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Lobbying and Networking in Financial Markets

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Hauptschule
Plenary / Panel
in englischer Sprache

Vortragende

Special Adviser, ETUC - European Trade Union Confederation; Senior Researcher, ETUI - European Trade Union Institute, Brussels Abstract
The financial crises from 2007 to date and the ensuing devastating effects on budget deficits and public debt, growth and employment have shown an urgent need for a new approach to financial market regulation. The burden of a series of bail-out programmes for financial institutions has so far been borne by taxpayers in general, and workers and their families in particular. The European Trade Union Confederation together with its national affiliates and civil society organisations has worked on a 10 point agenda for financial market regulation at European level. Its objective is to achieve a financial landscape that would be smaller in size, slower in speed, simpler in structure, separated functionally, less short-term oriented, and last, but not least, democratized. As a founding member of Finance Watch, our aim is to restore the fundamental role of the financial system of intermediation, allocation and transfer of capital to productive use, and to roll back the transfer of credit risk to society at large - finance must serve the real economy and society at large, not vice versa.
Executive Director, Retail Financial Services, Legal, Economic and Social Affairs, European Banking Federation, Brussels Abstract
Lobbying is a legitimate part of democracy as it gives an opportunity to a civil society to have a say on issues that affect the daily life of EU citizens and enterprises. Politicians are often not experts in the field in which they have to make decisions. They have to rely on expertise provided by groups representing competing interests, to be able to make good judgments. Lobbying is therefore essential in the EU decision-making process.
There are significant differences that exist amongst the different players in the  lobbying sphere.
Transparency is therefore essentia as part of an ethical and professional behaviour for both lobbyists and decision-makers.
Director, Directorate D Markets and Cases III: Financial Services, Directorate-General Competition, European Commission, Brussels Abstract
NETWORKING AND LOBBYING - SEEN FROM THE COMMISSION'S VIEW

A big part of all rules and regulations in the European Union originate from decisions made at European level. Thus, participating in this process by networking, by making one's positions known, by pointing towards pro and cons of such proposals is important  also at European level. In this respect, the Commission is open to input from all stakeholders and the general public. This process of open and transparent policymaking is regarded as a fundamental element in the development of sound and workable policies.

The continuous dialogue has proven valuable to both the Commission and to the interested outside parties, as it helps to build mutual understanding of the issues at stake for all parties involved. Having obtained all relevant informa-tion helps the Commission to get the policy choices right. Likewise, it helps the different stakeholders to better understand the European dimension of some issues whilst at the same time giving them every opportunity to feed their legitimate interests into the policymaking process.

But networking and lobbying should certainly not be used  or accepted  to unduly influence decision makers and/or officials. There are clear rules on this, which are  rightfully so  vigorously applied.
Delegate of the Management Board for EU Affairs and Head of Deutsche Bank EU Representation, Deutsche Bank AG, Brussels Abstract
" Lobbying as contribution to the democratic process: Active involvement in and contribution to the legislative process is part of the financial industry s corporate social responsibility. Deutsche Bank acts as  corporate citizen and sees its responsibilities in pro-active contribution to the regulatory initiatives on EU level e.g. via responses to consultation procedures of different EU institutions (mainly the EU Commission), personal talks with policy makers or contributions in panel discussions. Via its active involvement in the dialogue with policy makers industry contributes to better regulation and ensure a broad information base for policy makers. This is especially key in the aftermath of the financial crisis where the financial sector faces a lot of new legislative initiatives, on EU as well as on G20-level.

" Interest Representation: Industry as well as other stakeholders from public or private institutions is a legitimate way to present individual interests. Industry  via company representatives as well as via associations  highlights concerns related to new regulatory initiatives: not to defend and encapsulate existing structures, but to raise awareness about (i) implementation issues, (ii) danger for international competitiveness for the financial sector (e.g. on Basel 3), (iii) the efficiency of EU financial markets (in the area of MiFID, EMIR or Hedge funds) and (iv) related disproportionate costs for the industry and finally for the end-consumer.

" Raise internal awareness of regulatory initiatives: Lobbying is not only one-sided to the policy makers. Public and governmental affairs on the industry side has always also the responsibility to lobby internal departments of the banks: (i) monitoring of EU legislative procedures to inform internal groups, (ii) explain legislative procedures at EU level, (iii) ensure an effective relationship between internal experts and EU-institutions, (iv) convince internal people of the relevance of new regulation, etc. The head of governmental affairs is an internal advisor on political processes at EU level but also on key economic and regulatory related decisions.

" Network is a key element to ensure optimal information flow: Only a continued dialogue at different levels ensures an efficient and effective political communication process. There are different levels where the EU legislative decision making process materialises: 1) EU Commission, 2) European Parliament 3) European Council (EU representations and national Ministries of Finance), but also the involvement of other stakeholders is key: 4) national and European associations (AFME, EBF), 5) think-tanks (CEPS, Eurofi, Bruegel), and 6) other industry circles (financial centres like City of London, Frankfurt Main Finance and Paris Europlace). Networks are necessary to obtain the relevant information but also to allow for action in due time and at the right place. In this context close relation to national allies from the company s country is important but not enough in a more and more complex EU decision making process.

" Lobbying in financial markets is important and legitimate means to contribute to an optimal political legislative outcome which shall be ensured in a transparent and open way.
Secretary General, Austrian Society for European Politics, Vienna Chair

Andreas BOTSCH

Special Adviser, ETUC - European Trade Union Confederation; Senior Researcher, ETUI - European Trade Union Institute, Brussels

1985-1988 Deputy Director, Satzbüro Anschläge, Freiburg
1988-1998 Senior Policy Adviser, OECD-TUAC, Paris
1998-2000 Counsellor, Permanent Representation of Germany to the EU, Brussels (Employment Policies, Macro-economic Dialogue)
2000-2008 Executive Secretary, Head Economics Department, Deutscher Gewerkschaftsbund Bundesvorstand, Berlin
since 2008 Special Adviser, ETUC - European Trade Union Confederation; Senior Researcher, ETUI - European Trade Union Institute, Brussels

LLM Sébastien DE BROUWER

Executive Director, Retail Financial Services, Legal, Economic and Social Affairs, European Banking Federation, Brussels

 Global custody trainee, management of important claims, Royale Belge (Currently Axa)
1999-2006 Legal Adviser, in charge of Consumer affairs, financial crimes (AML, CFT, Compliance), Payments etc., Febelfin (Belgian Federation of Finance)
2006-2007 Head of European Affairs, Member of the Executive Committee, Febelfin (Belgian Federation of Finance)
since 2007 Executive Director, Retail Financial Services, Legal, Economic and Social Affairs and Member of the Management Committee, European Banking Federation

Dr. Irmfried SCHWIMANN

Director, Directorate D Markets and Cases III: Financial Services, Directorate-General Competition, European Commission, Brussels

 University degree in law and political science
1984-1989 Diplomatic Service, Austrian Ministry for Foreign Affairs, posts in Vienna, New Delhi, Brussels
1989-1999 Head of service "International relations", Bundesländer Insurance Company; after merger/restructuring: UNIQA insurance group
since 1999 European Commission
1999-2006 DG Internal Market
1999-2002 Desk officer, Unit "Payment Systems and Retail Issues"
2002-2003 Member, Commissioner Bolkestein' s cabinet
2003-2006 Head, Unit "Financial Services Policy"
since 2006 Directorate General Competition
2006-2009 Head, Unit "Financial Services" (Antitrust)
2007-2009 Acting Director, "Financial Services and Health-related markets"
  Head, Financial Crisis Task Force
since 2009 Director, "Markets and Cases III: Financial Services,

Dr. Ansgar TIETMEYER

Delegate of the Management Board for EU Affairs and Head of Deutsche Bank EU Representation, Deutsche Bank AG, Brussels

1986-1992 Studies of Economics and Social Science at the University of Münster, University of Paris-Dauphine; University of Bonn
1992-1996 Research Fellow, University of Bochum, PhD 1996
1996-1997 Management Trainee, Deutsche Bank AG, Frankfurt
1997-1999 Financial Analyst, Credit Risk Management and Personal Assistant to former Chairman of Deutsche Bank, Düsseldorf
1999-2003 Senior Relationship Manager "Public Sector" for the Regional State Government of North-Rhine Westphalia, Municipalities and other Public Institutions
2003-2005 Senior Banker for French Subsidiaries of Multinationals Deutsche Bank AG and Head of Business Management, "Global Banking Division" Deutsche Bank AG, Paris

Mag. Paul SCHMIDT

Secretary General, Austrian Society for European Politics, Vienna

2001-2006 Expert for European Policy, OeNB (Central Bank of the Republic of Austria), Brussels/Basel/Paris
  Representation of Austria to the European Union, Brussels
2006-2009 Deputy Head, Representative Office of the OeNB (Central Bank of the Republic of Austria) at the Permanent
since 2009 Secretary General, Austrian Society for European Politics, Vienna