Eurofi, the European think tank dedicated to financial services, was created in 2000 and is a major platform for exchanges between the financial services industry and the public authorities on regulatory and supervisory issues. Chaired by Jacques de Larosière, this not-for-profit organization counts amongst its members many leading financial institutions from different sectors of the industry (universal and specialised banks, insurance companies, market infrastructures,…) covering different geographical scopes (global as well as regional and domestic institutions).

Eurofi acts as a catalyst for the market and as a neutral go-between, connecting diverse financial industry players and the public authorities. Eurofi addresses prospective and currently debated issues related to financial regulation and supervision in a global and EU context, as well as industry trends and perspectives. Our objective is to help industry and public decision-makers reach a common understanding of these issues and to open the way to regulatory or industry-driven solutions to ensure the safety and efficiency of financial markets, players and services.

ACTIVITIES

Eurofi has two main types of activities conducted by Didier Cahen, Secretary General of Eurofi, Jean-Marie Andrès and Marc Truchet, Senior Fellows:

1 - Research and mediation

Assessments and proposals are prepared with the support of cross-sectoral working groups, comprising members of Eurofi. Our approach is to work with the different industry stakeholders concerned by a given subject in order to clarify the issues at stake, the opportunities, operational constraints and economic impacts and work out pragmatic and when possible consensual solutions. Regular interactions are organized with representatives of the public authorities to discuss, test and fine-tune assessments and proposals and when necessary with other stakeholders (e.g. consumer, issuer and investor representatives).

Eurofi has played over the last years a major role in many areas of financial regulation:
Priorities for reforming the financial regulatory and supervisory framework:
Basel 3 package, possible measures for SIFIs and shadow banking, reform of EU regulation and supervision and creation of the new European authorities, crisis prevention and cross-border crisis management mechanisms,…

Strategic and operational issues on the G20 and EU regulatory agendas: regulation of securities and derivatives markets and trading and posttrading infrastructures, commodity markets regulation, the role of long term investment in increasing financial stability, evolutions in asset management regulation (UCITS, AIFM), investment product distribution and investor protection regulation (PRIPs, MiFID, IMD…), insurance regulation and the impacts of Solvency II, conditions for enabling a sustainable SEPA business case, the 28th regime as an alternative to harmonization, the development of micro-credit in the EU;…

2 - Communication and events

Every year Eurofi organises a major public international Financial Forum which is an opportunity for industry leaders, members and partners of Eurofi, and EU and non-EU public decision makers to interact informally and participate in high level discussions around on-going regulatory and industry-driven issues and projects. The Eurofi Financial Forum has become a landmark event in Europe attracting the key decision makers of the financial services sector. The latest Forums have been organised in association with the EU Presidencies and attended by over 800 participants. These international events are organised with the support of Christian Hawkins, Emcnet.

Seminars and workshops are also organised regularly to facilitate exchanges of views on regulatory projects between the members of Eurofi and key public decision makers.

EUROFI MEMBERS AND PARTNERS

Eurofi counts 33 members.

In addition to the Eurofi members listed below, many financial institutions have been actively involved as partners and sponsors in the studies and forums organised by Eurofi in the recent years among which are: Aviva, Barclays, BNP Paribas Securities Services, Bourse de Luxembourg, CACEIS, Clearstream / Eurex, Danske Bank, Dexia, Ethias, Euroclear, Fidelity, ING, Investor AB, KFW, Nordea, Prudential, Schroders, Société Générale Securities Services, State Street, SEB, Standard & Poor’s, Swedbank, Swift, Tapiola, Union Investment, Visa Europe.

Membership

Eurofi brings together financial institutions of different sizes and statutes: domestic and cross-border banks and insurance companies with different legal statutes, broker dealers, asset managers, market infrastructures... The members of Eurofi are companies based in the main EU countries as well as well as subsidiaries of US firms. Eurofi works with all the representative stakeholders involved in a given subject to help them solve issues or identify new ideas and interact with EU political decision makers and legislators.

Financial cross-border supervision, the Solvency II Directive, the review of the UCITS Directive and the new Alternative Investment Fund Manager Directive, Accounting and Prudential rules to favour long term investment for example are major areas of focus of the work of Eurofi. The proposals made by Eurofi are presented to the main leaders of the EU authorities and discussed at the occasion of the Financial Forums organized by Eurofi"