The EU-Asia Financial Services Roundtable
the regulatory issues faced by financial
markets participants in Europe and Asia
Those jurisdictions with whom we enjoy close cooperation include Japan, South Korea, China, Hong Kong, Singapore, the ASEAN members and India.
The Roundtable complements the Structured Dialogue on financial regulation the EU enjoys with key Asian jurisdictions.
Chair – Andrew Douglas, DTCC
Vice-Chair – Jan Eger, Refinitiv
Treasurer – Beata Sivak, LSEG
Head of Secretariat – Nickolas Reinhardt, Afore Consulting
Board Member – Julianne Lee, HSBC
Board Member – Rhodri Williams, AIG
Board Member – Daniela Cuciureanu, Moody's
Board Member– David Cook, IHS Markit
Payments and FinTech
What do we do?
- Exchange of information on matters relevant to EU and Asian financial services;
- Raise awareness among European and Asian policy makers, regulators and supervisors on the role of financial services for the respective economies and international trade;
- Provide expertise and knowledge to EU and Asian policy makers, regulators and supervisors on the functioning of financial services; and
- Advocate, where appropriate, for changes to the regional and international rules and regulations to promote trade and smooth regulatory and supervisory cooperation between the EU and Asian jurisdictions on financial services.
- Briefings and position papers on topical issues which may impact members or where members can share their expertise with European and Asian policy makers, regulators and supervisors
- Inviting EU and Asian policy makers, regulators and supervisors to exchange views with the members of the EU-Asia Financial Services Roundtable. These exchanges have been with DG FISMA of the European Commission; MEPs active on the EU Asia delegations of the European Parliament; relevant officials from the ESAs, the ECB and SRB; regulators and supervisors from European countries (including in the context of the G20); Asian Missions to the EU; and Asian delegations visiting Brussels;
- Tracking European institutions and agencies on policy and regulatory issues impacting the Roundtable members;
- Working with other trade associations, as appropriate; and
- Facilitating contacts between members and European and Asian policy makers, regulators and supervisors.
The EU-Asia Financial Services Roundtable regularly organises events with European and Asian policymakers to discuss crosscutting issues which are important to both regions of the world.
The 6th EU-Asia Financial Services Dialogue took place on 10 October 2019 in Tokyo, bringing together over 150 representatives of the regulatory, supervisory and financial industry communities of the EU, Asia-Pacific and the United States. The EU’s contribution to the Dialogue was of very high level, with the participation of Olivier Guersent, Director General of DG FISMA, Steven Maijoor, the Chair of ESMA, senior management of DG FISMA, and representatives of the EBA, ESMA and ECB, but also from Ashley Alder, Chair of IOSCO.
The Dialogue, co-organised by Afore Consulting and the Asia Securities Industry & Financial Markets Association (ASIFMA), followed the EU-APAC IOSCO regional forum and took place on the eve of the EU-Japan High-Level Dialogue on Financial Services. Over dinner, we were delighted to have keynotes from Toshihide Endo, Commissioner of the Financial Services Agency of Japan, and Olivier Guersent.
Participants commended the work of the Japanese Presidency of the G20 for having effectively tackled market fragmentation, and the subsequent work undertaken by the FSB and IOSCO to achieve further consolidation. However, it was noted that inherent reasons for fragmentation will always exist, and the situation has evolved positively over the last few years.
Sustainable finance was equally high on the agenda, ahead of the launch by the Commission of the International Platform on sustainable finance. This was an opportunity for the Commission to explain the methodology in the development of a taxonomy of what constitutes a sustainable investment. Whilst many welcomed the EU’s initiative, it was also noted that such a taxonomy could be detrimental to meet the infrastructure financing needs of developing economies, notably in the APAC region.
In September 2019, members of the EU-Asia Financial Services Round Table met with Marco Chirullo, Deputy Head of the Far-East Unit at the European Commission’s DG Trade. A discussion then took place with H.E. Manasvi Srisodapol, Ambassador of Thailand to the European Union.
On 26 June 2019, Caroline Wellemans, Deputy-Head of Financial Technology and Sustainable Finance Unit, DG FISMA, addressed the members of the EU-Asia Financial Services Round Table to discuss the international impact of the EU sustainable finance initiatives and to share their views on the recent sustainable finance developments in some Asian jurisdictions. A discussion then followed with Mr. Xia Xiang, Minister-Counsellor for Trade and Economics of the Chinese Mission to the EU.
In April 2019, members of the EU-Asia Financial Services Round Table met with H.E. Justin Brown, Ambassador of Australia to the European Union.
On 6 February 2019, members of the EU-Asia Financial Services Round Table will meet with Almoro Rubin de Cervin, Head of Unit, International Relations, at DG FISMA.
This will be followed by a meeting with H.E. Kazuo Kodama, Ambassador of Japan to the European Union, in the context of Japan’s chairmanship of the G20.
Afore Consulting and ASIFMA held the 5th Annual EU-Asia Financial Services Dialogue on 1 November 2018 in Singapore, which coincided with the Singaporean Presidency of ASEAN and the annual EU-Asia-Pacific Forum on Financial Regulation organised by the European Commission and Asia-Pacific Regional Committee of IOSCO.
This event brought together over 200 participants from Europe, Asia- Pacific and the United States to discuss and exchange views from different areas of the globe on FinTech and ICOs, third-country equivalence regimes and the supervisory approaches to conduct and prudential regulations. High on the agenda was the need to move forward after the implementation of the post-crisis FSB reforms, as well the geopolitical tensions between the US and China and their potential knock-on effects on the Asian region. The EU’s capacity to remain attractive was high on speakers’ agenda, as well as the tensions between innovation and privacy.
If you are interested in delegating a speaker for a future event or if you want to know more about sponsorship opportunities, please contact Nickolas Reinhardt, Director of Afore Consulting at Nickolas.Reinhardt@
On 10 October 2018, the EU-Asia Financial Services Round Table hosted H.E. Hasnudin Hamzah, Ambassador of Malaysia to the EU for a luncheon in Brussels. This was an opportunity to discuss the current EU-Malaysian relationship, take stock on the new Malaysian Government’s priorities and exchange on the EU-ASEAN Summit of 18-19 October 2018.
On 29 August 2018, Members of the EU-Asia Financial Services Round Table met with the Cabinet of European Commission Vice-President Valdis Dombrovskis to discuss some of the impacts of the EU legislation on Asian markets, notably on benchmarks, and the broader EU-Asia relationship in financial services.
On 16 May 2018, the EU-Asia Financial Services Round Table welcomed Filip Deraedt, Head of the Trade Relations with South and South East Asia Unit at the European Commission’s DG Trade for an update on the state of play of FTAs under discussion with key Asian jurisdictions.
Over lunch, Neena Gill, MEP, member of the European Parliament’s ECON Committee and Vice-Chair of the European Parliament’s Delegation for Relations with India offered her thoughts on the EU-India relationship and the future UK-India relationship in the context of Brexit.
H.E. Yuri Thamrin, Ambassador of Indonesia to the EU, presented the priorities of his country in regards to trade, technology and shared his insights on the Indonesia-EU relationship.
On 20 February 2018, the EU-Asia Financial Services Round Table hosted Felicia Stanescu, Head of the financial services policy and international affairs unit at DG FISMA, for a discussion on the upcoming EU-APAC Regulatory Forum on Financial Regulation taking place on 31 October 2018 in Kuala Lumpur and topics which are of interest for both EU and Asian regulators.
Petr Jezek, MEP, member of the ECON Committee and Chair of the European Parliament’s Delegation for relations with Japan, gave an update on the EU-Japan FTA and an overview of the EU-Japan relationship in financial services.
The EU-Asia Financial Services Round Table was then delighted to host H.E Kim Hyoung-zhin, Ambassador of the Republic of Korea to the EU, for a luncheon. Ambassador Kim gave an update on the EU-Korea FTA and offered his perspective on the EU-Korea relationship.
The 4th Annual EU-Asia Financial Services Dialogue took place in Hong Kong on 30 November 2017, co-organised by Afore Consulting and ASIFMA and sponsored by many members of the EU-Asia Financial Services Roundtable. This year’s Dialogue took place in Hong Kong on the eve of the EU-Asia Pacific Forum on Financial Regulation, which brought together EU and Asian-Pacific regulators to discuss shared issues and exchange on commonalities in resolving them.
The EU-Asia Financial Services Dialogue focused on regulatory innovation triggered by FinTechs, the effects of EU legislation on third countries and the ways to recalibrate the global regulatory agenda. It had a lively discussion on the European, US and Asian approaches to some crosscutting issues such as market infrastructure, post trading but also data privacy and KYC rules.
The EU-Asia Financial Services Roundtable hosted a lunch with Ryozo Himino, Vice-Commissioner for International Relations at the Japanese Financial Services Authority and H.E. Kazuo Kodama, Ambassador of Japan to the EU. The luncheon discussion covered the work of the FSB, G-20 and Basel Committee as well as how Japan is following the Brexit discussions.
Felicia Stanescu, Head of the financial services policy and international affairs unit at DG FISMA presented the ESA’s review and role they would have in the equivalence-granting procedure. In the evening, a dinner took place with H.E. Jaya Ratnam, Ambassador of Singapore to the EU. This was a small dinner permitting members to have a lively discussion with the Ambassador who presented Singapore’s current priorities with the EU focused primarily around trade and economic issues. It was also an opportunity to better understand Singapore’s role in the G-20, third-country issues for EU undertakings and the work done by Singapore to promote innovation and FinTech hubs.
The EU-Asia Financial Services Roundtable welcomed Olivier Guersent, Director General at DG FISMA, to discuss the Commission’s current structured dialogues with key Asian jurisdictions and upcoming work on equivalence.
A dinner was hosted with the Hong-Kong Office Economic and Trade Office to the EU where we had the pleasure of guest speakers Alice Choï, Deputy Representative and responsible for financial markets and Paula Kant, Senior Investment Promotion Executive at InvestHK.
This briefing paper proposes some concrete recommendations to enhance the EU-Indian relationship in the field of financial services.
This briefing paper highlights some of the concerns around data localisation requirements around the APAC region and its importance to international business and risk management, but also for the purposes of information sharing to tackle cyber and financial crime.
This briefing paper looks at some of the impacts of the DTO under MiFID 2, in particular in Asian markets, and discusses some of the unintended consequences of the DTO rules which have extra-territorial impacts.
©2018 EU Asia Financial Services Round Table