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PROF. DR. PIERRE-HENRI CONAC LLM (Columbia Law School)

UNIVERSITY OF LUXEMBOURG

CURRICULUM VITAE

I PERSONAL AND PROFESSIONAL INFORMATION II EDUCATION AND LANGUAGES III EUROPEAN AND INTERNATIONAL ACTIVITIES IV LUXEMBOURG ACTIVITIES V CONFERENCES

A EUROPEAN AND INTERNATIONAL B EUROPEAN COMMISSION C FRANCE D LUXEMBOURG E UNITED STATES AND CANADA F ORGANIZATION OF CONFERENCES AND OTHERS

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I PERSONAL AND PROFESSIONAL INFORMATION

PERSONAL INFORMATION

Born: February 1st, 1968 in Paris (Age: 45) Nationality: French Marital status: Married, two children Personal address : 115, rue de Reckenthal, L-2410 Strassen, Luxembourg Personal phone number: 00 352 26 25 90 39 Mobile phone number: 00 352 621 24 28 12

PROFESSIONAL INFORMATION

2006- to present: Professor of Commercial and Financial Markets Law, University of Luxembourg

Main Teachings: European Securities Law, Luxembourgish Banking and Securities Law

Director of the Master 2 in European and International Financial Law, specialisation in European Banking and Financial Law (LLM)

University of Luxembourg

Office address: University of Luxembourg, Faculty of Law, Economics and Finance, 4, rue Alphonse Weicker, L-2721 Luxembourg Office phone number: 00 352 46 66 44 68 20

1999-2006: Associate Professor at the University of Paris 1 (Panthéon-Sorbonne)

Main teaching in Securities Law, Banking Law and Company Law

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II EDUCATION AND LANGUAGES

EDUCATION

Faculty of Law, University of Paris I Pantheon-Sorbonne Ph. D in Law, 1999 under the direction of Yves Guyon, Professor at the University of Paris 1 Panthéon-Sorbonne: "The regulation of securities markets by the Commission des opérations de bourse (COB) and the Securities and Exchange Commission (SEC)", published in 2002, LGDJ, Paris. Summa cum laude; several awards (French center of comparative law; AEDBF-France); publication grants from the University of Paris I and from the French Ministry of National Education Columbia Law School, LL.M. (Master of laws), May 1995 IEP of Paris (Institute of Political Studies, Civil Service division), 1994 University of Paris 1, Panthéon-Sorbonne, School of Law

Graduate degree (DEA) in International Public Law, 1992, cum laude Graduate degree (DEA) in Business Law, 1991, cum laude Maîtrise (Master's degree), 1990 Licence (B.A.), 1989 DEUG, 1988, magna cum laude

HEC (Ecole des Hautes Etudes Commerciales), 1990, best French Management school University of Paris 1, Panthéon-Sorbonne, School of History

Licence, 1988 (magna cum laude) DEUG, 1987(cum laude)

Member of the New York bar (1996)

LANGUAGES

French: mother tongue English: fluent German: advanced Spanish: advanced

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III EUROPEAN AND INTERNATIONAL ACTIVITIES Editorial functions

Managing editor (since December 2003) of the Revue des sociétés (the Corporate Law Review (Dalloz). The Revue des sociétés is French oldest and most prestigious company law review. Member (since 2005) of the international Editorial Board of the ECFR (De Gruyter Recht). The ECFR is a leading pan-European corporate and financial law review. Member (since 2013) of the Editorial Advisory Board of Legal Studies, the journal of the Society of Legal Scholars of the UK and Ireland (Wiley-Blackwell)

Member of European and foreign working groups

European Securities and Markets Authority (ESMA) Member of the Securities and Markets Stakeholder Group of the European Securities and Markets Authority (ESMA), since April 2011. Reappointed in December 2013. European Commission Member of the Reflection Group On the Future of EU Company Law at the European Commission (December 2010 - April 2011). European Member of the working group European Model Company Law Act (EMCA), since 2007 (www.law.au.dk/emca/) Member of the European Financial Law Network (EFLN), composed of Professors of the Universities of Aarhus (Denmark), Frankfurt-am-Main (Germany) Genoa (Italy), Gent (Belgium), Geneva (Switzerland), Luxembourg (Luxembourg), and Strasbourg (France), which organizes PhD conferences in banking and financial law, since 2007 Germany Member of the working group "Arbeitskreis Corporate Governance im Konzern" (Professor Marcus Lutter), since November 2010 Member of the working group "Arbeitskreis für Europäisches Gesellschaftsrecht" (Professor Jens Ekkenga), since 2012

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France Member of the Legal Committee of the National Association of Joint-stock companies (Comité Juridique de l’Association nationale des sociétés par actions (ANSA), France, since 2005 (www.ansa.fr)

Member of associations in company law

Research Associate of the European Corporate Governance Institute (ECGI), since 2007

Member of European and international associations

Member of the International Academy of Comparative Law, since 2011 Member of the European Law Institute, since 2011

Invited Professor

University of Würzburg, Germany, November 2013

Seminar on « EU Gesellschafstrecht Recht »

University of Louvain-La-Neuve, Belgium, March 2011

Seminar on « The European Securities and Markets Authority (ESMA)» University of Louvain-La-Neuve, Belgium, March 2009

Seminar on « The legal causes and consequences of the financial crisis » Invited Researcher

Aarhus University, Denmark, August-September 2010

Writing of a chapter in the European Model Company Act (EMCA) project PhD activities

Numerous participations in PhD juries in France, as chair or member, and one in Spain

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Scientific Assessor

Australian Research Council (ARC), since 2013 Spanish National Agency of Evaluation and Prospective (ANEP), since 2013

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IV UNIVERSITY OF LUXEMBOURG ACTIVITIES Member of working groups (Luxembourg)

Permanent Member of the expert group "Corporate Governance" at the Luxembourg banking and securities regulator (CSSF), since 2010 Member of the Legal Committee of the Central Bank of Luxembourg (BCL), since 2010 Temporary Member of the working group on a draft bill on intermediated securities, at the Ministry of Finance (October 2010 - May 2011) Member of working groups on several draft bills at the Ministry of Finance (2011, 2012, 2013) Participation to the revision of the Ten principles of Corporate governance of the Luxembourg Stock Exchange, 2009

Member of Luxembourg associations

Vice-President of the AEDBF-Luxembourg (Association européenne de droit bancaire et financier - Luxembourg), since 2012

Member of the Institute for Global Financial Integrity, since 2012

PhD activities

Currently, supervision of one PhD Numerous participations in PhD juries

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V CONFERENCES

A EUROPEAN AND INTERNATIONAL Reforming the structure of the EU banking sector, ERA, in Enhanced EU Banking Supervision: a Silver Bullet for Financial Crises ?, Trier, 5 December 2013

The close corporation in Luxembourg, in Seminar on Close corporation in Europe, University Rey Juan Carlos, Madrid, 8 November 2013 Chair, Reforming the structure of the EU banking sector, ERA, in OTC Derivatives in the EU, Trier, 24 October 2013 The European Model Company Act (EMCA) chapter on Groups of companies, European Company and Financial Law Review, Milan, 27 September 2013 The report of the Reflection Group on the Future of EU Company law, ERA, Annual Conference on European Company Law, Trier, 27 Septembre 2012 OICV-IOSCO, 38th Annual Conference, Connecting Global Finance, Member of the Panel « Long-term savings and pensions », Luxembourg, 19 September 2013 The prevention and enforcement of market abuses (« La prevention et la sanction des abus de marché ») in « Recent development in European financial law » (« Actualités récentes: Abus de marché, Mifid, UCITS et Prospectus»), joint conference between the University of Luxembourg and of Louvain, Brussels, 7 march 2013 ECGI conference on the European Commission Action Plan on Company Law and Corporate Governance, presenter and member of the panel 1 « The European Commission Action Plan », Brussels, 23 January 2013 Chair of a panel on New Tools, New Legal Thinking on Financial Regulation, University of Cambridge and London School of Economics (LSE)), Cambridge, UK, 29-30 November 2012 The making of Company law in Europe and the report of the Reflection group, PhD Seminar – The Making of Company Law in the EU, University of Aarhus, 28 November 2012 Director’s duties in groups of company: legalizing the interest of the group at the European level, in Board of directors in European companies – reshaping and harmonising their organization and duties, University of Aarhus, 27 November 2012 Member of the panel on banking liability for cross-boarder liability, in Risques juridiques liés à l’exercice de l’activité bancaire transfrontière, AEDBF- Luxembourg, Geneva, 22 november 2012

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The report of the Reflection Group on the Future of EU Company law, ERA, Annual Conference on European Company Law, Trier, 27 Septembre 2012 Civil liability for Incorrect Capital Market Information, German-French Symposium on Company and Capital Markets Law 2012, Max Planck Institute for Comparative and International Private Law, Hambourg, 6 July 2012 The European Securities and Markets Authority (ESMA) and the development of a single rule-book in Europe, Conference on Regulating Financial Markets. Recent Trends, University of Southern Denmark, Copenhaguen, 22 May 2012 Chair of the panel on Consumer Protection: Experience and Potential, in Joint IMFS and LEMF Conference on Retail Financial Services after the Crisis: Legal and Economic Perspectives on Investor and Consumer Protection, Frankfurt, 21st of January 2012 The reform of the Transparency Directive, in Recent Developments in European Banking and Financial Services, ERA, Trier, 1-2 december 2011 Prospects of Reform of the Regulation and Supervision of Securities Markets – at EU Level and Worldwide, European Institute of the University of Lisbon, Serie of lectures on Reform of Financial Regulation, coord. by Luis Morais and René Smits, 21 October 2011 The report of the Reflection Group on the Future of EU Company law and the role of Institutional Investors in Corporate Governance, 1. Liechtensteinisches Forum für Bank- und Finanzmarktrecht, « The Long-term / Short-term Ownership Controversy and the Role of Institutional Investors in Corporate Governance », University of Liechtenstein, 28 September 2011 Financial reform at the national and EU level - The French approach, London School of Economics (LSE), 4th May 2011 Sanctioning and cooperation among regulators in the area of market abuse, in Reforming EU Financial Supervision, ERA, Brussels, 9-10 december 2010 Cash-settled derivatives (CSDS) as a takeover instrument and the reform of the EU Transparency directive, Seminar, The European Financial Market in transition, Copenhaguen, 15 November 2010 Financial reform- The French approach, New paradigms for financial regulation in the EU and the US, Conference organized by the Centre for Commercial Law Studies, Queen Mary University of London and co-sponsored by the Forum for Company Law and Financial Market Law, University of Copenhagen, and the Brooklyn Law School, New York, Londres, December 11, 2009 Global Regulation of financial markets and the future of financial engineering, Conference on « Global Financial Markets and Future of Regulation », Capital

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Markets Board of Turkey, Ankara, January 29, 2009 Mastering the financial crisis- The French approach, European Company and Financial Law Review, The Hague, June 25, 2009 Mastering the financial crisis- The French approach, Bucerius Law School, June 25, 2009 « The merger in Luxembourgish international private law » (La fusion en droit international privé luxembourgeois), « Restructuring in civil, international private and tax law : Convergences or divergences? » (Les restructurations en droit civil, international privé et fiscal : Convergences ou divergences ?), Symposium LFus, Geneva University, June 3, 2009 Rating agencies – Reporting Incentives between market and regulation, Kick-Off conference, Doctorate PhD Program, Law and Economics of Money and Finance, University of Frankfurt, May 15, 2009 The general shareholders’ meeting of Joint Stock companies (Sociétés anonymes) under French Company law – Current developments and selected questions, Conférence, La Junta General de Sociedades a debate, Colegio notarial de Madrid, April 20, April 2009 Indemnification of Shareholders for False or Misleading Information in France: A New Liability Established by Recent Cases, Conference on Cases in Securities Litigation and Corporate Governance, Center of Research in Law and Economics (CRELE), Free University of Bolzano, Bolzano, November 30 and December 1st , 2007 Cross border takeover in Europe, European Company and Financial Law Review, Milan, October 13, 2006 Recent reforms of French company law, China and World, International Summit of Company Law Reform, China Univeristy of political science and law (CUPL), Beijing, April 23, 2006 French corporate governance law – current issues, Institute of Legal Research, at Thoresta Herrgård, Stockholm, October 18, 2005

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B EUROPEAN COMMISSION

Member of the panel "Groups of companies and the current European Company Law framework" (Panel discussion), Conference on “European Company Law: the way forward”, in Brussels on 16–17 May 2011 Member of the panel, « Modernisation of the rules on disclosure of major holdings of voting rights », « Conference on the operation of the Transparency Directive 2004/109/EC » , Brussels, 11 June, 2010

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C FRANCE

Interest conflicts in groups of company (Les conflits d’intérêts dans les groupes de sociétés), Centre français de droit comparé, Paris, 18 octobre 2012 « European Integration of banking regulation » (L’intégration européenne de la régulation bancaire), in Débats autour de la régulation bancaire et ses impacts Paris, 31 May 2012 « The publicity of hearings, publications of decisions, and the right to forget in comparative European Law » (La publicité des séances, la publication des décisions de sanctions, et le droit à l’oubli en droit européen comparé), AMF, 4ème colloque de la Commission des sanctions, Paris, 5 octobre 2011 « The distribution of risky products: the « Deutsche Bank » decision of the German Supreme court of 22 March 2011 » (La distribution de produits "à risque": la décision « Deutsche Bank » du 22 mars 2011 de la Cour de cassation allemande.), in Conflits d’intérêts dans le secteur financier : dernière actualité, AEDBF- France, Paris, 15 Novembre 2011 « The role of the SEC in relation with investors indemnification » (Le rôle de la SEC en matière d’indemnisation des investisseurs), in L'action de groupe des investisseurs. Une ardente nécessité. Symposium, French Senate, Paris, 31 march 2011 « The crisis and the financial regulators in the United States » (La crise et les régulateurs financiers aux Etats-Unis), « The States confronting the crisis » (Les Etats face à la crise), University of Paris I (Panthéon-Sorbonne) and « Ecole Nationale d’administration », Thursday, November 12, 2009 « The place of sanctions in European financial markets law » (La place des sanctions en droit européen des marchés financiers), in Symposium « Decriminalization, regulation and renewal of sanctions in comparative business law » (Dépénalisation, régulation et renouvellement des sanctions en droit comparé des affaires), Montesquieu-Bordeaux IV University, Friday October 3, 2008 « The civil liability within a class action in the United States in case of breach of disclosure obligation» (La responsabilité civile dans le cadre d’une action collective aux Etats-Unis au titre d’un manquement à l’obligation d’information), Symposium « Liability law and financial markets law », Strasbourg University, March 23, 2007 « The impact of the March 8 2007 Directive » (L’incidence de la directive du 8 mars 2007), in Symposium Transactive et Research Centre in Financial Law of the Panthéon-Sorbonne University (Paris I) on « Liability and financial markets information : current issues” (Responsabilité et information des marchés financiers : questions d’actualité », June 14, 2007

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« The thresholds crossing sanctions » (Les sanctions des franchissements de seuils), Morning organized by the « IEP of Paris Former jurists Association » (Association des Anciens des juristes de Sciences Po Paris) on « The creeping takeovers » (Les prises de contrôle rampantes) , July 4, 2007 Presentation of the Market Abuse Directive and of its implementation» (Présentation de la directive « Abus de marché » et de sa mise en œuvre), Symposium Professional banking and financial law Master 2 on the « Transposition of the Market Abuse Directive », French Banking Federation (Fédération Bancaire Française (FBF)), March 2, 2006 « The international aspects of public offers » (Les aspects internationaux des offres publiques), Symposium Sorbonne-Affaires on the transposition of the Takeoverbid Directive, March 21, 2006 « The future of reforms : the new bodies » (L’avenir des réformes : les nouveaux organes), Symposium «The corporate governance. Five years reform for what futur ? » (Le gouvernement d’entreprise. Cinq années de réforme pour quel avenir ?) Lyon 2 University, December 1st, 2006 « The American regulation of rating agencies » (La régulation américaine des agences de notation), in Symposium « Rating, between Hazard et Necessity », Paris–Dauphine University, DESS 218 Insurance and Risk Management, Friday, March 25, 2005, 8H30-13H - Room Raymond Aron - Paris-Dauphine «Disclosure and professional secrecy concerning sanctions before the independent regulation authorities » (Publicité et secret professionnel en matière de sanction devant les autorités régulatrices indépendantes), Gavalda 3rd day, organized by the Research Centre on Business Law of the Panthéon-Sorbonne University (Paris I), « Regulation Authorities and business issues », November 23, 2005 « The analyst and the rating agencies in American Law » (Les analystes et les agences de notations en droit américain), Symposium « Financial security and the listed corporations », Société de Législation comparée, in collaboration with the University of Paris-Dauphine (Institut de Droit Economique Fiscal & Social), December 3, 2004 « The influence of the Sarbanes-Oxley Act in France » (L’influence de la loi Sarbanes-Oxley en France), 2nd Symposium in honour of Professo Christian Gavalda, organized by the Research Centre on Business Law of the Panthéon- Sorbonne University (Paris I), «Security and business law following the financial security law », (Sécurité et droit des affaires après la loi sur la sécurité financière), October 2, 2003 « Legal capital in American corporate law» (Le capital social en droit américain des sociétés), Symposium Dalloz-Panthéon-Sorbonne University (Paris I), What future for legal capital? (Quel avenir pour le capital social ?), (Research Centre on inancial Law), 28 october 2003

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« The duty to advise investors in speculative markets in the United States » (Les devoirs d'information de l'investisseur sur les marchés spéculatifs aux Etats-Unis), Gavalda 1st day, organized by the Research Centre on Business Law of the Panthéon-Sorbonne University (Paris I), Sept. 25, 2002 “The Control of the American Congress on the Securities and Exchange Commission (SEC) » (Le contrôle du Congrès sur la Securities and Exchange Commission (SEC)), in Symposium of Tuesday September 26, 2000, organized at the French House of Representative (Assemblée nationale) on The democratic control of independant regulatory authorities (Le contrôle démocratique des autorités administratives indépendantes à caractère économique), Economica, Feb. 2002.

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D LUXEMBOURG

Legal Instruments for Restructuring Bank Debts in the European Union, AEDBF-Luxembourg, 12 December 2013 The prevention and enforcement of market abuses (« La prevention et la sanction des abus de marché ») in « Recent development in European financial law » (« Actualités récentes: Abus de marché, Mifid, UCITS et Prospectus»), joint conference between the University of Luxembourg and of Louvain, Luxembourg, 22 march 2013 Member of the panel on banking liability for cross-boarder liability, in Risques juridiques liés à l’exercice de l’activité bancaire transfrontière, AEDBF- Luxembourg, Luxembourg, 9 october 2012 Director’s duties in groups of company: legalizing the interest of the group at the European, 7th ECFR Symposium, Luxembourg, 28 September 2012 Directors’ duties and liabilities in public companies, The Essentials of Governance - Luxembourg, Institute of Luxembourg Administrators, 5 July, 2012 L’Esma et le développement du single rule book, Workshop with the University of Geneva, Luxembourg, 9 march 2012 « The international sources of european financial law », 6th European Jurists’ Forum, Luxembourg, 20 May 2011 « The rights of the « investor » under the Geneva securities convention (GSC) and the draft Securities Law Directive (SLD) », Luxembourg Conference on Intermediated Securities, 23-24 September 2010 « The registered office in Luxembourgish corporate law » (Le siège social en droit luxembourgeois des sociétés), The registered office, Journal des Tribunaux Luxembourg, Thursday February 5, 2009 « The cross-border merger in Luxembourgish law » (La fusion transfrontalière en droit luxembourgeois) in The cross-border merger in comparative and Luxembourgish law, Friday December 17, 2009 « The limited company bodies » (Les organes de la Société anonyme), in Le Nouveau Droit des Sociétés Luxembourgeois, University of Luxembourg et Chamber of Commerce, Friday, December 7, 2007

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E UNITED STATES AND CANADA

Is European securities legislation now similar to US securities legislation ?, Columbia Law School, Blue Sky Meeting, 4 February 2013 European securities regulation after the financial crisis, Columbia Law School, Advanced Securities Seminar of Professor John Coffee, 4 February 2013

La publicité des sanctions en droit financier en Europe, Cycle de Conférences sur les Fonctions contemporaines du Droit, Université de Montréal, 24 Septembre 2012

Corporate governance in France and in Luxembourg, 18th International Congress on Comparative Law, Washington, July 2010

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F OTHERS

Co-organizer with Philippe Lambrecht (University of Louvain) of the symposium on « Recent development in European financial law » (« Actualités récentes: Abus de marché, Mifid, UCITS et Prospectus»), with the University of Louvain, Brussels, 7 march 2013, Luxembourg, 22 march 2013

Co-organizer with Marie-Paule Gillen (Chair of AEDBF-Luxembourg) of the symposium on « Legal risks linked to cross-border exercice of banking activities » (« Risques juridiques liés à l’exercice de l’activité bancaire transfrontière »), with l’AEDBF-Luxembourg, Luxembourg, 9 october 2012, Geneva, 22 november 2012 Organizer of the Conference on « The rights of the « investor » under the Geneva securities convention (GSC) and the draft Securities Law Directive (SLD) », Luxembourg Conference on Intermediated Securities, 23-24 September 2010 Organizer of the conference « The cross-border merger in comparative and Luxembourgish law » (La fusion transfrontalière en droit luxembourgeois et comparé), University of Luxembourg and Chamber of commerce, December 17, 2009 Organizer of the EFLN banking and financial law Ph.D conference, in partnership with the Frankfurt, Geneva, Ghent and Strasbourg Universities, University of Luxembourg, February 20, 2009 Co-organizer, with Isabelle Urbain-Parleani (University of Paris Descartes) and Heribert Hirte (University of Hambourg) of the Symposium Corporate insolvency – Droit des entreprises en difficulté, ECFR- Revue des sociétés, Paris, October 12, 2007 Organizer of the EFLN banking and financial law Ph.D conference, in partnership with the Frankfurt, Geneva, Ghent and Strasbourg Universities, University of Luxembourg, February 20, 2009 Reporter of the specialized seminar, « The splits in civil and tax law : convergence and divergence» (Les scissions en droit civil et fiscal : convergence et divergence), in Restructuring in civil, international private and tax law : Convergences or divergences ? (Les restructurations en droit civil, international privé et fiscal : Convergences ou divergences ?), Symposium LFus, Geneva University, August 28, 2008 « Die Position Frankreichs im Hinblick auf ausländische Investitionen, staatseigene Fonds, und die Vergütung von Führungskräften“, in Rechtspolitischen Kongress des Bundesarbeitskreises Christlich Demokratischer Juristen (BACDJ), Recht sichert Freiheit : Marktordnung in einer globalen Wirtschaft, Karlsruhe, Samstag, 8. März 2008

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Member of the table discussion « Transparency, competition and regulation », in « Rating agencies and the credit crisis : false trial and real debates » (Les agences de notation et la crise du crédit : faux procès et vrais débats), Institut Presaje, Paris, Wednesday December 12, 2007 Discussant of the article Convergence in Corporate Governance in Light of Globalization de Hans-Ueli Vogt (University of Zurich), Comparative Corporate Governance Panels, International Conference on Law and Society in the 21st Century, Berlin July 25–28, 2007 Member of the Panel « Regulatory Frameworks for Global Finance – Opportunities and Challenges », Luxembourg Financial Forum, June 1st, 2007