1st Annual Symposium
on EU-Asia Relations in Financial Services
Promoting Convergence and Investments in EU -Asian Financial Markets
18th-20th June 2014
Singapore1Location:
Singapore - the symposium will rotate annually between Asia and Europe.
Welcome Cocktail & Dinner on 18th June
Raffles Hotel - East India Room, Level 1 (1 Beach Road, Singapore 189673)
Symposium on 19th and 20th June
Singapore Management University campus
Mochtar Riady Auditorium, Level 5 (81 Victoria Street, Singapore 188065)
Cocktail & Dinner Reception on 19th June
Carlton Hotel - Esplanade Room, Level 4 (76 Bras Basah Road Singapore 189558)
Objective:
The symposium on EU-Asian capital markets regulation, in co-operation with the Delegation of
the European Union in Singapore, provides a unique opportunity for global, European and Asianpolicy makers, high-level regulators, leading academics and industry representatives from bothsell-side and buy-side firms to meet and discuss important issues impacting the effectivefunctioning of EU Asian trade, investment and capital markets.
Programme format:
A two-day symposium with keynote speeches, high-level dinners, small group break-out
sessions, panels and networking.
Sponsorship:
Sponsorship opportunities are open to private or public sector entities. Confirmed Lead
Sponsors include Moody’s, Standard & Poor’s and Thomson Reuters, while BNP Paribas, PwC
and Societe Generale are confirmed as Supporting Sponsors.
Delegate profile:
This event is by invitation only and limited to around 100 high-level regulators, policy makers,
academics and sell-side and buy-side firm representatives.
Main contacts:
Karel Lannoo, klannoo@ceps.eu, +32 2 229 39 56 (CEPS)
Michelle Cheung, mcheung@asifma.org, +852-2537-4189 (ASIFMA)
Nickolas Reinhardt, Nickolas.reinhardt@aforeconsulting.eu, +32 2 588 1306 (Afore)

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Wednesday, June 18th – Welcome Cocktail & Dinner___________________________________________________________________________________
17:45 COCKTAIL STARTS
18:00 WELCOME AND INTRODUCTION
Speaker:
Dora NEO, Director, Centre for Banking & Finance Law, Faculty of Law, National University of Singapore(NUS)
18:15-18:30 OPENING KEYNOTE: The future of EU-Asian relations
The theme of the evening will be the future of EU-Asian commercial and institutional relations in financial
services, as well as the prospects of deeper integration between the two regions. Many European
corporations already have a strong presence in Asia and Europe is an important provider of financial
services for the region. Despite the great opportunities that the economic dynamism of the area offers,
many barriers to entry for foreign companies still remain.
Speaker:
Arnoud DE MEYER, President, Singapore Management University (SMU)
18:30-19:20 COCKTAIL CONTINUES
19:30-21:30 KEYNOTE SPEECH AND DINNER: The EU-Singapore FTA, prospects and challenges
The EU-Singapore FTA was initiated in September 2013. The financial services sectors of both are likely to
be strongly affected by this agreement. Singapore is an established financial services hub in the Asian
region and its financial sector accounts for more than 10% of GDP. Many European institutions, active ina wide range of activities from wealth management and investment banking to insurance and reinsurance, already have a significant presence in the country. Despite the ambition of the negotiated FTA,
the absence of convergence in key areas such as accounting standards, compliance requirements andprudential regulations means that significant non-tariff barriers to trade still remain. What are thepotential benefits of this agreement for those involved? How can the negative consequences of diverging
regulations be limited? What can other Asian countries learn from this initiative?
Speakers:
Bernhard FAUSTENHAMMER, Head of Political, Press and Information Section, Delegation of theEuropean Union to Singapore
Andrew NAYLOR, Treasurer, Vice-Chair of Financial Services Committee, The European Chamber ofCommerce in Singapore
21:30-22:30 AFTER DINNER DRINKS (OPTIONAL)

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Thursday, June 19th – Panels, Group Discussions, Cocktail & Dinner____________________________________________________________________________________
7:30 BREAKFAST STARTS
8:00-9:15 BREAKFAST PANEL SESSION

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Theme: The internationalisation of the RMB: implications for the global financial industry.
The gradual internationalisation of RMB markets represents a major change in global finance. The rise ofa new international currency is both a threat and an opportunity for international financial institutions
who will have to adapt their business strategies to the new global environment. How do the speakers see
the role of the RMB changing as a medium of exchange to a store of value in the following years? To whatextent and in which sectors will capital markets be impacted by this change? How will business models
adapt to this development? Are current market infrastructures and regulations resilient enough to face
this challenge?
Panellists:
LEONG Sing Chiong, Assistant Managing Director, Development and International Group,Monetary Authority of Singapore (MAS)HE Dong, Executive Director (Research), Hong Kong Monetary Authority (HKMA)Clifford LEE, Managing Director, Head of Fixed Income, DBS
Michael YE, Managing Director, Regional Head Asia Pacific, Moody's
Usama DELORENZO, Director, Asia Policy and Advocacy, SWIFT
Alicia GARCIA-HERRERO, Chief Economist for Emerging Markets, Banco Bilbao Vizcaya Argentaria (BBVA)
Moderator: Nick COLLIER, Global Head of Government and Regulatory Affairs, Thomson Reuters
9:15-9:30 COFFEE BREAK
9:30-10:30 PANEL SESSION
Topic 1. Extraterritoriality of EU derivatives market regulations and Asian financial markets growth.
The regulation of derivative markets, such as the European Market Infrastructure Regulation, cansubstantially impact Asian capital markets. The regulations have been specifically designed to correct themarket failures which caused the collapse of Western financial systems. There is a widespread belief thatthe implementation in less developed economies can be an obstacle to market liquidity in thoseeconomies. What are the effects of the European derivatives regulation on the Asian capital markets? Isthe current extraterritorial approach able to take into account the peculiarities of the different Asianfinancial markets? Do Asian financial markets present specific features that justify lighter legislativetreatment? Is a higher level of cooperation between EU and Asian regulators desirable?
Panellists:
Thibault HEUZE, Financial Counsellor, Delegation of the European Union to China

Masamichi KONO, Vice-Commissioner for International Affairs, Financial Supervisory Agency (FSA),Japan
Gil S. BELTRAN, Undersecretary and Chief Economist, Department of Finance, The PhilippinesNURHAIDA, Chief Executive of Capital Market Supervision, Financial Services Authority, Indonesia (OJK)Keith MACDONALD, Chief Operating Officer for Financial Markets, Standard CharteredEric LITVACK, Managing Director, Head of Regulatory Strategy, Societe Generale Global Bankingand Investor Solutions
Moderator: Jeremy GRANT, Asia Regional Corporate Correspondent, Financial Times

10:40-12:10 SMALL GROUP SESSIONS ON TOPIC 1
Participants will be divided into three groups in order to discuss Topic 1 in greater detail. Within eachgroup, two facilitators will moderate and ensure that all the different angles of the topic are explored andthat answers to specific questions are provided; one reporter per group will contribute to the discussion, Page | 5
keep record, and will then convey this back to the reporters meeting, which follows the session.
All attendees, discussion leaders and reporters

12:10-13:30 LUNCH
13:30-14:30 PANEL SESSION
Topic 2. Making asset management regulation in Asian countries less fragmented, which way to follow?
Asian countries present one of the most fragmented regulatory environments in the world with regard tofinancial market regulation and tax harmonisation. Growth of the asset management industry in theregion is limited by the need to comply with different national regulations. Speakers will discuss the needto set a common reform agenda for the Asian countries’ asset management regulation. How is theuneven playing field discouraging the entry of foreign firms? How are compliance rules distorting asset
allocation? How to deal with extraterritoriality issues generated by compliance requirements with EU andUS rules which are tailored to more developed jurisdictions?
Panellists:
Cathie ARMOUR , Commissioner, Australian Securities and Investments Commission (ASIC)
Paul YUEN, Executive Director, Market Conduct Department, Monetary Authority of Singapore (MAS)Stéphane JANIN, Director, Head of International Affairs Division, AFG (French Asset ManagementAssociation)
David RATLIFF, Managing Director, Head of Investor Sales & Relationship Management, Asia Pacific, Citi
Hon CHEUNG, Regional Director, Asia, Official Institutions Group, State Street Global Advisors
Eugenie SHEN, Managing Director, Head of Asset Management Group, ASIFMA
Moderator: Mark AUSTEN, CEO, ASIFMA
14:40-16:10 SMALL GROUP SESSIONS ON TOPIC 2Three groups with two facilitators and one reporter per groupAll attendees, discussion leaders and reporters

16:15-18:15 REPORTERS MEETINGSAll reporters

18:30 COCKTAIL STARTS
18:45-19:30 KEYNOTE SPEECH
to be delivered in the context of the G20 Presidency
Speaker (via video):
Greg MEDCRAFT, Chair, International Organization of Securities Commissions (IOSCO)
19:45-21:30 KEYNOTE SPEECH AND DINNER
To be delivered on the current investment climate in Europe and the prospects for the euro.
Speaker:
Benjamin ANGEL, Head of Unit, Directorate General for Economic and Financial Affairs, EuropeanCommission
21:30-22:30 AFTER DINNER DRINKS (OPTIONAL)

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Friday, June 20th – Panels and Group Discussions____________________________________________________________________________________
8:15-9:15 PRESENTATION & DISCUSSION of Topic 1 and Topic2
The findings on Topic 1 and Topic 2, collected in the reporters’ meeting, will be presented and discussed Page | 7
with the participants. These findings will be used to produce specific guidelines and recommendations
representing, as much as possible, the positions that emerged in the small group sessions.
All attendees, discussion leaders and reporters

9:20-10:40 PANEL SESSION
Theme: Systemic risk and prudential rules: towards safer financial markets?
Following the G20 commitments, regulators have focused on setting new global prudential rules forbanks and for other so-called systemically important financial institutions (SIFIs). The overall effect ofthese new rules on global financial stability depends on the quality of the rules, as well as on theconsistent and homogeneous transposition of global standards in the different jurisdictions. In light of themarket failures which emerged during the recent financial crisis, is the prudential framework set by Basel
III able to ensure financial stability with limited impact on economic growth? Has implementation been
carried out consistently across different jurisdictions? How should cross-border resolution procedures bedesigned and implemented? Which areas have not yet been properly addressed? What rules are requiredfor other non-bank financial institutions?
Panellists:
Benjamin ANGEL, Head of Unit, Directorate General for Economic and Financial Affairs, EuropeanCommission
Masamichi KONO, Vice-Commissioner for International Affairs, Financial Supervisory Agency (FSA),JapanHalim ALAMSYAH, Deputy Governor, Bank Indonesia
Ryan TSANG, Managing Director & Analytical Manager, Financial Services Ratings, Standard &Poor’s Ratings Services
Mark HYDE, Partner, Clifford ChanceSandie O’CONNOR, Managing Director, Chief Regulatory Affairs Officer, JPMorgan Chase
Moderator: Karel LANNOO, CEO, The Centre for European Policy Studies (CEPS)
10:40-11:00 COFFEE BREAK

11:00-12:15 PANEL SESSION
Theme: The changing face of global commodities markets and the impact of financial reforms
Commodity trading is a truly global phenomenon. The worldwide nature of these markets lies in theestablishment of internationally recognized benchmark prices. With a new market structure, new Page | 8
opportunities and risks emerge. The interaction between physical markets, paper markets and thefinancial system has focused unprecedented attention by regulators on these markets. What are thetrends in commodities markets emerging from this new market structure? What are the links between
commodities markets and the financial system? What kind of new risks and opportunities are emerging
from this market structure? Are there potential threats emerging for commodities users? In light ofrecent scandals regarding benchmark manipulations, what can be actually improved to ensure effective
and coordinated cross-border supervisory actions?
Panellists:
William CHIN, Senior Vice President, Asia, London Metal Exchange (LME)
Lily CHIA, Head of Product Development (Commodities), Singapore Exchange (SGX)Andrew GOWERS, Head of Corporate Affairs, Trafigura Beheer B.V.
Ales KRALIT, Dpt. 3501 – Capital Market, Ministry of Finance of the Czech RepublicVandana HARI, Editorial Director, Asia, Platts
Diego VALIANTE, Head of Capital Markets Research, The Centre for European Policy Studies (CEPS)
Moderator: Nickolas REINHARDT, Director, Afore Consulting
12:15-13:30 CLOSING BUFFET LUNCH

About the 1 st Annual Symposium on EU-Asia Relations in Financial Services
The inaugural edition of this EU-Asia Financial Services Symposium series took place inJune 2013 in Singapore with the theme ‘ Promoting Convergence and Investments in EU Asian Financial Markets’.
The event had received support from 120 selected participants representing various
regulatory bodies and financial institutions from Europe and Asia. Among over 30 senior
speakers we had European Commission, EU Delegation in Singapore, EU Delegation inChina, International Organization of Securities Commissions ( IOSCO), AustralianSecurities and Investments Commission (ASIC), Monetary Authority of Singapore(MAS), Hong Kong Monetary Authority (HKMA), Financial Supervisory Agency of Japan(FSA), Bank Indonesia, Financial Service Authority of Indonesia , the Philippines’
Department of Finance, and many other leading financial organisations.

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The symposium program ranged across several topics affecting EU -Asian relations infinancial services, and focusing most importantly extraterritorial effects of financial
instruments legislation, the evolution of the prudential regime (Basel 3 and beyond), thecurrent challenges faced by the EU-Asian asset management industry, as well as theimportance of global commodity ma rkets and international trade.

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We highly appreciated the support by the 3 Lead Sponsors namely Moody’s, Standard &Poor’s and Thomson Reuters, and the 3 Supporting Sponsors including BNP Paribas, PwC
and Societe Generale.
We have received very positive feedback from the stakeholders including speakers,
delegates, sponsors and co-organisers. Most of them found the speakers excellent, thediscussions highly informative and interactive, the Symposium thought provoking andenjoyable with the opportunity to meet the various senior representatives with similarinterests in financial regulation.

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List of Participating Organisations in 2014:
AFG (French Asset Management Association)
Afore Consulting
AMRO-Asia
ANZ
Argus Media
Asia Securities Industry & Financial Markets Association (ASIFMA)
Attorney General's Chambers
Australian High Commission
Australian Securities and Investments Commission (ASIC)
Banco Bilbao Vizcaya Argentaria (BBVA)Bank Indonesia
Banque de France
Barclays
BNP Paribas Securities Services
British Embassy
British High Commission in Singapore
Bursa Malaysia Berhad
CFA InstituteChartered Alternative Analyst AssociationCiti
Citibank
Clifford ChanceCommunications & Network Consulting (UK) LtdDBS
Delegation of the European Union to China
Delegation of the European Union to Singapore
Deutsche Bank
Embassy of the Republic of Poland
European Commission
Financial Services Agency (FSA), Japan
Financial Services Authority, Indonesia (OJK)
Financial Times
Hong Kong Monetary Authority (HKMA)
Hume Brophy
International Capital Market Association (ICMA)International Organization of Securities Commissions (IOSCO)
International Swaps and Derivatives Association (ISDA)
J.P. Morgan
JPMorgan Chase
Judiciary, State Courts, Singapore

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Lexcel Partners, Attorneys at Law
London Metal Exchange (LME)
Ministry for Trade & Industry, Singapore
Ministry of Finance of the Czech Republic
Monetary Authority of Singapore (MAS)
Moody'sNational University of Singapore (NUS)
Nomura Research Institute, Ltd.
Nordea Asset Management Singapore
PlattsPricewaterhouseCoopers LLP
Russia G20 Expert Council
Sim Kee Bon Institute for Financial Economics (SMU)
Singapore Exchange (SGX)Singapore Management University (SMU)
Singapore Police Force
Societe GeneraleStandard & Poor's Ratings Services
Standard Chartered
State Street Asia Limited
State Street Global Advisors
SWIFT
The Centre for European Policy Studies (CEPS)The European Chamber of Commerce in Singapore
The European Union Centre in Singapore
The Philippines - Department of FinanceThomson Reuters
Trafigura Beheer B.V.
WongPartnership LLP

For More Information:
For more about the 1 s t EU-Asia Financial Services Symposium in 2014:www.asifma.org/eu-asia2014
For enquiries including participation and sponsorship packages for 2015, please email:
Karel Lannoo, klannoo@ceps.eu, +32 2 229 39 56 (CEPS)
Michelle Cheung, mcheung@asifma.org, +852-2537-4189 (ASIFMA)
Nickolas Reinhardt, Nickolas.reinhardt@aforeconsulting.eu, +32 2 588 1306 (Afore)

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