Prudential Rules for Investment Firms: How to tailor a targeted prudential framework?

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Gustav Mahlerlaan 10, Amsterdam, The Netherlands

All investment firms are currently subject to the prudential requirements designed for banks. The European Commission’s proposal for a prudential framework devoted exclusively to investment firms will alter this regime. In fact, with the exception of systemically important investment firms, which will remain under the same prudential rules as apply to banks, the smaller investment firms will be subject to less stringent requirements. The overarching objectives of the prudential framework are to ensure that the firms have sufficient funds to remain financially viable and avoid contagion to customers and the wider economy.

Two critical obstacles stand in the way of reaching these objectives effectively and efficiently  of this framework are the extent the rules will be tailored for the different types of investment firms and the distribution of supervisory powers. These and other obstacles and challenges for the prudential framework for investment firms will be tackled by policy-makers, industry representatives and other experts at this CEPS-ECMI conference, hosted by ABN AMRO Clearing in Amsterdam.


09:30 – 10:00

Registration and coffee

10:00 – 10:15

Welcome remarks
Lieve Vanbockrijck, Chief Financial Officer, ABN AMRO Clearing

10:15 – 11:15

Sesssion I – What prudential rules for investment firms?

In proposing a prudential framework exclusively for investment firms, the European Commission aims to make prudential requirements more proportionate and risk-sensitive for these companies. In particular, the smaller investment firms can benefit under the new regime from less-demanding requirements. The question remains, however, whether the Commission can succeed in creating a risk-sensitive system with less demanding requirements for less-risky firms. Is there a need to further tailor the proposed framework? Could the framework be made more proportionate and risk-sensitive? Does the framework address the inherent risks of investment firms?

  • Mattias Levin, European Commission
  • Diederik Dorst, Flow Traders
  • Emmanuel de Fournoux, AMAFI
  • Others tbc

Moderator: Karel Lannoo, CEPS/ECMI

11:15 – 11:45

Coffee break

11:45 – 12:45

Session II – Which supervisors for investment fims?

Several supervisors have currently duties for investment firms. For example, at EU level the European Securities and Markets Authority (ESMA) has duties under MiFID that regulates the activities and the European Banking Authority (EBA) has duties under CRDIV/CRR that regulate the prudential requirements. Does such dispersion of responsibility contribute to effective and efficient supervision? Should the regulation of investment firms at EU level be consolidated in one supervisory authority? And which institution  would be best placed to perform the direct supervision of investment firms at national level?

  • Paul van den Berg, De Nederlandsche Bank
  • Bart Joosen, University of Amsterdam
  • Mark Hemsley, Cboe Europe
  • Others tbc

Moderator: Matthijs Geneste, ABN AMRO Clearing

12:45 – 13:00

Wrap up & closing remarks

  • Karel Lannoo, Chief Executive Officer, CEPS/ECMI
  • Jan Bart de Boer, Chief Commercial Officer, ABN AMRO Clearing

13:00 – 14:00

Sandwich lunch


  • Participation in the event is free of charge.
  • Please do not hesitate to contact Willem Pieter De Groen by email at: willem.pieter.degroen@ceps.eu or by phone on +32 2 229 39 57.