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FACU
LTY OF LAW
, EC
ONOMICS
AND FINANCE Certificate in Law
and Regulation of Inclusive Finance
January 2018
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CERTIFICATE IN LAW AND REGULATION OF INCLUSIVE FINANCE
The Certificate in Law and Regulation of Inclusive Finance aims at ensuring awareness of the topic of law and regulation in the inclusive finance scene, enabling an exchange with regu-lators and financial intermediaries and facilitating further academic and non-academic co-operation, among participants and teachers alike. Key partners of the programme comprise the ADA Chair in Financial Law (Inclusive Finance), ADA and the European Investment Bank (EIB). The programme kindly acknowledges support by Arendt & Medernach.
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EUROPEAN INVESTMENT BANK (EIB) - EIB INSTITUTE
The European Investment Bank (EIB) is the long-term lending institution of the European Un-ion owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.The EIB Institute was set up within the EIB Group (European Investment Bank and European Investment Fund) to promote and support social, cultural, and academic initiatives with Euro-pean stakeholders and the public at large. It is a key pillar of the EIB Group’s community and citizenship engagement
THE ADA CHAIR IN FINANCIAL LAW (INCLUSIVE FINANCE)
The University of Luxembourg and its Faculty of Law, Economics and Finance (FDEF) en-deavour to take a leading role in the study and teaching of inclusive finance, which seeks to further access of poor populations to financial services. Together with Appui au Dévelop-pement Autonome (ADA), a non-governmental organisation supported by the Luxembourg Ministry of Foreign Affairs, they founded the ADA Chair in Financial Law (Inclusive Finance) to advance the emerging field of law and regulation of inclusive finance, with a focus on knowl-edge transfer from European jurisdictions to developing countries and the further develop-ment of financial law and regulation in developing countries. Prof. Dirk Zetzsche joined the Faculty as the first chairholder in March 2016.
APPUI AU DÉVELOPPEMENT AUTONOME (ADA)
ADA is a non-governmental organisation approved and cofinanced by the Luxembourg Directorate for Development Cooperation and Humanitarian Affairs and is placed under the High Patronage of Her Royal Highness the Grand Duchess Maria Teresa.ADA is dedicated to building and catalysing the financial inclusion of populations excluded from conventional banking channels in developing countries. ADA focuses on the develop-ment of innovative inclusive financial services, on capacity building and on action research, putting its expertise to use in areas including youth financial inclusion, access to green energy through microfinance, microinsurance, and reinvested savings through remittances for migrants. Additionally, ADA collaborates with individual states to support their inclusive finance expansion strategies.
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WEEK 1: Date 15 to 19 January 2018Monday, 15 January 2018 (6 TUs) at Weicker Building B001
09.00 – 10.0010.00 – 11.0011.00 – 12.00
14.00 – 17.00
18.00
Registration, preliminaries – Meike Philipp-Ries ADA and Prof. Dirk Zetzsche – Welcome on behalf of Uni.lu, introductionProf. Dirk Zetzsche – Cross-border financial services Break with reception hosted by UNIJérémie Chapet (ADA) and Jarek Chuchla (BRS) - SIMFI, a simulation game, integrating regulatory requirements in the day-to-day decision making (part I), (Laptop from students is needed, if available on their own)Luxembourg visiting tour “City Promenade (center & old part of the city)”meeting point: Luxembourg city tourist office, Place Guillaume II, time: 17.50h
Tuesday, 16 January 2018 (7 TUs) at Weicker Building B00109.00 – 12.00
14.00 – 16.0016.00 – 18.00
Kate Bedwell, M-Pesa – Compliance and inclusive finance BreakProf. Dirk Zetzsche – Principles for responsible investmentsProf. Luca Ratti, Uni.lu – Shaping the ethics of an organisation
Wednesday, 17 January 2018 (7 TUs) at Weicker Building B001 and Arendt & Medernach09.00 – 12.00
14.00 – 18.00from 18.00
Prof. Dirk Zetzsche - Collective Investment SchemesBreak and travel to Arendt & Medernach officesAnne Contreras-Muller, Arendt & Medernach – case study “cross-border investment fund” Reception at Arendt & Medernach
Thursday, 18 January 2018 (8 TUs) at Weicker Building B001Linn Cecilie Anker-Sørensen, Uni Oslo - Extraterritorial Liability of Multinational EnterprisesProf. Shariq Nisar, RIMSR – Cooperatives as IF vehicles BreakInclusive Finance Research Conference
First part: Liability for violation of global standards(1) Prof. Dirk Zetzsche – Introduction to the topic(2) Linn Cecilie Anker-Sørensen – liability of multi-national enterprises for violation of global standards: a cross-country view (3) Q&A, discussion
Break
Second part: Digital Inclusive Finance(1) Prof. Shariq Nisar – Experience with the India Stack - Do’s and don’ts for financial inclusion(2) Prof. Dirk Zetzsche – The regulatory sandbox for inclusive finance applications: a good idea?(3) Q&A, discussion
09.00 – 11.0011.00 – 13.00
15.00 – 19.00
Friday, 19 January 2018 (7 TUs) at Weicker Building B00109.00 – 12.00
14.00 – 16.0016.00 – 18.00
Jérémie Chapet, ADA and Jarek Chuchla – SIMFI - Integrating regulatory requirements in the day-to-day decision making (part II), (Laptop from students is needed, if available on their own)BreakProf. Shariq Nisar, RIMSR – Ethical investments and investment behaviorProf. Shariq Nisar, RIMSR – Mutual and microinsurance
WEEK 2: 22 to 26 January 2018
Monday, 22 January (7,5 TUs), at Weicker Building B001
Wednesday, 17 January 2018 (7 TUs) at Weicker Building B001 and Arendt & Medernach
Thursday, 18 January 2018 (8 TUs) at Weicker Building B001
Friday, 19 January 2018 (7 TUs) at Weicker Building B001
09.00 – 12.30
14.00 – 18.00
Veronica Trujillo, Consultant World Bank – Regulation of financial inclusionBreakRosa Pasos, Conami, Nicaragua – Session 1: Social Performance Management - Taking our Mission To Social Practice
Tuesday, 23 January (7 TUs), at Weicker Building B00109.00 – 12.00
14.00 – 18.00
Rosa Pasos, Conami, Nicaragua – Session 2: Social Performance Management - Regula-tion and Promoting Social Management in Microfinance Law in Nicaragua BreakRachael Mushosho, central bank of Zimbabwe – regulation case study
Wednesday, 24 January (8,5 TUs), at EIB, Banque de Luxembourg and Weicker Building 09.00 09.30 – 11.00
12.00 – 14.00
15.00 – 17.00
17.30 – 20.30
Meeting point at the EIB for registrationDr. Hakan Lucius, EIB – Sustainable FinanceBreak and travel to Banque de Luxembourg, 14, boulevard Royal, L-2449 LuxembourgMidi de la microfinance: Client’s protection, MFIs sustainability & interest rates: how to square the circle? Programme:11.50: Admission to the event 12.00: Welcome remarks - Banque de Luxembourg12.05: Discussion on interest rates, customer protection and sustainable development of MFIs:• Rosa Pasos, Member of the Board of directors of Conami - Nicaragua • Isso-Takou Soulémane Djobo - Senior Project Officer, ADA - Luxembourg>> Moderator: Dr. Veronica Trujillo Tejada, Financial Sector Development Consultant, World Bank – CGAP, Washington, USA12.35: Questions and answers with the audience12.55: Closing remarks - Prof. Dirk Zetzsche, Holder of the ADA Chair, Faculty of Law, Eco-nomics and Finance at the University of Luxembourg13.00: Cocktail lunchBreak and travel to WeickerKaspar Wansleben, LMDF – Microfinance, venture capital and the LMDF – Issues and perspectivesProf. Dirk Zetzsche – The «Big Bang» of RegTech in European financial law 3x3 series - open lecture, followed by drinks reception
Thursday, 25 January (7,5 TUs), at EIB and Weicker Building B00109.00 – 13.00
14.45– 16.1516.15– 16.3016.30– 18.15from 18.15
Prof. Isabelle Riassetto – MiFID et la protection des clients (Client protection under MiFID)Direct travel to EIB for registration at EIB entrance and having a sandwich lunch thereOlivier Edelman, EIB – Microfinance at the European Investment BankCoffee breakPer-Erik Eriksson, EIF – European Microfinance, and Wouter Torfs, EIF – Social Enterprisesclosing ceremony and walking dinner
Friday, 26 January - [no lectures]
LECTURE LOCATIONS
Weicker Building
University of LuxembourgFaculty of Law, Economics and Finance4, rue Alphonse WeickerL-2721 Luxembourg
Arendt & Medernach
41A, avenue J. F. Kennedy L-2082 Luxembourg
EIB
European Investment Bank98-100, boulevard Konrad AdenauerL-2950 Luxembourg
Stop “Kirchberg-BEI” on bus service 18 - leaving from Weicker walk to bus stop on Rue Carlo Hemmer for departure.
Nearest bus stops (please note that some bus stops are being renamed):Kirchberg –Alphonse Weicker;Kirchberg –Réimerwee. Nearest tram stop:Kirchberg –Alphonse Weicker Nearest train station:Pfaffenthal-Kirchberg, from which you can connect to Kirchberg Plateau using the funicular & tram at stop Rout Bréck –Pafendall Soft modes:Additional bicycle path along John F. Kennedy Avenue;Additional pedestrian areas between main streets.
Banque de Luxembourg
14, boulevard RoyalL-2449 Luxembourg
CONTACTS
Prof. Dr. Dirk ZetzscheCourse Director
Linda SzelestR&D Project [email protected]+352 45 68 68 323
Meike Philipp-RiesProgramme Manager Certificate Inclusive Finance and 3x3 SeriesFaculty of Law, Economics and [email protected]+352 46 66 44 6008
Tsany Ratna DewiResearch Associate Faculty of Law, Economics and Finance [email protected]+352 46 66 44 5404
LECTURERS’ CURRICULUM VITAE *
Linn Anker-SørensenLinn Anker-Sørensen is a PhD candidate at the University of Oslo. Ank-er-Sørensen’s research contains topics in the domain of corporate govern-ance, directors duties, corporate group liabilities, corporate group struc-turing and engineering and corporate finance and taxation. She lectures in corporate and contract law and is recognized as a public speaker amongst governmental authorities in Norway on the field of corporate group structure and taxation.
Kate Bedwell Kate Bedwell is the Head of Governance, Risk & Compliance for Voda-fone’s global money transfer service, M-Pesa. M-Pesa is available in Kenya, Tanzania, India, Mozambique, Lesotho, Egypt, Ghana and DRC. It enables customers at the base of the pyramid to access financial ser-vices without the need of a bank account. It allows customers to transfer very low amounts of money via mobile phone, pay bills, make face to face merchant payments, as well as more recently accessing more tradi-tional financial products such as savings and loans through partnerships with traditional financial services organisations. Ms Bedwell has worked for Vodafone for seven years and in her current role is responsible for the oversight of governance, risk and compliance of M-Pesa globally.
Jérémie Chapet Jérémie Chapet is a Project Manager at ADA since 2015, providing techni-cal assistance to ADA’s partner MFIs mainly on product development and financial performance analysis. Jérémie hold a Master degree in development economics. He started his experience in microfinance in Mozambique in 2011, where he worked dur-ing three years in a greenfield MFI as a loan department manager.
Jarek ChuchlaJarek Chuchla is a Microfact Coordinator, joint initiative of ADA and BRS which promotes and delivers the Microfinance and Microinsurance KPI workshops, alongside a set of practical tools for monitoring and analysing performance indicators in Microfinance and Microinsurance. Jarek holds a double Master degree, one in Financial Management and other in Com-puter Science and Econometrics.He has more than 6 years’ experience in IT and in Risk Management gained at KBC Bank in Belgium and he employs it during the trainings and technical assistance he provides to MFIs and Microinsurance Institutions.
* by alphabetical order
Per-Erik ErikssonPer-Erik Eriksson joined the European Investment Fund in 1998 and is since 2010 Head of Inclusive Finance. He has long experience of imple-menting central EU financial instruments (funding, guarantees as well as equity), enhancing access to finance for SMEs, including micro-enterpris-es, across the European Union and in the Candidate Countries.Per-Erik led the investment team responsible for Progress Microfinance launched in 2010 and the programme on Employment and Social In-novation launched in 2015. Under these central EU programmes banks and non-banks benefit from portfolio guarantees issued by the European Investment Fund and senior loan financing provided by a dedicated in-vestment fund. The ultimate policy goal of this activity, sponsored by the European Commission, is to encourage self-entrepreneurship among vulnerable groups and thus result in financial and social inclusion.Per-Erik holds an MSc in Finance from the Stockholm School of Econom-ics, Sweden and a CEMS Master in International Management from the University of Cologne, Germany
Dr Hakan LuciusDr Hakan Lucius is Head of Corporate Responsibility and Civil Society at the European Investment Bank, the European Union’s bank and largest supranational lender, where he covers the transparency and stakeholder engagement of the institution. Prior to that he was responsible for the financing of operations, ranging from large-scale infrastructure projects, structured operations, environmental investments to SME finance, both through loans and equity. This broad financial experience, gained both within and outside the European Union, required extensive negotiations with corporations, governments, financial institutions and civil society organizations, requiring extensive cross-cultural knowledge and compe-tence. Dr Lucius also serves as the President of the European Investment Bank’s Pension Board, and is on the eligibility committees of the Associ-ation of the Luxembourg Fund Industry’s Environmental fund label and of the ESG fund label, he is member of the European Investment Bank Insti-tute’s Social Committee and of the Royal Institute of International Affairs, Chatham House.Dr Lucius, received a PhD with distinctions in industrial economics, a MBA from INSEAD, France, and an MSc in Engineering from Vienna Technical University, from where he graduated as the youngest student of his faculty. He is a Professor lecturing at masters and executive MBA programmes in parallel to his professional career with specialization on Sustainability in Finance, at SciencesPo in Paris and the Frankfurt School of Finance in Germany.
Anne Contreras-MullerAnne Contreras-Muller is Of Counsel with Arendt & Medernach. She ded-icates her activities to microfinance and social impact projects, advising specific domestic and international clients on the corporate and regulatory aspects of the creation and running of microfinance and social impact investment schemes. She chairs the board of the European Microfinance Platform (e-MFP). She is a member of the Policy Committee of the Euro-pean Venture Philanthropy Association (EVPA) and board member of the European Social Enterprise Law Association (ESELA). She participates in several other initiatives such as the European Impact Investing Luxem-bourg (EIIL) and the Responsible Investing Committee of ALFI.
Rachael MushoshoRachael is Deputy Director in Bank Supervision Division, Reserve Bank of Zimbabwe. She holds a BSc. Economics Degree and a Masters in Business Administration (MBA) from the University of Zimbabwe. She has extensive experience in the regulation and supervision of Microfinance Institutions. She also brings to the platform experiences in financial in-clusion, Risk-based Supervision and Resolution of Problem Banks. She championed the survey of the microfinance sector in Zimbabwe in 2006, which culminated in the development of the National Microfinance Policy for Zimbabwe. Further, she has been involved in was content developing and course mentorship for the on-line microfinance courses run by MEF-MI (Macroeconomic and Financial Management Institute of Eastern and Southern Africa), in conjunction with United Nations Institute for Training and Research (NITAR).
Rosa PasosHer specialty and major work experience is in banking finance, especially Microfinance. She has worked also as an independent consultant since 1993. Her banking experience began having held positions in two nation-al State Banks, and two private banks, one of them as a Board Member representing Dutch Investment, concentrating her experience in both cor-porate credit and investment areas, as well as in of portfolio analysis, and banking institutional strengthening. In 1998 he began her practical experience in the field of microfinance, where she held a permanent position for three years, in SIDA, Coopera-tion of the Embassy of Sweden, in the design of a project of Agricultural Technical Assistance and Rural Finance, within which, among others, the current Association of Microfinance of Nicaragua (ASOMIF) is started and is born. She was also a member of the Board of Directors of the Rural Financial Services Fund financed by IFAD / FAO. From her academic specialization on in the area of Microfinance, in 2000 she worked as a permanent consultant and specialist in finance and microfinance, having worked on various consultancies for microfinance organizations, microfinance networks; and cooperation programs. Having applied a Put Out Option, she just finished her post in November as a Board Member of a Central American Investment Company (SICSA), on behalf of Bamboo Finance and Oasis Fund Investors from 2012 till 2017, which is a second-tier bank that finances MFI all over Central Amer-ica. Since 2012 she is being on the Board of the National Microfinance Commission (CONAMI), since it was created by Law. She represents the private microfinance sector and leads and coordinates an active dialogue and communication between the public institution and the microfinance network and MFIs. She had just been reelected this year for 5 years more.Likewise, she is a shareholder and director for 9 years of a company that manages a successful franchise in the country, with 5 points of sale na-tionwide and gives advice to PYME and Family Business.
Prof. Shariq NisarShariq Nisar (PhD Economics) is Professor at Rizvi Institute of Manage-ment Studies and Research (RIMSR), Mumbai, India. Prior to joining RIMSR he worked at the Harvard Law School, USA, as Senior Visiting Fellow. Before moving to academics, Dr. Nisar spent over a decade and a half in the Indian finance industry developing financial products and ser-vices that aimed at improving financial inclusion and increased investment in socially responsible sectors. He made some seminal contributions to India’s financial sector by launching many innovative products approved by the Securities and Exchange Board of India (SEBI). He was invited to make presentation before the Select Committee of Indian Parliament during the discussion on Insurance Amendment Bill 2015. Dr Nisar holds board positions at many companies. In addition he is member of the Aca-demic Council, Asean Institute of Insurance and Risk Management (AIIRM) and the Academic Steering Committee, International Cooperative and Mutual Insurance Federation (ICMIF), UK.
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Prof. Isabelle RiassettoFormerly professor of law in France, Isabelle Riassetto, is professor of commercial law at the University of Luxembourg since 2008. She is cur-rently the course director of the Master en Droit Bancaire et Financier Européen (LL.M.) at the Faculty of Law, Economics and Finance. She teaches commercial law and asset management law. Her main research fields are portfolio management law and especially investment funds law (UCITS & IAF) in a European and comparative law approach, business ethics and financial deontology. She has published extensively in various well-respected academic publications and has co-authored books and chapters of books.
Prof. Luca RattiLuca RATTI is Associate Professor of European and Comparative Labour Law at the University of Luxembourg and an Internal Fellow of the Rob-ert Schuman Institute of European Affairs, Luxembourg. After a period as a visiting post-doc in the United Kingdom, from 2012 through 2015 he served as Senior Researcher and Adjunct Professor in Labour Law and Social Security at the University of Bologna, from which he obtained his Doctorate in 2007. Together with Italian academics he has coordinated research projects and publications on personal damages, individual and collective dismissals, outsourcing, and self-employment relationships, making particular use of the comparative method. He is currently Principal Investigator in research projects funded by the Luxemburgish Fond Na-tional de la Recherche (FNR) and by the European Commission, focusing on several topics, such as Life Time Contracts, the European Social Mod-el, and the implication for labour rights of the most recent EU regulations concerning transnational transport sector.
Wouter TorfsResearch Officer at European Investment Fund (EIF)September 2015 - Present: Research and Market AnalysisResearch Fellow at European Commission, Joint Research CentreDecember 2013 - August 2015: Economist at the Regional Economic Modelling team, which develops RHOMOLO, the computable generalequilibrium model used to evaluate the Cohesion Policy of the European Commission.Policy Analyst from November 2008 - November 2013:Policy orientated economic research, ranging from descriptive to structural analysis, aimed at feeding the public debate and policy with scientifically justified facts and arguments to improve regional and nationallabor market outcomes in Belgium and Europe.Consultant at European Investment Bank from December 2012 - July 2013: Macro- and micro-economic analysis of investment financing in the European Union.Teaching assistant at KU Leuven from 2010 - June 2012 Economics 101: Introduction to macro economicsCurrent Economics Issues: Bachelor seminar
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Veronica TrujilloVerónica is a specialist in Digital Financial Services (DFS) and Financial Inclusion. She works as consultant for the World Bank analyzing policies and regulations to favor DFS development around the world. Her analysis includes infrastructure (financial system and connectivity / technologi-cal infrastructure) as well as DFS specific products (e-money, alternative finance, crowdfunding, among others). Previously she worked as a con-sultant for the Multilateral Investment Fund (MIF, Inter- American Develop-ment Bank), leading or participating in many regional projects to support financial inclusion across Latin –America and Caribbean countries. During her work there, she was part of the Global Microscope of Financial Inclu-sion Team publication, and lead a project to build a regional database on financial institutions sustainability and outreach indicators. Verónica is PhD by Salamanca University, holds a Master in International Relations and Diplomacy, and another in Law and Economics. She is a lawyer by the Pontificia Universidad Católica del Perú.
Kaspar Wansleben Kaspar Wansleben is the Managing Director of LMDF. Prior to joining LMDF, Mr. Wansleben was already involved in microfinance, becoming a member of the credit committee of the finance programme of MFIs: LUXMINT, managed by ADA, in 2006. He also worked at the Intenational Labour Organisation (2002) and at PlanetRating (2004). Mr. Wansleben is a visiting lecturer at the University of Luxembourg on social entrepreneur-ship and a board member of MFX Solutions Inc., the provider of currency risk solutions to the microfinance sector. Kaspar Wansleben is a chartered accountant and joined KPMG in 2005 where he specialised in the industri-al and financial sectors as advisor in finance and auditor for six years. He graduated in business and finance from the Euromed in Marseille and the University of Bremen. He is of German nationality and has lived in many Asian countries.
Prof. Dirk ZetzscheProf. Dirk Zetzsche holds the ADA Chair in Financial Law (Inclusive Fi-nance) at the Faculty of Law, Economics and Finance since March 2016. He has been widely published on the areas of law of alternative finance, collective investment schemes, asset management, family offices, share-holder rights, corporate and banking governance, secured transactions, FinTech and international financial regulation. Prof. Zetzsche graduated with an LL.M. from the University of Toronto, Canada, before obtaining his doctorate at Heinrich Heine University in Düsseldorf, Germany, in 2004, where he also completed his habilitation thesis in 2012. Before coming to Luxembourg, he held the Propter Homines Chair in Banking and Securi-ties Law at the University of Liechtenstein. He contributes to the academic board of the European Banking Institute (EBI), functions as director of the society of investment law. He has worked as a lawyer licenced under Ger-man law and has advised and participated in numerous public institution expert working groups.
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