QED Debate on Macroprudential policies for non-bank financial intermediation

Hybrid Conference

Discussion Point

  • •What are the primary sources of systemic risk associated with Non-Bank Financial Intermediation (NBFI)?
  • •Are the current macroprudential tools and supervisory mechanisms in the EU adequate for overseeing NBFIs?
  • •How can we enhance the coordination and effectiveness of macroprudential supervision for Non-Bank Financial Intermediaries?
  • •How can macroprudential policies be structured to avoid impeding the ability of NBFIs to provide essential financing to companies?
  • •To what extent does excessive leverage within the NBFI sector threaten financial stability, and what measures can be implemented to mitigate this risk?

Programme

14.00-14.30 Registration and networking

14.30-14.35 Introductory remarks by the moderator

14.35-15.10 Introductory remarks by speakers

15.10-16.10 Panel discussion and Q&A

16.10-17.00  Networking

Speakers

Moderator:
Andrew Pilgrim

UK Government and Financial Services Leader, EY

Andrew started his career as lawyer at city law firm, Macfarlanes, before becoming an official in the UK Government, working in the Treasury, Department for Business and on secondment to the Independent Commission on Banking (Vickers’ Commission). He now runs EY Financial Services Government team, where he focuses on work with central banks, supervisors and governments across Europe. Understanding, the impacts of political and regulatory on the financial services industry, such as Brexit and financial services reform, is core to his work. Andrew has managed the EY initiatives around the ECB’s Comprehensive Assessment, the shift to Banking Union and the start of the Single Supervisory Mechanism and Single Resolution Board, as well as the organization’s internal and external preparations for Brexit.

Stella Kaltsouni

Deputy Head of Unit E3, Macroprudential Policy, DG FISMA, European Commission

Stella Kaltsouni is Deputy Head of the Macroprudential Policy Unit in the European Commission’s DG for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), i.e. of the unit responsible for developing the EU macroprudential policy for banks and non-bank financial intermediation. Previously, she worked at the Financial Markets Infrastructure Unit and the Resolution and Crisis Management Unit at DG FISMA where she played a key role in the drafting of the EMIR 3 legislative proposal and in the drafting and negotiation of the EMIR 2.2, the Central Securities Depositories Regulation review and the CCP Recovery and Resolution Regulation legislative proposals. Before joining the Commission, Stella was a legal officer at the Legal, Convergence and Enforcement Department of the European Securities and Markets Authority (ESMA) in Paris and worked in the private sector in Brussels. Stella holds an LL.M. from Columbia University School of Law, New York, and an LL.B. from Aristotle University of Thessaloniki School of Law, Greece. She is a member of the New York Bar and the Thessaloniki Bar.

Jessica Reyes

Head of Asset Management Policy, Autorité des Marchés Financiers

Antonello Aquino

Antonello Aquino

Managing Director, Head of EMEA Insurance, MEA Banking, and EMEA Private Credit, Moody’s Ratings

Antonello Aquino is the Managing Director for EMEA Insurance, MEA Banking and EMEA Private Credit at Moody’s Ratings. In this role, he is responsible for Moody’s analytic team maintaining Moody’s ratings on EMEA insurers, MEA banks and Private Credit. Antonello joined Moody’s in 2008 as a senior insurance analyst covering some of the major European (re)insurers. Prior to Moody’s, Antonello was responsible for the Financial Institutions Group (FIG) rating advisory practise at Credit Suisse in Europe. His prior experience includes roles as a senior analyst at Standard & Poor's insurance sector and positions in the FIG M&A teams at Dresdner Kleinwort Wasserstein (DrKW) and ABN AMRO. Antonello holds an MBA from HEC Paris and is alumnus of the London Business School. He graduated in business administration cum laude from Bocconi University in Italy. Antonello is fluent in English, Italian and French.

Rob Hailey

Rob Hailey

Managing Director, Head of EMEA Government Affairs, MFA

Rob Hailey serves as Managing Director, Head of Europe, Middle East and Africa (EMEA) Government Affairs at MFA. Based in the UK, Rob leads MFA’s London office and oversees the work of colleagues in Brussels, representing MFA’s global presence. Working in conjunction with US-based colleagues, he engages with policymakers in the region to advance MFA members’ advocacy goals. Rob joined MFA in May 2024 from Bank of America, where he led the bank’s government affairs activities in the UK and Ireland, building the brand with policymakers and advocating on post-Brexit capital markets reform. Previously he spent a decade at the UK’s largest high street bank, Lloyds Banking Group plc, leading a team focused on a wide range of public policy issues, policy research, EU affairs, and regulatory affairs during a critical period for the bank as it successfully emerged from partial public ownership. Rob has nearly twenty years’ experience in the financial services sector, having held government affairs roles at the Spanish bank, Banco Santander, in London and Madrid and at the British bank, HBOS plc. He combines this experience – working on retail, commercial and investment banking as well as insurance and pensions policy – with a deep understanding of the UK and EU policymaking processes. His career started with a period working in the European Parliament in Brussels, in a Westminster-based think tank and in consultancy. Rob has a degree in Economics and Politics from the University of Edinburgh, Scotland.

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