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Wednesday 17 May (1600 - 1800)

Young Lawyers programme

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Wednesday 17 May (1800 - 2000)

Welcome reception

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Wednesday 17 May (2000 - 2200)

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Thursday 18 May (0900 - 0910)

Opening Address from the Conference Chairs

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Thursday 18 May (0910 - 0945)

Keynote Address

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Thursday 18 May (0945 - 1100)

Payments and Platforms

Programme details

This session will discuss the rapid growth in the industry of payments with technology enabling new players to enter the market and how banks have taken up the challenges, including by serving the entrants behind the scene by actually moving money. The panel will investigate new business models in payment industry and discuss how changing regulation affect the developments.

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Thursday 18 May (1130 - 1245)

Follow-up on capital markets regulatory overflows - has EU regulation helped to strengthen cpaital markets and is there room for improvement?

Programme details

In 2016, as part of the ‘Capital Markets Union’ project to improve many aspects of capital raising in Europe, a proposed framework Prospectus Regulation came on the scene. While this contains a number of promising aspects (also taking up some ideas developed in earlier IFLCs), market participants still have to cope with a plethora of other regulations such as Dodd Frank, Basel III, CRD, EMIR, MAR and MiFID II. Moreover, European capital markets legislation is followed by a multitude of additional rules such as implementing and technical standards, guidelines and Q&As, both on a EU and national level. • How do practitioners, issuers and financial institutions cope with all these rules and changes? • How does one plan efficiently both during the rulemaking process and at the period thereafter once the rules have become law? • Are there undiscovered synergies or methodical solutions that people are not grasping?

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Thursday 18 May (1415 - 1530)

Liability of rating agencies

Programme details

Following the global financial crisis an important question which has arisen is the appropriate degree of liability a CRA should incur if it has issued a negligent or misleading rating. Can a CRA be liable for a negligent or misleading rating either under the law that exists in the various jurisdictions or as a result of statutory or regulatory intervention. To whom should liability extend – the issuer and/or investors? What is the extent and the limits of liability under the common law or the existing law of the various jurisdictions. What are the extent and the effectiveness of the recent changes under Dodd Frank in the US and under the CRA3 Regulations in Europe? To what extent can a CRA be liable by the application in other jurisdictions of the principles established in Australia under the 2014 decision in ABN v Bathurst?

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Thursday 18 May (1600 - 1715)

Clawbacks at publicly traded companies and financial institutions: threading the needle between incentives and accountability

Programme details

Clawbacks and other limitations on executive incentive compensation have been part of the regulatory toolkit for over a decade. Since the financial crisis, however, they have taken a more aggressive turn – from Dodd-Frank to CRD IV. Publicly traded companies generally, and financial institutions in particular, face an increasingly complex web of regulatory requirements, enforcement actions and investor demands. This session will provide the perspective of the advisor to public companies and financial institutions on the following questions: • What tools do regulators (in the US, UK and EU) have to clawback or limit incentive compensation? How have regulators used them to date? • What policies have public companies and financial institutions implemented that differ from – or even go beyond – legal and regulatory requirements? • What are best practices for affected companies attempting to balance legal, regulatory and investor requirements as they design executive compensation programmes? • What key steps must a public company or financial institution take when a clawback triggering event occurs? What are the lessons learnt from recent headline cases at financial institutions and other public companies? • What is the outlook for clawbacks and other limits on incentive compensation in the wake of Brexit and the US 2016 elections?

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Thursday 18 May (1900 - 2200)

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Friday 19 May (0930 - 1045)

Hacking the paragraphs - can blockchain be used in the current legal environment?

Programme details

Blockchain is said to disrupt financial services and beyond. Laws do not recognise and regulate blockchain technology yet, but like with all new technologies in the past, blockchain is slowly finding its way into practice by utilising existing laws. The panel consisting of lawyers and representatives of industry using blockchain or investigating its use, will discuss the potential of blockchain and how it could be used in the framework of current legal regulation.

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Friday 19 May (1115 - 1230)

Artificial intelligence - a new banker?

Programme details

This session will focus on Artificial Intelligence (AI) – the latest buzzword – and its application in relevant contexts. The panel will look behind the hype and explore how AI, big data analysis and learning algorithms are used in financial industry.

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Friday 19 May (1400 - 1515)

How can you do a public transaction without knowing the shareholders and who is calling the shots?

Programme details

The economic impact of shareholder activism, takeover bids and other transactions involving publicly listed companies is borne less and less by those who ‘call the shots’ or cast the votes. Often those whose wallet is ultimately hit are not known to the company and not aware themselves of their beneficial ownership. Rather, intermediaries like fund managers, pension funds, governments and state owned enterprises take the relevant decisions. The interests of these intermediaries may not be the same as those of the ultimate beneficiaries. As a result, proxy advisors, electronic voting providers and analysts have gained increasing power. One consequence of this separation of power from beneficial ownership is that it is not clear to corporate issuers, as well as to other players like activists or bidders, with whom they should communicate to secure investor support. In this context, the role of proxy solicitors, tender agents and IR firms becomes increasingly important. This panel comprises representatives of players with different roles and discusses the implications on getting transactions done and shareholders’ interests satisfied.

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Friday 19 May (1545 - 1700)

Reaching a financial close in PPP projects

Programme details

This session will explore the challenges facing PPP projects and the reasons that a PPP either fails or is successful, including conditions precedent’s (CP’s) used in different jurisdictions.

Banking Law Committee (Lead)
European Regional Forum
Financial Services Section (Lead)
Financial and Banking Law Conferences Subcommittee (Lead)
Legal Practice Division (Lead)
Securities Law Committee (Lead)

Friday 19 May (1900 - 2300)

Conference Dinner

European Regional Forum
Financial and Banking Law Conferences Subcommittee (Lead)