Effective regulation conference oct 2013 short brochureDocument Transcript
Central Bank of Ireland Conference on Banking and
Effective Banking and Securities Regulation: Expectations, Challenges and
Convention Centre Dublin, 11 October 2013
When and where?
Date: Friday, 11 October 2013
Official Opening: 9.00am
Venue: Convention Centre Dublin, Spencer Dock, North Wall Quay, Dublin 1
Who is invited?
The conference is by invitation only and directed towards senior figures in
international finance with business, regulatory and academic backgrounds.
How do I register?
To confirm and register your attendance please email:
If you are unable to attend please feel free to nominate an alternate.
Please register before July 31, 2013
Participation is free of charge.
Lunch will be served on the day and we would ask that you indicate any
specific dietary requirements.
Participants are responsible for their own travel/ accommodation and
If you have questions on the conference, please contact:
Central Bank of Ireland Conference on Banking and Securities Regulation
Effective Banking and Securities Regulation: Expectations, Challenges and Opportunities
Conference hosted by the Central Bank of Ireland, Friday, 11
8.15 Registration & Coffee
9.00 Official Opening
Introduction by Deputy Governor (Financial Regulation) Central Bank of Ireland
9.20 Morning Keynote Speech
Senior Advisor, Patomak Global Partners & former Commissioner at US Securities & Exchange
9.50 Session 1: The key features of effective financial regulation – what does success look like?
What is effective monitoring?
What is the role of cost-benefit analysis?
What are public expectations of financial regulation?
What approach should be taken to supervision and enforcement?
What is ‘successful’ failure?
Moderator: Fiona Muldoon, Director of Credit Institutions and Insurance Supervision, Central Bank of
11.00 Coffee Break
11.20 Second Morning Keynote Speech
Deputy Director General, Directorate General for Internal Market and Services, European Commission
11.50 Session 2: Cross-border regulatory and supervisory engagement: how far do we need to go?
From cooperation to co-ordination to convergence to centralized decision-making - what is
the right degree of inter-regulator interaction?
How can the tension between sovereignty and effectiveness be resolved?
How could multi-lateral cooperation in financial services regulation improve?
Moderator: Lars Frisell, Director of Economics, Central Bank of Ireland
14.00 Afternoon Keynote Speech
Executive Director for Financial Stability, Bank of England
14.45 Session 3: What are the key challenges in the 21st century global economy?
Can trust be restored in the financial industry?
Disclosure-based regulation: Is ‘caveat emptor’ dead?
What is the role of financial innovation in light of the crisis?
Low yields and longer lives: what is the role of regulation?
Is a globally integrated financial network too complex to regulate?
Moderator: Patrick Brady, Director of Policy and Risk, Central Bank of Ireland
16.00 Concluding Remarks
Director of Markets Supervision, Central Bank of Ireland
16.30 Conference Ends
Central Bank of Ireland Conference on Banking and
Effective Banking and Securities Regulation: Expectations, Challenges and
The three keynote speakers are:
Kathleen Casey, Senior Advisor, Patomak Partners, former Commissioner at the US Securities
& Exchange Commission,
Nadia Calviño, Deputy Director General, Directorate General for Internal Market and
Services, European Commission
Andrew Haldane, Executive Director for Financial Stability, Bank of England
Other panel speakers include:
Angus Armstrong, Director of Macroeconomics, National Institute of Economic and Social
Philip Booth, Professor of Insurance and Risk Management, Cass Business School
Sally Dewar, Managing Director – International Regulatory Risk, JPMorgan Chase
Eilís Ferran, Professor of Company and Securities Law, University of Cambridge
Robert Fisher, Acting Director, US Securities Exchange Commission
Andrew Gracie, Director for Special Resolution Unit, Bank of England
Alexander Justham, CEO, London Stock Exchange plc
Donato Masciandaro, Professor of Economics, Bocconi University
Jonathan McMahon, Head of Bank Regulation & Restructuring, Partner, Mazars
Niamh Moloney, Professor of Financial Markets Law, London School of Economics
Dr Kay Swinburne, Member of European Parliament
Kathleen Casey is a Senior Advisor with Patomak Global Partners in Washington, DC. She also
currently serves as a Distinguished Policy Fellow at the Center for Financial Markets and Policy at
Georgetown University’s McDonough School of Business, and as the Non-Executive Chairman of the
Alternative Investment Management Association.
She previously served as a Commissioner with the United States Securities and Exchange Commission
(SEC) from 2006-2011. During her tenure there she acted as the SEC’s principal representative in
various international fora, including the International Organization of Securities Commissions and the
G-20 Financial Stability Board. Prior to her appointment, Ms. Casey served in several senior policy
roles in the United States Senate, including Staff Director and Counsel to the United States Senate
Banking, Housing and Urban Affairs Committee.
Nadia Calviño is Deputy Director General for financial services in the Directorate General for Internal
Market and Services in the European Commission. In her current responsibility she oversees the
department's work on all areas related to financial markets, banking, insurance, investment funds,
audit, accounting, company law and corporate governance. She has held the present position since
November 2010. She joined the European Commission in September 2006 as Deputy Director General
for Mergers in the Directorate General for Competition. In September 2007, her area of responsibility
was enlarged to cover Antitrust enforcement, including cartels.
A career civil servant in Spain (Técnico Comercial y Economista del Estado), before joining the
European Commission she worked in the Ministry for Economy occupying different positions in the
areas of foreign trade, macroeconomic forecasting, economic policy and competition. She worked in
this area for more than nine years; as senior antitrust case handler, Deputy Director General for Legal
Affairs, Deputy Director General for Mergers and finally, from May 2004, Director General for
Competition. An economist and a lawyer by training, she has worked as a teacher of Economic Policy
and the financial system in the Spanish University (Universidad Complutense de Madrid).
Andrew Haldane is Executive Director, Financial Stability at the Bank of England. In this role, he has
responsibility for developing Bank policy on financial stability issues and the management of the
Financial Stability Area.
Andrew is a member of the Bank’s Financial Stability Executive Board and the new Financial Policy
Committee. He is a member of various international public policy committees, economics associations,
editorial boards and academic advisory committees. Andrew has written extensively on domestic and
international monetary and is co-founder of ‘Pro Bono Economics’, which aims to broker economists
into projects in the charitable sector.
Dr Angus Armstrong, Director of Macroeconomic Research, National Institute of Economic and Social
Research. Angus Armstrong joined the National Institute in September 2011. He was previously Head
of Macroeconomic Analysis at HM Treasury from mid-2004 and was closely involved with formulating
the (United Kingdom’s) UK Government’s response to the financial crisis. Prior to joining the Treasury
he was Chief Economics Asia and Managing Director at Deutsche Bank.
He is an Economic and Social Research Council Senior Fellow, Visiting Professor at Imperial College
London and Special Adviser to the House of Lords Economic Affairs Committee. Dr Armstrong studied
at Imperial College, Harvard and Massachusetts Institute of Technology graduate schools and has a
Doctorate in Economics. His research interests are comparative financial systems, risk sharing
mechanisms and early childhood development.
Philip Booth is Editorial and Programme Director at the Institute of Economic Affairs and Professor of
Insurance and Risk Management at Cass Business School, City University, London. He was formerly
Associate Dean of the school. He is a Fellow of the Institute of Actuaries and of the Royal Statistical
Society. Philip has written extensively on financial regulation, social insurance and Catholic social
teaching. He has advised the Bank of England on financial stability issues (1998-2002) and was a visiting
fellow at Blackfriars Hall, Oxford University (2010-11).
Philip was extensively involved in the development of actuarial science and investment and finance
education in Central and Eastern Europe in the post-communist period and is an honorary member of
the Society of Actuaries of Poland. Recent books include: Christian Perspectives on the Financial Crash;
The Road to Economic Freedom (an edited compilation of works by a number of Nobel Prize winners in
economics); Verdict on the Crash; and Catholic Social Teaching and the Market Economy. Philip is
Deputy Editor of Economic Affairs and on the advisory board of a various other academic journals.
Sally Dewar heads Regulatory Policy Development & Strategy at J.P. Morgan and is a member of the
global senior management team. Based in London, Ms. Dewar helps to develop the firm’s responses
and implementation efforts in connection with rulemaking and standards across a broad range of
regulatory initiatives in the European Union and United States, including risk and capital requirements,
resolution and recovery planning, and legal entity governance.
Prior to joining J.P. Morgan in June 2011, Ms. Dewar spent 10 years at the Financial Services Authority
(FSA) in the U.K. She was most recently a member of the Board and its Managing Director of Risk,
responsible for the FSA’s policy direction, risk management process, governance and markets oversight
including responsibility for the supervision of all regulated markets and related infrastructure,
including clearing and settlement and the U.K. Listing Authority. Ms. Dewar studied pure mathematics
and French at UMIST, now part of the University of Manchester, before joining KPMG where she
qualified as a chartered accountant.
Eilís Ferran is Professor of Company & Securities Law at the University of Cambridge and a University
JM Keynes Fellow in Financial Economics. Since April 2012 she has been Chair of the Law Faculty at
Cambridge. She is a Professorial Fellow of St Catharine’s College, Cambridge. She has written
extensively on company law, corporate finance law and UK, EU and international financial regulation.
Her recent publications include contributions to Ferran, Moloney, Hill and Coffee, The Regulatory
Aftermath of the Global Financial Crisis (CUP 2012) and Ferrarini, Hopt and Wymeersch (ed),
Rethinking Financial Regulation and Supervision in Times of Crisis OUP, 2012.
Eilís has advised and given evidence to Parliamentary committees and other bodies, including serving
as the Specialist Adviser to the UK Parliament House of Lords European Union Committee (Sub
Committee A) in its inquiry into banking union (September - December 2012). She has been a visiting
scholar at law schools in the United States, New Zealand and Hong Kong, and speaks regularly at
conferences in Europe and beyond. She is the founding editor of the Journal of Corporate Law Studies
(Hart Publishing) and serves on numerous advisory boards and committees, including the Academic
Advisory Board of the Asian Institute of International Financial Law.
Robert Fisher is Acting Director in the Office of International Affairs at the U.S. Securities and
Exchange Commission and has been with the Commission for about eleven years. Dr. Fisher is both an
attorney and an economist. His education includes a Ph.D. in Economics from Duke University (1982)
and a J.D. from Harvard Law School (1991, magna cum laude). Previously, as an Assistant Director in
OIA, he was responsible for SEC technical assistance to emerging markets, which includes sharing best
regulatory practices, assistance on draft regulations and statutes, and the provision of training to
foreign regulators. Prior to that, Dr. Fisher served as a financial economist in the SEC’s Office of
Economic Analysis, where he worked on policy-related issues and in support of enforcement.
Before joining the SEC, Dr. Fisher’s legal career included stints at the law firms of Skadden Arps et al.,
Sidley & Austin, and Fried Frank et al. While his primary area of practice has been securities law, he
has also worked as an attorney on telecommunications, anti-trust, railway, international trade and
Andrew Gracie was appointed Director of the Special Resolution Unit in the Bank of England in
December 2011. The SRU discharges the Bank’s statutory responsibilities for resolution including,
with the FSA, the preparation of recovery and resolution plans by UK institutions.
Andrew previously ran his own consultancy, Crisis Management Analytics, providing advice to financial
authorities on crisis management issues. Prior to that, he spent eighteen years in the Bank of England
in a variety of roles in Banking Supervision, Markets and Financial Stability.
Alexander Justham (“JJ”)
Alexander Justham (“JJ”) has been CEO of the London Stock Exchange plc (LSE plc) since June 2012. In
this role, JJ oversees information services and capital markets products within LSE plc, including the UK
primary markets business. He is also responsible for regulatory strategy, government and public affairs,
and UK regulation across the entire London Stock Exchange Group. Before joining the London Stock
Exchange Group, JJ served as Director of Markets at the Financial Services Authority (FSA) between
2008 and 2011.
During his time at the FSA, he represented the UK on the Board of the European Securities and
Markets Authority (ESMA), and its predecessor organisation CESR. He co-chaired the G20 IOSCO task
force on commodities, and also chaired the OTC Derivatives Regulators’ Forum. He received an award
for Best Personal Contribution at the 2011 Financial News awards. Prior to joining the FSA, JJ was a
Managing Director at JPMorgan. He had worked for JP Morgan since 1989, holding a variety of roles
including Co-Head of the Financial Institutions Group at JP Morgan Cazenove and Co-Head of
Structured Finance, and Head of Securitisation at JP Morgan.JJ holds an MA in Mathematics from
Magdalene College, Cambridge.
Affiliations: Dept. of Economics and Paolo Baffi Centre, Bocconi University, Milan and SUERF. Donato
Masciandaro, born in Italy in 1961. Since 2001, he is Full Professor of Economics. Since 2005 he holds
the Chair in Economics of Financial Regulation, at Bocconi University, Milan. He was Head of the
Department of Economics from 2008 to 2010. Since 2008 he is Director of the Paolo Baffi Centre on
Central Banking and Financial Regulation. He is a Member of the Management Board and an Honorary
Treasurer of the SUERF. He served as a visiting Scholar at the IMF Institute (International Monetary
Fund), as well as Consultant at the Inter-American Development Bank and at the United Nations. He is
an Associated Editor of the Journal of Financial Stability.
His work has covered three main topics: central banking, financial regulation and supervision, illegal
financial markets. His three most recent books are: The Handbook of Central Banking, Financial
Regulation and Supervision after the Crisis (ed.), 2011, Edward Elgar, Cheltenham (with S. Eijffinger)
and Designing Financial Supervision Institutions: Independence, Accountability and Governance, (ed.),
2007, Edward Elgar, Cheltenham (with M. Quintyn) and Black Finance. The Economics of Money
Laundering, Edward Elgar, Cheltenham, 2007, (with E. Takats and B. Unger).
Jonathan McMahon is Head of Bank Regulation & Restructuring, Partner, Mazars. Prior to joining
Mazars, Jonathan was responsible for the supervision of financial institutions, and also the use of
resolution powers, at the Central Bank of Ireland. He also led the Financial Measures Programme
within Ireland: the well regarded stress test and bank restructuring initiatives which executed
obligations under the EC, ECB and IMF Programme for Ireland. He also represented Ireland at the
European Banking Authority and Financial Stability Board.
Jonathan began his career at the UK Financial Services Authority, where, amongst other roles, he was
Private Secretary to Sir Howard Davies and Sir Callum McCarthy. He subsequently worked at a Big 4
firm before leaving to help establish Promontory Financial Group’s London office, where his clients
included some of the world’s largest banks, in multiple jurisdictions. Jonathan is an expert in
prudential regulation and financial crisis resolution. At the Central Bank of Ireland, he led the 2011
Financial Measures Programme, the widely praised bank stress testing and restructuring initiative. He
currently advises clients in the UK and globally on prudential issues, including ICAAP, ILAA and RRP
matters, as well as capital strategies, asset restructuring and distressed credit management."
Professor Niamh Moloney is Professor of Financial Markets Law in the Law Department of the London
School of Economics and Political Science, and holds degrees from Harvard Law School and Trinity
College Dublin. She specializes in EU financial market regulation and wrote the first book on this topic
(EC Securities Regulation, 2 edition, Oxford University Press, 2008; a third edition is in preparation).
Her other books include: The Regulatory Aftermath of the Global Financial Crisis (with Professors Eilís
Ferran, Jennifer Hill and Jack Coffee) (Cambridge University Press, 2012), Law Reform and Financial
Markets (ed., with Professor Kern Alexander, Elgar, 2011), and How to Protect Investors: Lessons from
the EU and the UK (Cambridge University Press, 2010).
Niamh is an Editorial Board member of a number of leading journals and a Series Editor of the
Cambridge University Press Series on International Corporate Law and Capital Market Regulation, and
was a Consultant Editor to the Oxford University Press New Oxford Companion to Law. Niamh is a
Fellow (Household Finance) of the Centre for Financial Studies, Frankfurt and in May 2011 was
appointed by the Board of Supervisors of the European Securities and Markets Authority (ESMA) to its
consultative Securities and Markets Stakeholder Group. She is also a member of the UK Financial
Conduct Authority’s advisory Financial Services Consumer Panel and a Trustee of the Academy of
Dr Swinburne was elected as Conservative MEP for Wales in July 2009. Her academic qualifications
include a degree in Biochemistry and Microbiology followed by a Ph.D. in medical research and an
MBA. A successful career in investment banking has given her in-depth knowledge of the global
financial markets, specialising in advisory work for pharmaceutical and biotechnology companies,
including M&A, venture capital investments, mezzanine financing and IPOs.
This, combined with her experience advising businesses in Europe and the US, led to her appointment
as Coordinator of the Economic and Monetary Affairs Committee. Other responsibilities include being
a member of the European Economic Area delegation, member of the EuroMed delegation and a
substitute member on the Palestinian delegation. Dr Swinburne also serves as a Welsh Conservative
Party Board Member. Dr Swinburne has followed closely all of the financial market reform legislation
in the EU since being elected and is shadow Rapporteur on the Markets in Financial Instruments
Directive and Regulation (MiFID II).