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How to enhance financial policies for dealing with third-countries (equivalence, supervisory cooperation…)?

Day 1 Afternoon

Wednesday 11 September

Room :

Fennia II - Roundtable

Speakers

Chair
David Wright - President, EUROFI
Public Authorities
John Berrigan - Deputy Director-General, DG FISMA European Commission
Katharine Braddick - Director General, Financial Services, HM Treasury
Mark Branson - Chief Executive Officer, FINMA
Steven Maijoor - Chair, ESMA
Sébastien Raspiller - Assistant Secretary, French Treasury, Ministry of Economy and Finance, France
Industry Representative
Takanori Sazaki - Regional Executive for EMEA, Mitsubishi UFJ Financial Group
Other stakeholder & expert
Christian Noyer - Honorary Governor, Banque de France

Objectives of the session

The objective of this session is to assess the positive features and areas of improvement of existing EU third-country regimes in the area of financial services and how issues may vary for different activities and jurisdictions.

The panel will also discuss the improvements that could be made to EU equivalence regimes and their feasibility. How changes made in the context of EMIR 2.2 and the ESFS review and proposals made at the EU level (e.g. in the communication from the Commission published in July 2019) and at the global level (e.g. in the IOSCO report on market fragmentation and cross-border regulation published in June 2019) can be taken on board will be assessed in particular.

Points of discussion

What are the main positive features, limitations and shortcomings of existing EU equivalence regimes in the area of financial services (e.g. in terms of access, determination process, predictability, on-going monitoring,…)? Are processes driven in some cases by objectives that are not purely regulatory? Do the benefits and issues raised by current EU equivalence regimes differ across activities and third-country jurisdictions? How does the EU equivalence system compare to other existing regimes?

What improvements could be made to present EU equivalence regimes from the perspective of the EU and of different third-countries, without increasing investor protection or financial stability risks? Are improvements needed the same across third-country jurisdictions and financial sectors? How can the changes made e.g. in the context of EMIR 2.2. and the ESFS review and the proposals made in the recent communication from the Commission be taken into account? Would global standards for equivalence regimes be helpful and if so which areas should they cover?