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Non-bank finance: what role for micro and macroprudential policies?

Day 1 Afternoon

Wednesday 03 April

Room :

Constanta Room - Roundtable


Francesco Mazzaferro
European Systemic Risk Board, Head of the ESRB Secretariat
Public Authorities
Natasha Cazenave
Managing Director, Head of Policy and International Affairs, AMF
Gaston Gelos
Assistant Director & Chief, Monetary and Macroprudential Policies Division, IMF
Industry Representatives
Joanna Cound
Head of Global Public Policy, EMEA, BlackRock
Stéphane Janin
Head of Global Regulatory Development, AXA Investment Managers
Alexandra Richers
Managing Director, DekaBank Deutsche Girozentrale

Objectives of the session

This session will assess whether the main vulnerabilities associated with non-bank non-insurance activities can be appropriately tackled with the existing EU frameworks and additional global guidelines. This panel will also discuss the respective roles and contributions of micro and macro-prudential policies in addressing these risks and whether the macro-prudential dimension of the existing framework needs enhancing in order to better tackle potential systemic risks.

In terms of product and activity scope, this discussion will mainly cover asset management activities, except ETFs, which will be addressed in a specific session. Emerging risks or potential risks related to other market-based finance activities may also be considered.

Points of discussion

Which vulnerabilities associated with non-bank non-insurance financial activities may remain to be addressed at product or system-wide level? Are new risks emerging in this area? Can the potential systemic risks associated with these activities be appropriately mitigated with existing EU frameworks and global guidelines?

What should be the respective roles of micro and macro-prudential policies in tackling potential risks associated with non-bank non-insurance finance? What could be the main focus of a future macro-prudential framework for the non-bank non-insurance financial sector? Does the macro-prudential dimension of existing EU and international frameworks need enhancing?