The Banque de France and the Prudential Supervision and Resolution Authority (ACPR) organised in Paris on September, 28 2015 a joint international conference on the financial regulation of non-banks (i.e. insurance companies, asset managers and financial market infrastructures). The event gathered central bankers, international regulators and supervisors, top level academics and representatives from the financial industry. After Governor Noyer’s introductory statement, Jean Tirole, the 2014 Nobel Prize in Economics, delivered a keynote speech on the risks associated with the development of the shadow banking sector and the challenges of regulating its activities. The speakers discussed the latest regulatory developments carried out since the global financial crisis by the Financial Stability Board to prevent systemic risk, first in the banking sector, and their extension to the rest of the financial system. The debates focused in particular on capital requirements, the identification of systemic institutions and activities, and the issues raised by the orderly resolution of financial institutions and financial infrastructures.
8:30 am – 8:45 am
Opening speech by Christian Noyer (Governor, BdF)
8:45 am – 9:15 am
Keynote: Jean Tirole (Professor, TSE, Nobel Prize 2014)
9:15 am – 10:45 am
Session 1: The new regulatory framework and systemic risk
Main issues to be addressed: Where are we now in terms of the financial reform agenda? Should and how the framework adopted for banks be extended to the rest of the financial sector? Who is responsible for the overall consistency? What are the benefits and drawbacks of the growing uniformity of global regulatory frameworks across industries (bank, insurance, asset management) of global financial regulation frameworks and tools to ensure financial stability and address systemic risk (supervision, risk-management plans, resolution, capital surcharges, capital charges increasing with time exposure, regulation of conglomerates)?
Hélène Rey (Professor, LBS, member of the HCSF)
Jean-Charles Rochet (Professor, University of Zurich)
Svein Andresen (Secretary General, FSB)
Philipp Hildebrand (Vice chairman, Blackrock)
Jon Cunliffe (Deputy Governor, Bank of England)
Dieter Wemmer (Chief financial officer, Allianz)
11:15 am – 12:45 am
Session 2: The role of capital for non-bank acto
Main issues to be addressed: Can we extend to non-banks the capital regulation that has been designed for banks in order to increase their loss absorption capacity? What is the role of capital to promote financial stability for non-banks financial actors (insurers, asset managers and pension funds) and potential pro-cyclicality coming from regulation? How to ensure level playing field? Are the risks shifting to the “shadows”?
Felix Hufeld (President, Bafin and IAIS)
Daniel K. Tarullo (Governor, Federal Reserve Board)
Andreas Dombret (Board member, Bundesbank)
Denis Duverne (Deputy CEO, AXA)
Denis Kessler (Chief executive officer, SCOR)
Ralph Koijen (Professor, LBS)
2:00 pm – 3:30 pm
Session 3: Potential for systemic risk in the Insurance sector?
Main issues to be addressed: What are the recent developments for global insurance regulation, in particular capital ruling (ICS, HLA, …). What are the main insights on strengths and drawbacks of the capital and supervisory frameworks under construction? Are there lessons to be drawn by the insurance sector from the financial crisis? Is the regulation of conglomerates adequate?
Robert Ophèle (Deputy Governor, BdF/ACPR)
Hyun Song Shin (Former Princeton Professor; BIS Economic Adviser and Head of Research)
John C. R. Hele (Executive Vice President and Chief financial officer, Metlife)
Guillaume Plantin (Professor, Sc. Po)
Sandrine Lemery (First deputy secretary general, ACPR)
Christian Thimann (Member of the Executive Committee, AXA)
4:00 pm – 5:30 pm
Session 4: Potential for Systemic risk in the Asset Management industry and CCPs?
Main issues to be addressed: Are CCPs effectively equipped to cope with systemic risks? Should macroprudential policy be developed for CCPs too? What are the main insights on the current Non-Bank-Non-Insurance framework? What are its conceptual groundings and potential implications for financial stability? Are asset managers systemic? What are the challenges of extending the scope of macroprudential policy outside the banking world?
Gérard Rameix (President, AMF)
Nicola Cetorelli (Assistant Vice President, Federal Reserve Bank of New York)
Darell Duffie (Professor, Stanford GSB)
Lex Hoogduin (Chairman, LCH Clearnet)
Laurent Mignon (Chief executive officer, NATIXIS)
Regulating non-banks: ways forward and challenges ahead: Anne Le Lorier (Deputy Governor, BdF)