Anti-Capitalist Action! 5th-6th November 2004

Remember, remember the 5th of November…

Business leaders, politicians and academics are planning on meeting at Wilton Park Conference Centre near Brighton and Worthing in East Sussex for a two day Conference called “International Rule Making for Global Capital Markets”. The Conference is to be attended by (amongst others): Counsellor & Director, International Capital Markets Department, International Monetary Fund; Former Chairman, Citibank; Chairman, Centre for European Policy Studies, Brussels; former Minister of Finance of the Netherlands; President, French Asset Management Association (AFG), Paris; Chairman, European Financial Forum, London; Deputy Chief Economist, Securities and Exchange commission (SEC), Washington; Director, Centre for Law & Economics, University of Amsterdam; Chief Executive, Association Française de la Gestion Financière (AFG); Member, Economic and Monetary Affairs Committee, European Parliament, Brussels/Strasbourg; Deputy Assistant Secretary for International Monetary and Financial Policy, US Treasury, Washington DC; Managing Director, Policy, Communication & Law, Deutsche Börse (German Stock Exchange), Frankfurt.

The Meeting is supposed to be informal and “off the record’. An opportunity for the elite to meet, discuss and strategise.

A group of people who consider themselves a part of the Dissent! Network, co-ordinating resistance to the 2005 G8 Summit to be held in Gleneagles, Perthsire, Scotland (www.dissent.org.uk), are planning on organising resistance!

KEEP FRIDAY 5TH AND SATURDAY 6TH NOVEMBER FREE!!!!!!

Start considering organising transport and watch this space! (Also check out www.indymedia.org.uk and www.freewebs.com/shuttheg8 )!!!!!

Here’s the information about the Conference taken from the Wilton Park website (www.wiltonpark.org.uk): Information about the location of the Conference Centre is at the bottom of this mail.


INTERNATIONAL RULE MAKING FOR
GLOBAL CAPITAL MARKETS
Friday 5 – Saturday 6 November 2004

S04/13 WILTON PARK CONFERENCE
in association with The European Financial Forum, Federation of European Securities Exchanges, Paris Europlace and Deutsches Aktieninstitut

This year’s conference for senior market participants, regulators, central bankers, government officials and academics will focus on the relationship between international and EU rules and rule making. It will look at their combined coherence and cost effectiveness. It will also look at techniques and mechanisms for producing better regulation in the financial sector.

*Speaker to be confirmed

Conference Chairman: Dr Onno Ruding
Former Chairman, Citibank and, Chairman, Centre for European Policy Studies, Brussels and former Minister of Finance of the Netherlands

FRIDAY 5 NOVEMBER
1405 - 1415



Welcome and Introduction
Nicholas HOPKINSON
Deputy Director, Wilton Park

1415 - 1530
1
GLOBAL CAPITAL MARKETS – THE DEVELOPMENT OF INTERNATIONAL RULES - AN OVERVIEW
International rules and regulations are multiplying in all financial sectors – banking, insurance and securities as well as in respect of corporate governance and accounting. This session will step back from the detail and look at the picture as a whole to examine whether markets now suffer from an internationally generated regulatory overload or conversely whether there are problems of gaps in the system.

Dr Gerd HÄUSLER
Counsellor & Director, International Capital Markets Department, International Monetary Fund, Washington DC
Alain LECLAIR
President, French Asset Management Association (AFG), Paris

1530-1645
2
THE EU’s (NEW) REGULATORY COMMITTEES AND THE INTERNATIONAL SYSTEM.
Financial sector regulation in the EU now revolves around three committees – for securities, banking and insurance. Each connects to international rule making bodies in different ways. This session will discuss whether there Is coherence between financial sector regulation in the EU and international regulation.

Jochen SANIO
President, BaFin, Bonn
Bill ELDRIDGE
Barclays, London

1715 - 1830
3
THE FSAP AND THE GLOBAL COMPETITIVENESS OF EUROPE’S FINANCIAL MARKETS.
EU financial markets are encountering and absorbing a wave of regulation from the FSAP. Although the intention is to increase the international competitiveness of the market by reducing the costs of fragmentation other regulatory burdens seem to be being introduced. Is the net effect of the FSAP leading to a reduction of the cost base of European markets or to an increase relative to other global centres?

Gerard DE LA MARTINIÉRE
President, French federation of Insurance Companies (FFSA); President, European Insurance Companies Committee (CEA), Paris
Irmfried SCHWIMANN
European Commission, Brussels

1930




Conference Dinner
Chairman: Lord TUGENDHAT
Chairman, Lehman Brothers Europe; Chairman, European Financial Forum, London

WHEN RISK IS GOOD - MORAL HAZARD IN FINANCIAL MARKETS
Speaker to be confirmed

SATURDAY 6 NOVEMBER
0900 - 1000
4

EXCHANGES OF THE FUTURE - THE PRUDENTIAL AND REGULATORY ROLE.
In recent years Exchanges have relinquished or been required to give up (part of) their regulatory roles. Many see the Exchange of the future as no more than a trading platform.
However, if problems arise in the future with those companies that are listed on an Exchange is it the case that Exchanges will be able to avoid questions of liability and if not how should their prudential and regulatory role vis-à-vis the regulators be defined?

Marc MENCHEL
Executive Vice President, Regulatory Policy and Oversight, National Association of Securities Dealers Inc (NASD), Washington
Dr Axel NAWRATH
Managing Director, Policy, Communication & Law, Deutsche Börse, Frankfurt

1000 - 1115
5
REGULATORY IMPACT ASSESSMENT IN THE FINANCIAL SECTOR
Regulatory impact assessment (RIAs) that attempts to measure the costs of a regulation against its benefits is a technique that has been pioneered in the US which remains the leader in the field. RIAs in the financial sector raise special issues – for example those to do with so-called ‘information asymmetries’. What lessons are to be learnt from experience so far, including the US? (A background note on this agenda item will be circulated to participants).

Jonathan SOKOBIN
Deputy Chief Economist, Securities and Exchange commission (SEC), Washington
Professor Arnoud BOOT,
Director, Centre for Law & Economics, University of Amsterdam
Pierre Bollon
Chief Executive, Association Française de la Gestion Financière (AFG)
Chris HUHNE MEP
Member, Economic and Monetary Affairs Committee, European Parliament, Brussels/Strasbourg

1145-1300
6
TRANSATLANTIC COOPERATION – TOO LITTLE TOO LATE?
Recent corporate scandals on both sides of the Atlantic such as Parmalat, Ahold Hollinger and Enron have involved possible corporate misdemeanours by multinationals often with subsidiaries on each side of the Atlantic. Are the existing cooperation mechanisms strong enough to deal effectively with such incidents and to help prevent recurrence or is it a case of locking the stable door after the horse has bolted?

*Mark SOBEL
Deputy Assistant Secretary for International Monetary and Financial Policy, US Treasury, Washington DC
*Professor Rüdiger VON ROSEN
Managing director, Deutsches Aktieninstitut, Frankfurt

1300

Lunch followed by Participants Departure (1430)


Directions to the Conference Centre (from their website):
Wilton Park Conferences take place at Wiston House, which is set in the midst of its own parkland at the foot of the South Downs on the South Coast of England.

Conveniently situated near the junction of the A283 and A24, 10 miles (16km) north-west of Brighton. It is approximately an hour and a half by car from the centre of London and Heathrow Airport, forty five minutes from Gatwick Airport, and an hour and a half from the Channel Tunnel, or the Eurostar Terminal at Ashford.