID venues and is a separate regime required forBCSs (Broker Crossing Systems)?

• How to implement appropriately in MiFID the G20 commitmentsrelated to the trading of standardized OTC derivatives? Shouldthe trading on exchanges or electronic trading platforms of standardized OTC derivative contracts, where appropriate be mandatory?

• How far should the alignment of Regulated Markets (RMs) andMultilateral Trading Facilities (MTF) regulations go?

• How far should the extension of pre and post-trade transparencyrequirements go for equity-like and non-equity instruments? Howto accommodate different levels of liquidity of non-equity products?

[S18] MiFID review: priorities for reviewing the regulation of trading activities


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[S19] Ensuring a level playing field in the regulation of financial activities across regions and sectors



Chair


Panellists

Antonio BorgesDirector, European Department, InternationalMonetary Fund (IMF)

Sharon BowlesMEP & Chair, Committee on Economic andMonetary Affairs, European Parliament

Hervé de VillerochéAssistant Secretary, Financial Sector Department, Ministry of Economy, Finance and Industry, France


• What are the expected impacts of Basel III requirements on theevolution of the shadow banking sector in Europe and at theglobal level?

• How to ensure sufficient consistency between MiFID rules andthe Dodd Frank Act requirements for OTC derivatives andcommodity markets?

• What are the regional or local specificities that should be takeninto account in the implementation of Basel III requirements?

• Which regional or local adaptations may raise level playing fieldissues? How to solve them?

13:30 End of the EUROFI Financial Forum 2011

13:45 Bus Transfer to Copernicus Airport & Hotels

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Notes Day 2


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