Speakers of the session
Francesco MazzaferroEuropean Systemic Risk Board, Head of the ESRB Secretariat
Natasha CazenaveAutorité des Marchés Financiers, Managing Director, Head of Policy and International Affairs
Gaston GelosInternational Monetary Fund, Assistant Director & Chief, Monetary and Macroprudential Policies Division
Joanna CoundBlackRock, Head of Global Public Policy, EMEA
Stéphane JaninAXA Investment Managers, Head of Global Regulatory Development
Objectives of the sessionThis 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 discussionWhich 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?