THE EUROFI FINANCIAL FORUM 2017

Organised in association with the Estonian EU Council Presidency

What way forward for the EU27 and Eurozone?

TallinnHilton Tallinn Park Hotel

13, 14 & 15 September 2017Confirmed speakers

Draft agenda

08.09.2017

2

11:35-12:45

13:30-14:30

19:20-20:15

08:00-09:10

14:30-15:35

Eurofi Financial Forum - TallinnOverall agenda - Draft

COCKTAIL

REGISTRATIONS

Wednesday 13 September 2017 Thursday 14 September 2017

BUFFET LUNCH

Friday 15 September 2017

Macro-economic and political challenges

Diversifying the financing of the EU economy Improving financial stability and convergence

Opening remarks/ Keynote speech / Exchange of views: Outlook for the EU27 economy

16:55-18:00

20:45-22:30

10:30-11:35

18:00-19:20

Accelerating the CMU: which priorities following the mid-term review?

Exchange of views Deepening the EMU: when and how?

15:35–16:40

18:50-20:00

13:30-13:45

13:45-14:45

18:15-18:50

15:50-17:00

17:05-17:45

Fintech and the global regulatory context

09:15-10:20

20:00-20:45

Exch of views: Efficiency of G20 financial reforms

Improving financing prospects for EU

infrastructure projects and mid-sized enterprises

The economic, financial stability and trade implications of Brexit

Developing Baltic / Eastern European capital markets in the context of the CMU

Longevity and ageing: Opportunities and challenges

associated with the PEPP

Sustainable finance: EU and emerging market challenges

Accelerating the resolution of NPL

challenges

Challenges raised by Green Finance and FSB disclosure guidelines

Impacts of bank prudential rules (FRTB / NSFR…) on EU capital markets taking into account

the global context

Can the Asset Management industry provide new forms

of financing for the EU?

CRD V / CRR II pending issues

Review of Solvency II: priorities for developing long term investment and equity financing

Attracting retail investors to EU capital markets

AML, KYC, data and competition challenges

for digital banking

17:45-18:15

BUFFET LUNCH

Closing remarks: Meeting the challenges of the Eurozone

Exch of views: Banking Union: how to make existing pillars more effective?

EU CCP systemic issues (EMIR review, CCP R&R)

Systemic risks and resolution in the insurance sector

Resolution of banking groups

Are market-based finance risks under

control?

Exch of views: Challenges and conditions for a normalisation of EU monetary policy

20:30-21:30

COCKTAIL

GALA DINNER

Keynote speech

Closing session: Economic and financial priorities for relaunching the Eurozone and the EU

Exchange of views: Review of the operations of the ESAs

Exchange of views: Prospects of global policy coordination in the new political, economic and monetary context

Are EU digital and Fintech initiatives up to the challenges?

Addressing increasing cybersecurity risks

Leveraging Fintech in the context of the CMU

(trading & investment platforms, DLT, RegTech)

Leveraging Fintech in the insurance industry

Impacts of digitalisation on retail banking and payments

Speeches: International and EU policymakers and industry leaders

Speech

14:45-15:50

Eurofi Financial Forum 2017 – Tallinn – Proposed topicsMacro-economic and political challengesWednesday 13 September afternoon

REGISTRATION

Opening remarks: Gov. A. Hansson (Estonian Presidency) Keynote speech : Kara M. Stein (U.S. Securities and Exchange Commission) Update on US regulatory developments in capital markets

Exchange of views: Outlook for the EU27 economy (macro-economic and investment opportunities and challenges): C. Clausen (Blackrock), M. Pradhan (IMF)

13:30-14:30

14:30-15:35

Improving financing prospects for EU infrastructure projects and mid-sized enterprises

Chair: B. Angel (EU Com-DG ECFIN )Industry speakers: CDC (L. Zylberberg), HSBC (J. Chew), CNP Assurances (X. Larnaudie-Eiffel), S&P (M. Wilkins)Public authority speakers: Consob (C. Di Noia), EU Com-DG FISMA (N. Berger)Expert: J-J. Bonnaud (Eurofi)

Sustainable finance: EU and emerging market challenges

Chair: P. Berès (EU Parl-ECON)Industry speakers: HSBC, (S. James ) Amundi (A. de Bazin), Deka (A. Richers)Public authority speakers: EU Com-DG Env (T. Verheye), World Bank (L. Shyam-Sunders), EIB (A. Godard), EU Com-DG CLIMA (R. Doubrava)Expert: C. Thimann (EU High Level Expert Group, Axa)

Challenges raised by Green finance and FSB disclosure guidelines

Chair: J. Taylor (EIB) Industry speakers: Zurich Insurance (M. Leinwand), Moody’s (M. Madelain)Public authority speakers: EU Com-DG Env (T. Verheye),Expert: C. Thimann (EU High Level Expert Group, Axa)

Accelerating the resolution of NPL challenges

Chair: C. Bavagnoli (Min Fin France)Industry speakers: Unicredit (F. Giordano), Société Générale(L. Lascols), Credit Suisse (M. Dryden), Morgan Stanley (J. Trup)Public authority speakers: SSM (G. Siani), EBA (P. Haben), ESM (P. Fioretti), SRB (E. König),

15:35-16:40

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Longevity and ageing:Opportunities and challenges associated with the PEPP

Chair: G. Bernardino (EIOPA)Industry speakers: Fidelity (P. Federici), CNP Assurances (X. Larnaudie-Eiffel)Public authority speakers: DNB (W. Evers), EU Com-DG FISMA (N. Berger), COVIP (Ambrogio Rinaldi)Expert: G. Prache (Better Finance)

Developing Baltic / Eastern European capital markets in the context of the CMU

Chair: V. Vasiliauskas (Central Bank of Lithuania)Industry speakers: Nasdaq (A. Saladziene), Swedbank (R. Kitt),Public authority speakers : Estonian FSA (K.E. Suurväli), Min Fin Slovakia (P. Palus), IMF (M. Pradhan), Min Fin Bulgaria (M. Petrova)

16:55-18:00

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Eurofi Financial Forum 2017 – Tallinn – Proposed topicsMacro-economic and political challengesWednesday 13 September afternoon

20:30-21:30

Exchange of views: Efficiency of G20 financial reforms

Chair: D. Wright

Industry speaker: P. Bordenave (BNP Paribas), F. Shirzad (Goldman Sachs)

Public Authority speakers: R. Himino (Japan FSA), S. Bowen (US CFTC), C. Bavagnoli (Min Fin France), W. Coen (BCBS)

COCKTAIL

19:20-20:15

Continuation of 13 September afternoon

The economic, financial stability and trade implications of Brexit

Chair: D. Wright (EUROFI)Industry speakers: KPMG (J. Cassidy), BNY Mellon (L. Ahto), Moody’s (C. Ellis), Goldman Sachs (D. McDonogh), Deutsche Bank (S. Matherat), Santander (S. Vadera)Public authority speakers: Min Fin Germany (L. Holle), UK Treasury (K. Braddick)Experts: Ch. Noyer

18:00-19:20

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Eurofi Financial Forum 2017 – Tallinn – Proposed topicsDiversifying the financing of the EU economyThursday 14 September 2017 morning

08:00-09:10

10:30-11:35

09:10-10:20

Accelerating the CMU: which priorities following the mid-term review?

Chair: S. Maijoor (ESMA)Industry speakers: Euronext (S. Boujnah), BAML (A. Batchvarov), Unicredit (F. Giordano)Public authority speakers: Min Fin Bulgaria (M. Petrova), Min Fin Germany (L. Holle), EU Com-DG FISMA (O. Guersent), EU Parl ECON (N. Gill)

Impact of bank prudential rules (FRTB, NSFR) on EU capital markets taking into account the global context

Chair: D. Wright (Eurofi)Industry speakers: BNP Paribas (C. Lefebvre), Barclays (D. Harland), MUFG (M. Rosenberg)Public authority speakers: ACPR (F. Visnovsky), EU Com-DG FISMA (M. Nava), Japan FSA (R. Himino), Central Bank of Ireland (G. Cross)

Can the Asset Management industry provide new forms of financing for the EU?

Chair: G. Everts (NL AFM)Industry speakers: JP Morgan, (J. Griffin) BNY Mellon (T. Ahern), Federated (D. Gepp), CACEIS (E. Derobert)Public authority speakers: Min Fin Austria (A. Lejsek), MFSA (J. Bannister), AMF (N. Cazenave)

CRD V / CRR II pending issues

Chair: K. Martin (Min Finance Estonia) Industry speakers: BPCE (N. Duhamel), ING (D. van Wassenaer), DSGV (K.-P. Schackmann-Fallis), Nykredit (D. Sørensen)Public authority speakers: Min Fin France (C. Bavagnoli), EU Com-DG FISMA (M. Nava), Central Bank of Denmark (P. Callesen)

Attracting retail investors to EU capital markets and PRIIPs / MiFID II pending issues

Chair: N. Giusto (Consob)Industry speakers: La Banque Postale (F. Lustman), Fidelity (U. Funered), Tradition (V. Remay), BME (A J. Zoido)Public authority speakers: FMA (B. Puck), ESMA (V. Ross)Expert: N. Lemmers (European Investors)

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11:35-12:45

AML, KYC, data and competition challenges for digital banking

Chair: K. Kessler (Estonian FSA)Industry speakers: Swift (P. Krekels), Western Union (M. Alvisini), ING (D. van Wassenaer),Public authority speakers: Bundesbank (J. Metzger), EBA (C. Gardner), Danish FSA (J. Berg)

Review of Solvency II

Chair: P. Berès (MEP)Industry speakers: Allianz (G. Terzariol), AXA (G. Harlin)

Public authority speakers: EIOPA (F. Parente), EU Com-DG FISMA (N. Berger), Min Fin France (T. Groh), BAFIN (F. Grund), IVASS(A. Corinti), B. Balz (EU Parl-ECON)

BUFFET LUNCH

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Eurofi Financial Forum 2017 – Tallinn – Proposed topicsFintech and the general regulatory contextThursday 14 September 2017 afternoon

Speech : J. Katainen

(EU Commission)

14:45-15:50

15:50-17:00

Leveraging Fintech in the insurance industry

Chair: S. Lemery (ACPR)Industry speakers: Zürich (E. Arnold), Metlife (G. Del Sesto)Public authority speakers: BAFIN (F. Grund), EIOPA (K. Würtz),

EU Com-DG FISMA (N. Berger)

Impacts of digitalisation on retail banking and payments

Chair: M. Müller (Central Bank of Estonia)Industry speakers: Santander (D. Pujazón) Crédit Agricole(A. Aucoin), Barclays (J. Wilson)

Public authority speakers: Central Bank of Lithuania (M. Jurgilas), ECB (M. Bayle), EU Com-DG Connect (P. Zilgavis), BAFIN (F. Hufeld)

Leveraging Fintech in the context of the CMU

Chair: O. Guersent (EU Com-DG FISMA )Industry speakers: Deutsche Börse (N. Tomm), Euroclear (P. Symons), BBVA (T. Paavola), BNY Mellon (A. Pierelli), Funderbeam (K. Ruusalepp)Public authority speakers: Min Fin France (S. Raspiller), FCA (L. Foulger), Gov Malta (S. Schembri)

Addressing increasing cybersecurity risks

Chair: D. Beau (Banque de France)Industry speakers: DTCC (S. Scharf), State Street (M. Gavell),PWC (D. Del Re ) Swift (L. Punt)

Public authority speakers: EU Com-DG Connect (P. Zilgavis), CFTC (E. Pan), ECB (M. Bayle)

Are EU digital and Fintech initiatives up to the challenges?

Chair: Y. Mersch (ECB)Industry speakers: Nasdaq (H.O. Jochumsen), BBVA (J M González-Páramo)Public authority speakers: Min Fin Estonia (M. Ross), Central Bank of Finland (A. Grym), EU Parl-ECON (C. van Nieuwenhuizen),Min Fin Lithuania (V. Šapoka)

13:45-14:45

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Continuation of 14 September afternoon

Eurofi Financial Forum 2017 – Tallinn – Proposed topicsFintech and the general regulatory contextThursday 14 September 2017 afternoon

COCKTAIL

GALA DINNERKeynote speech : T Tõniste, President of the ECOFIN Council

20:00-21:00

21:00-22:30

Speeches: International and EU policymakers and industry leaders• Future of global regulatory coordination in the financial sector and implications for the EU financial sector and economy

C. Giancarlo (U.S. CFTC), R. Gnodde (Goldman Sachs), V. Dombrovskis (EU Commission)

Exchange of views: Review of the operations of the ESAs

Chair: D. Wright (EUROFI)Public authority speakers: EU Parl-ECON (M. Ferber), ESMA (S. Maijoor), EBA (A. Enria), EIOPA (G. Bernardino)

18:15-18:50

17:05-17:45

Exchange of views: Prospects of global policy coordination in the new political, economic and monetary context

Chair: D. Wright (EUROFI)Industry speakers: A. Magasiner (BAML)Public authority speakers: O. Guersent (EU Com-DG FISMA), US Treasury (S. Baker), Min Fin Italy (V. La Via)

17:45-18:15

Closing session: Economic and financial priorities for relaunching the Eurozone and the EU

Chair: T. Wieser (EU Council) Industry speakers: JP Morgan (V. Grilli), Crédit Agricole (A. Aucoin), EIB (A. McDowell)Public authority speakers: EU Parl-ECON (R. Gualtieri), ECB (Y. Mersch), Min Finance Bulgaria (V. Goranov), Min Finance Malta (E. Scicluna)Expert: S. Goulard

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Eurofi Financial Forum 2017 – Tallinn – Proposed topicsImproving financial stability and convergenceFriday 15 September 2017 morning

BUFFET LUNCH

Closing remarksMeeting the challenges of the Eurozone and the EU : Prof. S. Hanke

11:15-11:55

07:45-08:40

10:00-11:10

08:40-10:00

12:30-12:40

11:55-12:30

Exchange of views with members of the EurogroupDeepening the EMU: when and how?

Chair: K. Regling (ESM)Public authority speakers: B. Le Maire (Min Fin France), P. Orpo (Min Fin Finland), P. Kazimír (Min Fin Slovakia), M. Centeno (Min Fin Portugal)

Exchange of views: Banking Union: how to make existing pillars more effective?Chair: A. Enria (EBA)Industry speakers: J M González-Páramo (BBVA)Public authority speakers: Banque de France (F. Villeroy de Galhau), SSM (S. Lautenschläger), EU Parl-ECON (E. de Lange), SRB (E. König), EU Parl ECON (D. Hübner)

Exchange of views: Challenges and conditions for a normalisation of EU monetary policy

Chair: D. WrightIndustry speakers: J. Gual (CaixaBank)Public authority speakers: ECB (S. Lautenschläger), Central Bank of Austria (E. Nowotny), Central Bank of Netherland (K. Knot)

Systemic risks and resolution in the insurance sector

Chair: B. Balz (EU Parl-ECON) Industry speakers: Metlife (E. Ligere), Swiss Re (N. Arquint) AXA (J. Ariss)Public authority speakers: ACPR (S. Lemery), NAIC (T. Nickel), EU Com-DG FISMA (N. Berger)

EU CCP systemic issues (EMIR review, CCP R&R)

Chair: Y Mersch (ECB)Industry speakers: ICE (T. Grange), BP2S (L. Caron-Habib), Deutsche Börse (A. Hachmeister)Public authority speakers: EU Parl-ECON (J. von Weizsäcker), Bundesbank (J. Metzger), EU Com-DG FISMA (M. Nava), AMF (R. Ophèle), ESMA (V. Ross), Bank of England (D. Bailey)

Are market-based finance risks under control?

Chair: G. Gelos (IMF) Industry speakers: Blackrock (J. Cound), Federated (D. Gepp), Amundi(F. Bompaire), Vanguard (R. Comegys)Public authority speakers: EU Parl ECON (M. Ferber), IOSCO (J-P Servais), EU Com-DG FISMA (M. Nava)

Resolution of banking groupsChair: E. König (SRB) Industry speakers: Nordea (J. Galbo), Standard Chartered(T. McDermott), UBS (T. Pohl),Public authority speakers: EU Parl ECON (G. Hökmark), BAFIN (F. Hufeld), EU Com DG Comp (M.Velentza), Banca d’Italia(E. Serata), FDIC (A. Murton)

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Main activities

The main objectives of Eurofi are to help industry and public decision-makers reach a commonunderstanding of possible evolutions required in the regulation and supervision of financial services andto open the way to legislative or industry-driven solutions that may enhance the safety and effectivenessof the EU financial sector and its contribution to economic growth.

Eurofi acts in a general interest perspective, facilitating exchanges of views between diverse financialindustry players and the public authorities. These discussions are prepared by objective fact findingand 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 andinternational public decision makers for discussions on the major on-going regulatory projects in thefinancial area and the role of the financial sector in fostering growth as well as the economic andmonetary environment.

▪ These events are regularly organised in association with the EU Presidencies in parallel with informalECOFIN councils and in some cases with the G20 Presidencies. They are organised with the supportof Virginie Denis and her team.

▪ Additional workshops involving the members of Eurofi are set up to exchange views on regulatoryissues. Bilateral meetings are also regularly organised with representatives of the public authoritiesand other stakeholders (e.g. end-users, experts) to fine-tune assessments and proposals.

Research and 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 currently chaired by David Wright who succeeded Jacques de Larosière as Chairman in April 2016• 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 EUROFIThe European think tank dedicated to financial services

Membership of Eurofi : leading global and European financial institutions from different sectors of the industry (banking, insurance, market infrastructures, asset management,

credit rating agencies…).

Main topics currently addressed111

▪ Measures and instruments needed to ensure an appropriate financing of the EU economy:impacts of Brexit on the financing of the EU, impact of on-going monetary actions, measures tosupport bank financing (securitisation), diversification of the financing of SMEs and infrastructureprojects, proposals for developing a long term investment perspective, climate change agenda

▪ Prospects of digitalisation and fintech: digital transformation in the banking and insuranceindustries, fintech and blockchain applications in the capital markets and investment, relatedregulatory challenges

▪ Prospects of further EU integration: implementation of the Banking Union, priorities forimplementing a Capital Markets Union, possible evolution towards a fiscal union and further economicintegration in the Eurozone, evolution of the EU regulatory and supervisory authorities (ESRB, ESAs).

▪ Optimizing the EU financial services internal market: payments, review of the IORP directive,regulation of CRAs, prospects of further banking integration and of digital banking

▪ Evolutions of the prudential and regulatory framework of banks and insurancecompanies: fine-tuning and implementation of banking and insurance prudential frameworks,recovery and resolution of banks and non-banks, culture and conduct measures

▪ Capital markets and investment product regulations: Capital Markets Union, regulation ofsecurities, derivatives and commodities markets and infrastructures, recovery and resolution of CCPs,cybersecurity, SFT and collateral requirements, asset management regulations, investor protectionregulation (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