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Technical workshop on macroprudential policies for non-bank financial intermediation (NBFI)

On 22 May 2024, the European Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) organised a technical workshop to launch a targeted consultation on macroprudential policies for non-bank financial intermediaries.

The event followed the adoption in January 2024 of the Commission report on the macroprudential review for credit institutions, the systemic risks and vulnerabilities of NBFI, and the interconnectedness with the banking sector. The report set out the Commission's intention to involve stakeholders in discussions on these issues in 2024. The objective of this increased stakeholder engagement – which also includes the targeted consultation – was to gather further insight into the markets and business models of NBFI, and the interconnectedness among them and with banks. It also aimed to identify gaps in the macroprudential framework and other factors that may contribute to the build-up of systemic risks in NBFI.

The objective of this technical workshop was to contribute to the international debate on macroprudential policies for NBFI, with a focus on

  1. The impact of NBFI on financial stability in the EU and how to ensure effective monitoring and risk management for investment funds
  2. The role of macroprudential authorities in monitoring interconnectedness, deploying macroprudential tools and ensuring cross-border coordination within the EU
  3. International cooperation in the regulation and supervision of NBFI
  4. International experience and evidence regarding macroprudential policies for NBFI

This event aimed to bring together representatives from EU and national authorities, non-EU country authorities, international organisations and industry. The event also featured an intervention by Commissioner Mairead McGuinness.

Privacy statement

  • 22 MAY 2024
Specific privacy statement: Technical workshop on macroprudential policies for non-bank financial intermediation
English
(141.23 KB - PDF)
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Recording

  • financial services | financial market | financial supervision
  • Wednesday 22 May 2024, 09:15 - 16:30 (CEST)
  • Bruxelles, Belgium

Programme

  1. 22 May 2024, 09:15 - 10:00 (CEST)
    Welcome Coffee
  2. 10:00 - 10:15 (CEST)
    Opening remarks

    Alexandra Jour-Schroeder, Deputy Director General, Directorate General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), European Commission

  3. 10:15 - 11:30 (CEST)
    Panel 1 - The impact of NBFIs on the EU financial stability: ensuring effective monitoring and risk management for investment funds
    • Moderator
      • Kris Nathanail, Chief of Staff, IOSCO
         
    • Speakers
      • Aurélie Cassou, Head of Public Affairs, Amundi
      • Alessio De Vincenzo, Head, Financial Stability Directorate, Banca d’Italia
      • François Haas, Deputy Director General, Financial Stability, Banque de France
      • Alain Hoscheid, Head of UCI department “Prudential Supervision and Risk Management”, Commission de Surveillance du Secteur Financier (Luxembourg)
      • Regine Wölfinger, Head of the Market Based Finance Division, European Central Bank
  4. 11:30 - 12:00 (CEST)
    Coffee break
  5. 12:00 - 13:00 (CEST)
    Panel 2 - How to enhance the role of macroprudential authorities in monitoring interconnectedness, deploying macroprudential tools and ensuring cross-border coordination within the EU
    • Moderator
      • Klaus Wiedner, Director, DG FISMA, European Commission
         
    • Speakers
      • Tobias Buecheler, Head of Regulatory Affairs, Allianz
      • Rodrigo Buenaventura, President, Comisión Nacional del Mercado de Valores (Spain)
      • Laurence Caron-Habib, Head of Public Affairs, BNP Paribas Asset Management
      • Mark Cassidy, Director, Financial Stability, Central Bank of Ireland
      • Steffen Kern, Chief Economist and Head of Risk Analysis, European Securities and Markets Authority
      • Francesco Mazzaferro, Head of ESRB Secretariat, European Systemic Risk Board
  6. 13:00 - 14:30 (CEST)
    Lunch
  7. 14:30 - 14:45 (CEST)
    Keynote speech

    Mairead McGuinness, Commissioner for Financial Stability, Financial Services and Capital Markets Union, European Commission

  8. 14:45 - 16:00 (CEST)
    Panel 3 - Sharing international experiences and evidence on macroprudential policies for NBFIs
    • Moderator
      • Paulina Dejmek Hack, Director, DG FISMA, European Commission
         
    • Speakers
      • Tobias Adrian, Financial Counsellor and Director, Monetary and Capital Markets Department, International Monetary Fund
      • Sarah Breeden, Deputy Governor, Financial Stability, Bank of England
      • Carmine Di Noia, Director, Financial and Enterprise Affairs, Organisation for Economic Co-operation and Development
      • Carey Evans, Co-Head of Public Policy, BlackRock EMEA
      • Michael T Kiley, Deputy Director, Financial Stability, Federal Reserve
  10. 16:00 - 16:15 (CEST)
    Concluding remarks

    Paulina Dejmek Hack, Director, DG FISMA, European Commission

Practical information

When
Wednesday 22 May 2024, 09:15 - 16:30 (CEST)
Where
Charlemagne Conference Centre, room Lord Jenkins
Rue de la Loi 170, 1000 Bruxelles, Belgium
Languages
English

Related links

Targeted consultation assessing the adequacy of macroprudential policies for non-bank financial intermediation (NBFI)
Macroprudential policies for non-bank financial intermediation (NBFI)