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Matinale Actualité
RÈGLEMENTATION DES MARCHÉS FINANCIERS :
comment concilier croissance de long terme,
stabilité financière et protection des investisseurs
Intervenant : Pervenche BERES, Députée Européenne, Présidente la
Commission de l'emploi et des affaires sociales, Rapporteur de la
Commission spéciale sur la crise du Parlement européen
Le Parlement européen joue un rôle essentiel dans la mise en œuvre de la
feuille de route du G20 permettant le retour de la stabilité financière. Il est
désormais essentiel de retrouver la voie d'un développement durable fondé
sur cette nouvelle stabilité. Comment assurer la cohérence de l'édifice
législatif européen pour rendre compatible stabilité et croissance?
INFORMATIONS
PRATIQUES
FORMAT
Matinale
Comment faire en sorte que la protection des investisseurs constitue une
composante à part entière d’une stratégie d’investissement de long terme
en lien avec le livre vert sur l’investissement de long terme? En particulier la
proposition de règlement sur un "document d'informations clés" pour les
produits d'investissement en cours d’adoption vise à fournir une meilleure
protection des investisseurs multi filière, notamment par le biais d’une
meilleure information pré contractuelle.
DATE
16 sept. 2013
LIEU
NYSE EURONEXT
39 rue Cambon
Paris 1er
Pervenche BERES est en première ligne sur les leçons à tirer de la crise et
sur les initiatives à prendre pour renforcer la protection des investisseurs
de détail. Elle présentera son point de vue sur le chemin parcouru pour
mettre en œuvre les orientations fixées par le G20 et ce qu’il restera à faire
pour aligner le cadre de régulation européen avec la relance de la
croissance.
PARTICIPATION
70 € HT
CONTACT
[email protected]
01 49 27 13 85
Pervenche BERES est députée européenne depuis 1994. Depuis 2009, elle
préside la Commission de l’emploi et des affaires sociales et est Rapporteur
de la Commission spéciale sur la crise du Parlement européen. Elle a
également présidé la Commission des affaires économiques et monétaires
entre 2004 et 2009.
BIOGRAPHIE
en Espagne,
Pervenche BERES
Présidente de la commission de l'emploi et des affaires sociales du Parlement européen
Née le 10 mars 1957 à Neuilly sur Seine, deux enfants
Contact :
Parlement européen, ASP 14G206, Rue Wiertz, B-1047 Bruxelles
Tél. : +32(0)2.284.77.77 - Fax : +32(0)2.284.97.77
E-mail : [email protected]
Site Web: www.pervenche-beres.net
Lors de l'élection du Parlement européen, Pervenche Berès a été élue Présidente de la commission
de l'emploi et des affaires sociales et membre suppléante de la commission des Affaires
économiques et monétaires.
Elle a été nommée Rapporteur de la Commission spéciale crise du Parlement européen.
Lors du précédant mandat, Pervenche Berès a été Présidente de la commission des Affaires
économiques et monétaires, ses secteurs d'activités étaient la coordination des politiques
économiques, le dialogue monétaire avec la Banque centrale européenne, la fiscalité, le droit de la
concurrence et enfin la législation sur les marchés financiers.
Elle a été Présidente de la délégation socialiste française au Parlement européen et vice-présidente
du groupe socialiste (1997 - 2004)
De décembre 1999 à octobre 2000, elle a été désignée pour être la Vice-présidente de la délégation
du Parlement européen à la Convention chargée de la rédaction de la Charte des droits
fondamentaux de l'Union européenne.
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
PARTICIPANTS
ACADÉMIE DE COMPTABILITÉ
M.
ACP
ACP
Mme BONTEMPS-CHANEL
Mme DE CHATILLON
Anne-Lise
Pauline
Adjoint de service
Directeur
ACP
AFG
Mme FOURNIER
M.
de La PORTE du THEIL
Hélène
Paul-Henri
AFG
Mme DELFRAYSSI
Carine
AGIPI
AMBASSADE DE GRANDEBRETAGNE
M.
GUILLIER
Bruno
M.
MURPHY
David
AMF
Mme CATTARINUSSI
Sonia
AMF
AMF
AMF
Mme D’HOIR
Mr
DE JUVIGNY
Mme JANOD
Jennifer
Benoît
Véronique
Chargée de mission
Président
Adjointe au Directeur des
affaires internationales
Chargé de missions
Attaché aux affaires
économiques et financières
Directrice de la division de la
régulation des marchés
Chargée de Mission
Secrétaire général
Economiste
AMF
AMUNDI
ANSA
APCO WORLDWIDE
M.
M.
M.
Mme
PARCHLINIAK
AGULHON
MARSAL
DE MONTVALON
Gaëtan
Bernard
Pierre
Amandine
BNP PARIBAS
M.
BEGON
Vincent
BNP PARIBAS SECURITIES
SERVICES
BNP PARIBAS SECURITIES
SERVICES
PERQUEL
Jean-Jacques Président
Chargé de mission
Responsable régulation
Consultant
Consultante
Responsable d'Activités Droit
Financier
Mme CARON-HABIB
Laurence
Affaires publiques
M.
CREMERS
Thiebald
Legal Advisor
BPCE
M.
MICHELIN
EmmanuelGeorges
BPCE
M.
NASLIN
Jean
BPCE
Mme QUERAN-RAMBERT
Fabienne
BUCKYBALL CONSULTING - SAS
CACEIS
CAISSE CENTRALE
M.
BENSAID
M.
DEROBERT
Mme PALLEZ
Didier
Eric
Stéphane
CAISSE DES DÉPOTS
Mme MANGIN
Florence
CDC
CNAM
DILLENSCHNEIDER FAVARO
DIRECTION GENERALE DU
TRESOR
EIFR
EIFR
EIFR
EIFR
EIFR
M.
Dr
M.
Didier
Nathalie
Olivier
Directeur adjoint relations de
place groupe
Représentant auprès des
institutions Européennes
Responsable projets, Direction
des relations de place
Directeur général
Directeur
Président-Directeur Général
Directrice pressentie des
relations institutionnelles
Responsable de département
Maître de Conférences
Avocat
Adjointe au chef de bureau
Epargne et marché financier
Comptable
Directeur de Projet
Managing Director
Chargee de mission
Chargée de Mission
JANCI
ORIOL
DILLENSCHNEIDER
Mme FOERSTER
Maelle
M.
Mme
M.
Mme
Mme
Sylvain
Anaele
Edouard
Melissa
Vanessa
CHARPENTIER-TITY
COJAN-BAUDANT
DE LENCQUESAING
KERBRAT
NGABAMA
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
EURONEXT PARIS SA
M.
SIMONET
EUROPEAN PARLIAMENT
Mme BERES
FBF
Mme DE GAULLE
FBF
M.
FFSA
Mme BEJUI
FFSA
FFSA
Mme GAUTHERIN
M.
MAHE
FFSA
Mme QUINTART-CLERC
FFSA
Mme TEXIER
FIDEAS CAPITAL
FINANCE INNOVATION
FISCHER TANDEAU DE MARSAC
SUR & ASSOCIES
FONDS DE RÉSERVE POUR LES
RETRAITES
GIE AXA
M.
FILIPPI
Mme LE NADAN
ICMA
Mme COTELLE
PONS
Christian
Directeur des Affaires Europe
Députée européenne,
Pervenche
Présidente de la commission
ECON du Parlement européen
Carole
Chargée de Mission
Délégué affaires européennes
Jean-François
et internationales
Chargée de mission auprès du
Hélène
Président
Sylvie
Sous-directrice
Pierre-Alain Conseiller du Président
Responsable des Affaires
Nathalie
européennes et internationales
Directrice de la communication
Arielle
et des affaires publiques
Pierre
Président
Kristell
Responsable Communication
M.
TANDEAU DE MARSAC Silvestre
Avocat au barreau de Paris
M.
CHEVALIER
Yves
Membre du directoire
M.
LORILLON
Fabrice
Directeur
Director, Secretary of AMTE
Council
Directeur de la Chaire Ethique
et Finance
Nelly
INSTITUT CATHOLIQUE DE PARIS M.
WALTER
Christian
LA BANQUE POSTALE
LCH.CLEARNET SA
M.
DEMEME
HÉMON
Florence
Christophe
LCH.CLEARNET SA
M.
SAINT-SAUVEUR
Hervé
NEUFLIZE VIE
M.
NOIROT-NERIN
Bernard
PARIS EUROPLACE
PARIS EUROPLACE
PARIS EUROPLACE
PR CONSEIL
M.
M.
M.
M.
MENTRE
PITHON
ZINE-EDDINE
RENAULT
SFAF - SOCIETE FRANCAISE
Mme PELTRE
SOCIÉTÉ GÉNÉRALE
Mme BOSCHAT
Paul
Alain
Karim
Patrice
MariePascale
Nathalie
STANDARD & POOR'S
M.
Gerben
DE NOORD
CEO
Administrateur
Directeur conformité,
compliance relations
extérieures
Membre
Secrétaire général
Directeur adjoint des études
Directeur général
Chief Investment Officer
attachée de presse
European Policy Advisor
Liste du 16/09/2013
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
ACTUALITE
Livre vert de la Commission Européenne sur le financement à long terme
de l’économie européenne
Lettre conjointe de Paris Europlace et La City of London à Michel Barnier
Commissioner Michel Barnier
Member of the European Commission
B-1049 Brussels
Belgium
(by email)
Date 14 June 2013
Dear Commissioner,
European Commission Green Paper on Long-Term Finance
The Anglo-French Committee of the City of London and Paris Europlace welcomes the opportunity to
respond to the European Commission’s Green Paper on Long-term finance. As you know, the AngloFrench Committee brings together senior industry representatives from London and Paris with the
aim ofshaping financial services regulation in areas of mutual interest. The Commission is right to
prioritise largescale,long-term investment as a key driver for reviving growth and employment across
the EU. We welcome the Green Paper and commend the EU Commission on initiating a debate about
how to foster the supply of Long-Term Financing (LTF) and how to improve and diversify the system
of financial intermediation for long-term investment in Europe. The many important issues raised in
the Green Paper could, given the right conditions, contribute substantially to growth and
employment prospects across Europe.
Our response focuses on 7 priorities relating to the challenge of European growth and
competitiveness: the role of wholesale financial markets in funding business, infrastructure, SMEs,
securitisation, banks, insurance and taxation.
The role of wholesale financial markets in funding business
Financial services, and in particular the wholesale financial markets are an important source of
funding for corporates throughout their development, from start-up right through to multinational.
Although the majority of corporate financing in the EU continues to be provided by banks, as a result
of new financial regulation and bank eleveraging, companies will need to diversify their funding
sources in order to grow.
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
The IRSG, CBI, MEDEF and Paris Europlace have produced a suite of 5 papers that demonstrate the
many ways in which firms in all sectors of a modern economy can use financial services to get off the
ground, grow and develop. Taken together, the papers show the important role that the financial
and related professional services industry plays in supporting the wider economy and facilitating the
creation of new jobs and new businesses that will be essential in facilitation job creation and driving
Europe’s economic recovery. Copies of these papers are enclosed.
In producing these papers, specific policy recommendations have arisen, which are set out in the
Annex.
Infrastructure
The EU Commission rightly recognises the need for increased investment in infrastructure projects as
they can boost employment, economic growth and potentially are sound assets to invest in.
Infrastructure projects, when they give rise to stable and predictable cash flows may be suitable
investments for insurers. There is also a role for development banks, which by supporting existing
funding vehicles and through their own initiatives (such as project bonds), development banks are
helping to build awareness of, and confidence in, a relatively new market and asset class. The EU and
EIB should also be credited for the project bond initiative, and its aim to improve capital financing for
infrastructure.
At the European level, it is important to define the proper conditions that will allow project bonds, as
a new asset class, to reach critical mass as soon as possible. In this regard, it will be important to
examine regulatory and legal standards, risk profiles and market practices, including revisiting
prudential rules for investors to be able to invest in these instruments.
Political and regulatory risk is the key impediment to private infrastructure investment. This risk
either inflates the cost of financing (at taxpayers’ expense) or makes investing in this sector almost
impossible for certain participants. Due to their need for stability and predictability of returns,
insurers are more likely not to invest than to take this risk. Because infrastructure investments
seldom offer an upside, and the best that investors can hope for is stable cash flows, any risk to
returns can make the investment unattractive compared to alternatives. Investors accept that
regulatory frameworks will change. However, they require certainty about the legal arrangements
governing returns.
Investors need to be able to see a clear pipeline of infrastructure projects to enable them to plan and
prioritise their potential deals. At a national and European level the visibility of the infrastructure
pipeline seeking private finance could be made clearer, particularly for small and medium seized
projects. One way to improve the visibility of the infrastructure pipeline would be for the
Commission to collate details of available and upcoming infrastructure deals, perhaps in a website,
and to standardise some key metrics e.g. nature of the asset, funding requirements.
Separately, the Commission is right to consider that a new long-term investment funds (LTIF) could
facilitate the raising of capital across the Union. Done carefully, rules on LTIFs could inspire the same
confidence as UCITS. The key to the success of a proposal is to set out product regulation that adds
real value and whose rules, such as diversification or redemption limits, are easily understood by
investors and providers. If LTIFs widened the investor base / demand for infrastructure debt or equity
then this could incentivize asset managers to build up their expertise in long term investment over
time.
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
SMEs
National and multi-national development banks (the EIB in particular) are doing a good job through
their various interventions and programmes in supporting the financing of European SMEs in
partnership with private investors, including the banking sector, and therefore helping the recovery
of the economy. We support their participation in financing long-term investments under their
current policy of terms and conditions.
The term SME represents a diverse range of businesses, from micro businesses to medium-sized
companies with a number of employees. As such, there is a range of financial support needed to such
businesses from early stage equity investment (for example angel financiers) to long-term capital
accessible through the capital markets. It is important to support these various businesses in their
investment readiness capability, planning and knowledge of the right form of finance for the
different stages of the business lifecycle.
One key area which would help SMEs diversify their funding sources would be increasing their access
to capital markets. For example, more could be done to facilitate the development of SME-driven
Multilateral Trading Facilities (MTFs) and new fixed-income instruments (such as venture loans,
collective bonds, private placement, etc) in order to provide SMEs with a diversity of secured and
flexible funding sources. Forthcoming proposals on Shadow Banking, in particular, should be
calibrated to ensure that such activities are not stifled.
However, there are a number of barriers to SMEs accessing finance. First, information on SMEs and
their projects often lacks transparency and/or is not always easily available. In this respect, it is
important that accounting/reporting standards are reviewed to ensure that investors are informed
about the actual performance of SMEs and thereby facilitate their investment decisions. Secondly,
many SMEs tend to favour a close relationship with their lenders, similar to what is provided by a
bank, rather than a system that disseminates risks through various investors. Lastly, it is generally
acknowledged - by both market participants and regulators- that banks, thanks to their expertise and
granular knowledge of their client base - remain best placed to assess and manage inherent risks
related to SMEs. Their involvement in the funding process will therefore remain substantial, though
their specific role in the value chain will evolve.
Securitisation
One very important area covered in the Green Paper is the securitisation markets. Access for issuers
has become increasingly important to overcome the funding gap between lending to the real
economy and money raised from depositors. It is, essentially, an enabler for growth of the real
economy. Moreover, a number of years later, the vast majority of European securitisations have
demonstrated high credit resilience and strong price performance. This segment has great potential,
although the lack of market confidence as well as a lack of trust by public opinion and authorities has
hampered smooth market functioning. It is encouraging that the ECB and EIB have recently launched
a consultation on “initiatives to promote a functioning market for asset-backed securities
collateralised by loans to non-financial corporations”.
Development of a European SME securitisation market (with or without credit risk mitigation from
EIF or other official bodies) could provide an attractive alternative for investors and a stable source of
liquidity and capital for European SME’s. Properly designed, such a system could significantly
diversify sources of funding for SME’s, lower funding costs and reduce the exposure of the sector to
any future constraints within the banking sectors. The Commission should seek to build on the work
undertaken by the Prime Collateralised Securitisation (PCS) initiative to give further impetus to the
European securitisation market.
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
Insurance
The Green Paper acknowledges that insurance companies, pension providers and other institutional
investors are well suited for long-term financing and investment. These investors have substantial
portfolios with longer-term horizons, and due to the low interest rate environment continue to seek
out diversification and yield in areas like long-term financing. That said, there are elements in
Solvency II, in its most recent draft proposal that will make it more difficult for insurance companies
to hold such assets.
Solvency II, for example, creates a misleading disconnection between assets and liabilities valuation
movements. To smooth the effects of this volatility insurers have no option other than to de-risk
their balance-sheets and reduce the horizon of both their liabilities and their investments, i.e. shorter
liabilities matched by shorter investments. These issues need to be addressed. It is very important
that effective counter-cyclical tools are added to the Solvency II framework. In parallel, the Solvency
II capital charge on the holding of long-term assets should also be reviewed. More specifically, we
would welcome the Solvency Capital Requirement (SCR) to be closer to the market reality; e.g. for
infrastructure loans the default probability is lower after the construction phase than for similar
rated corporate bonds. In fact, the insurance sector has been supporting the recommendation made
by the Commission to EIOPA to review SCR for long-term assets such as private equity, infrastructure
loans, real estate, asset based securities, loans and long-term dated corporate bonds. Life insurers
and occupational pension funds are also major providers of funded complementary pensions in the
EU. It is important that they can continue to play this role and be able to act long-term investors. For
markets to deliver even over the long term, competition is necessary. The Green Paper refers to
markets but it does not stress the need to ensure effective competition between different providers.
Even if prudential frameworks for different providers might vary for good reasons, they still need to
be consistent with each other. Furthermore, a strengthening of certainty for investors, from the
smallest to the largest institutional investors, will also contribute to improved investor sentiment.
Banks
We consider that banks will continue to be an important intermediary, especially in financing SMEs,
which usually experience more constraints than large corporates in accessing the capital market (due
to the higher cost of listing and their size). Banks have a close relationship with SMEs and understand
their needs. Accordingly, SMEs often require more flexibility when they ask for a credit line and
banks represent the best compromise, as they offer i) a re-negotiable debt ii) and a less costly and
favourable financing.Nevertheless, both weakening demand and deleveraging by banks have
contributed to the current scarcity of long-term financing. The Green Paper quite rightly highlights
the fact that many of the currently proposed reforms could further hamper the ability of the banking
sector to channel long-term investment in the future. It is therefore important to encourage the
diversification of sources long-term finance.
The recommendations of the High Level Expert Group for the separation of trading activity from
deposit taking banks (the Liikanen report) would fundamentally undermine the universal bank model
and would see an increase in funding costs for affected banks. This in turn would feed through into
higher costs of credit and a reduction in market making capacity amongst EU banks. Both of these
effects would undermine the ability of the banking sector to maintain lending levels and to channel
capital into longterm investments in Europe. It will be necessary to revisit the calibration of
prudential rules to rebalance the competing objectives of financial stability and growth.
Taxation
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
The Green Paper states that tax systems should be designed in such a way to distort as little as
possible the economic decisions of citizens and companies. Unfortunately this is precisely the effect
that the proposals for a Financial Transaction Tax (FTT) currently being discussed by eleven member
states would have. Not only would the FTT risk distorting cross border investment decisions across
the EU by creating disincentives to interact with counterparties within the FTT zone, it would also
have disruptive implications for government debt, corporate debt and equity with the cost of funding
for EU corporate and governments likely to increase as a result. Furthermore, as financial
transactions would be more expensive, net investment returns of retirement savings will be lower
hence resulting in lower benefits for pensioners. Moreover, the FTT would be inconsistent with the
aim of strengthening the capital markets and diversifying the funding sources of corporates by
penalising this activity and decrease the efficiency of these markets.
Conclusion
We are a strong supporter of the EU and the Single Market and are ready to support the EU
Commission in this important project and to help identify and support appropriate initiatives and
measures that can increase long-term investment.
A long-term investment strategy that is needed to reinforce European competitiveness will require
not only new instruments and distribution channels but a pan-European savings policy to mobilise
more savings and channel these savings towards long-term investment.
A stable and proportionate regulatory system is an important building block towards a long-term
investment strategy. Given the uncertainty of the collective impact of the many regulations currently
being undertaken, the European Commission should consider conducting a thorough impact
assessment of all the regulation introduced so far and what the impact will be on the broader
economy. In the meantime there should be a regulatory pause until the recently adopted legislation
can be properly assessed.
We welcome further dialogue and the opportunity to exchange ideas on these important topics and
specific initiatives.
Yours sincerely,
Mark Boleat
Chairman of the Policy and Resources Committee,
City of London
Member of the Anglo-French Committee
André Villenueve
Co-chair, Anglo-French Committee
Vivien Levy-Garboua
Co-chair, Anglo-French Committee
Paris Europlace
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
ANNEX
Starting a Business
The first paper, Starting a Business, looks at how new start-ups can get access to the finance they
need to get off the ground. Banks have played an important role in this area but as they repair their
balance sheets, bank financing is not as forthcoming as previously. Other sources such as 3F grants
and Business Angels can also play a part.
Recommendations:
1.
Incentives for funding start-ups: The Commission and Member State governments
should examine the scope for increasing incentives to those looking to fund start-up
projects e.g. through the tax system.
2.
New forms of funding: The scope to facilitate new ways of funding businesses such as
‘crowd funding’ should be examined.
3.
Development Banks: The Commission’s Green Paper examines the role of national
and multilateral development banks. Their role in funding new businesses should be
examined.
Growing a Business organically through long-term finance
The paper, Growing a Business organically through long-term finance, looks at how businesses can
finance long-term growth. In Europe banks have traditionally been the main source of funding for
businesses. By contrast, in the USA other sources of capital market finance have played a greater
role. But the role of banks is now under pressure as a result of the banking crisis and its aftermath
and new sources are needed. The paper looks in particular at ways in which smaller and new
companies could get earlier access to bonds, equities and private placement to raise funds especially
for long-term financing needs.
Recommendations:
3.
Private Placement: Private placement plays an important part in fund-raising for
many private firms, but some feel it necessary to use the better organised US
market. A European equivalent should be developed.
4.
From Start-up to IPO: Limitations to bank funding make it all the more important for
policy and market mechanisms to be developed to make it easier for smaller and
newly established firms to achieve earlier access to equity finance.
6.
Developing equity and bond markets: The Commission’s Green Paper opens a debate
on how equity markets can be developed to ensure that finance can flow more efficiently
and effectively to long-term investment. It also calls for examination of a greater role for
covered bonds.
Growing a Business through alternative finance
The paper, Growing a Business through alternative finance, looks at ways in which companies can
access finance for growth through means other than traditional banking such as hedge funds,
commercial paper, securitisation and money market funds. Such sources of capital can serve a vital
function by enhancing liquidity, increasing capital efficiency, distributing risk and thus encouraging
growth.
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
Recommendations:
7.
The need for options: Future regulation of alternative finance markets and options
should prioritise the requirement to give firms across the economy as wide a range of
financing options as possible.
8.
The need for regulatory flexibility: The area of alternative finance is one in which new
and innovative products can emerge rapidly. It is vital that the regulatory regime is not so
rigid as to stifle innovation.
9.
Securitisation: The Green Paper opens a debate about the feasibility of reviving the
European securitisation market to improve maturity transformation while maintaining
financial stability.
Combining forces for growth: acquisitions, mergers and buy-outs
The paper, Combining forces for growth: acquisitions, mergers and buy-outs, examines mergers &
acquisitions, joint ventures, management buy-outs and other ways in which companies can grow by
joining forces with other companies to facilitate market entry, achieve economies of scale and gain
access to intellectual property or human capital.
Day-to-day operations: laying foundations for sustaining growth
The final paper in the series, Day-to-day operations: laying foundations for sustaining growth, looks
at some of the ways in which firms can use financial services to assist with their day-to-day
operations, managing cash flow efficiently and reducing risks from trading activities.
Recommendations:
10. Supply chain finance: Supply chain finance has been growing fast in Europe. A major oil
company told us, “the impact [of the crisis] has fallen particularly on our customer base and
supply chain”. The Commission and regulators need to recognise the increasing importance
of this market and consider policy measures to ensure it continues to operate efficiently.
11. Supporting trade finance: Trade is a key element in many firms’ long-term growth
strategies and trade finance makes this possible. However, as banks continue to deleverage
the availability of trade finance is declining due to its short-term and self-liquidating nature.
Policy solutions need to be found to enable firms to continue trading.
Other recommendations
12.
A European JOBS Act: The JOBS Act has sent a clear message to international markets
of the US Government’s determination to make jobs and growth a priority. The Green Paper
and the set of measures that will eventually emerge from it give the EU the opportunity to
make a similar public commitment to the importance of jobs and growth as political
objectives, essential to Europe’s economic recovery.
13.
The cumulative impact of regulation: The Commission’s Green Paper asks for views
on the cumulative impact of current and planned reforms. A number of contributors to these
papers have raised concerns about the long-term impact on EU competitiveness of
regulations that, in restricting the activities of the financial services industry, limit the
industry’s ability to fulfil its vital role in financing the wider economy and facilitating
economic recovery and job creation.
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
NOTES
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
PRESENTATION EIFR
Objectifs & Missions
Promouvoir une « smart regulation » à travers l’échange entre régulateurs et régulés.
•
•
•
•
Favoriser le dialogue entre régulateurs et régulés,
Organiser des conférence et séminaires pour améliorer la compréhension en matière de
régulation financière,
Contribuer à diffuser et à valoriser la recherche sur la régulation financière,
Promouvoir la mise en œuvre des meilleures pratiques de la régulation financière en France
et à l’étranger.
L’activité de l’EIFR
Périmètre couvert : régulation générale, marchés financiers, banque, assurance, gestion d’actifs,
entreprises et financement de l’économie, économie durable, international
Conférences à Paris autours d’experts de la régulation :
•
Matinales actualité : Députés européens, Rapporteurs sur les directives européennes,
Régulateurs, des Experts présentent leur vision,
•
Matinales recherche : un Académique présente ses travaux de recherche,
•
Les RDV de la régulation : des Avocats exposent les points d’actualité.
Séminaires de formation (éligibles au DIF) :
•
Séminaires spécialisés pour les professionnels de la régulation et des risques (pour réunir
dans un contexte d’échange régulateurs et régulés),
•
Séminaires généraux sur la régulation financière pour les décideurs économiques.
Actions à l’international pour promouvoir le modèle de régulation français et européen :
•
Conférences internationales,
•
Accueil de délégations de régulateurs étrangers.
Membres fondateurs :
Créé en 2008, à l’initiative de Paris Europlace avec les principaux acteurs de la place financière
Matinale Actualité– Pervenche BERES – 16 Septembre 2013
CHIFFRES CLES
En 2012, l’EIFR aura touché près de 3600 personnes au travers de 45 évènements
L’EIFR a touché en 2012 plus de 2.600 personnes dans le cadre des 34 manifestations organisées :
• 13 Séminaires réunissant plus de 700 participants,
• 14 Matinales réunissant 1.000 participants,
• 7 Conférences internationales avec 900 participants, à New York, Bruxelles, Londres,
Bologne, Tokyo, Hong-Kong et Paris.
L’EIFR aura également été invité à intervenir dans 12 conférences internationales, touchant 1.100
personnes, à Londres, Francfort, Moscou, New-York et Paris.
L’EIFR depuis son lancement en 2008, a organisé près de 100 évènements et touché plus de 5.000
participants.
CALENDRIER
Séminaire – « Compensation des produits dérivés : impacts d’EMIR
sur la gestion des risques CCP, buy et sell-side »
Séminaire – «AMF – ACP : vers une convergence des processus de
surveillance et de sanction ?»
Séminaire – « Gouvernance des établissements financiers et
fonctions de contrôle : pour une surveillance des risques et un
contrôle efficace »
Séminaire – « Les Rendez-vous de la Régulation financière »
9 oct. 2013
Paris
14 oct. 2013
Paris
15 oct. 2013
Paris
Nov. 2013
Paris
Paris Europlace Financial Forum – « New Growth and Investment
Opportunities in Europe »
25 nov. 2013
Tokyo
Paris Europlace and NAFMII – 3rd Edition of the Sino-French
Financial Forum
26 nov. 2013
Beijing
Retrouvez le détail de nos manifestations (programme détaillé, biographie des intervenants,
documents de référence) et inscrivez-vous sur notre site internet www.eifr.eu
Matinale Actualité– Pervenche BERES – 16 Septembre 2013