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Anglo-Italian Financial Services Dialogue

The Anglo-Italian Financial Services Dialogue (AIFSD) is a bilateral forum which looks to explore the shared challenges and opportunities facing financial services in the UK, Italy and across Europe. It is chaired by Mark Garvin of JP Morgan and Innocenzo Cipolletta of UBS.  

The need for such bilateral bridges has, if anything, been strengthened by the UK vote to leave the European Union, and the dialogue is continuing to build on its strong links with the respective national Finance Ministries, the Central Banks and the Embassies in London and Rome. These industry-led initiatives are key to ensuring early sight of upcoming risks and trends in financial services, while supporting market participants to achieve the best outcomes for consumers across Europe.

The group has identified the following areas to be of priority to the dialogue:

  • Unlocking Europe’s capital markets
  • Securitisation and SMEs
  • Long-term investment in infrastructure
  • FinTech as an enabler for growth in financial services
  • Global regulatory coherence
The group convenes twice a year, in London and Rome alternatively. TheCityUK and FeBAF (the Italian Banking, Insurance and Finance Federation) share the secretariat function for the the dialogue. 
The Anglo Italian Financial Services Dialogue (AIFSD) was launched on 24 October 2014 in Rome. Drawing on the experience of the Anglo French Financial Services Dialogue, the AIFSD has been established as a bilateral forum for the exchange of industry views on the establishment of the policy and regulatory environment which enable financial services to be competitive.  
TheCityUK and FeBAF (the Italian Banking, Insurance and Finance Federation) share the secretariat function for the Dialogue which is co-chaired by Mark Garvin of J.P. Morgan and Professor Innocenzo Cipolletta of UBS Italy.
The first meeting of the group focused on the following areas of mutual interest:
Ensuring an effective Capital Markets Union: The development and integration of a Capital Markets Union has the potential to facilitate capital formation and so support jobs, growth and industrial development. A Capital Markets Union can be built for all 28 Member States and its pursuit remain mindful of global competition, financial stability, investor protection and market integrity.
Securitisation and SMEs: The EU’s securitisation market can contribute to the EU 2014-2019 jobs and growth agenda. The important role of banks – and their expertise – in the EU securitisation market must be recognised and supported. Moreover, the potential role of insurance sector in this market should not to be de-incentivised. Banks and insurance companies investing in securitisations could be subject to recalibrated rules on the risk-weighting of those assets under the December 2013 Basel Committee re-proposal and the current draft of Solvency II Delegated Acts. Policy makers can support efforts to facilitate this market where possible in the improved connectivity of datasharing and improved contents and connectivity of credit registers.
Long-term investment in infrastructure: The EU and individual Member State institutions can assist in developing a more conducive environment for long-term investors in infrastructure by developing best practices for investors to treat infrastructure assets as a single asset class. Working towards greater promotion and protection of cross-border capital flows, especially foreign direct investment (FDI), could mean EU and Member State policy makers promoting broader adoption of existing international standards in the EU and its Capital Markets Union.
The group will convene twice a year for discussions with the next meeting scheduled to take place in the UK in spring 2015 

The Anglo Italian Financial Services Dialogue (AIFSD) was launched on 24 October 2014 in Rome. Drawing on the experience of the Anglo-French Committee, the AIFSD has been established as a bilateral forum for the exchange of industry views on the establishment of the policy and regulatory environment which enable financial services to be competitive.  

TheCityUK and FeBAF (the Italian Banking, Insurance and Finance Federation) share the secretariat function for the Dialogue which is co-chaired by Mark Garvin of J.P. Morgan and Professor Innocenzo Cipolletta of UBS Italy.

The first meeting of the group focused on the following areas of mutual interest:

Ensuring an effective Capital Markets Union: The development and integration of a Capital Markets Union has the potential to facilitate capital formation and so support jobs, growth and industrial development. A Capital Markets Union can be built for all 28 Member States and its pursuit remain mindful of global competition, financial stability, investor protection and market integrity.

Securitisation and SMEs: The EU’s securitisation market can contribute to the EU 2014-2019 jobs and growth agenda. The important role of banks – and their expertise – in the EU securitisation market must be recognised and supported. Moreover, the potential role of insurance sector in this market should not to be de-incentivised. Banks and insurance companies investing in securitisations could be subject to recalibrated rules on the risk-weighting of those assets under the December 2013 Basel Committee re-proposal and the current draft of Solvency II Delegated Acts. Policy makers can support efforts to facilitate this market where possible in the improved connectivity of datasharing and improved contents and connectivity of credit registers.

Long-term investment in infrastructure: The EU and individual Member State institutions can assist in developing a more conducive environment for long-term investors in infrastructure by developing best practices for investors to treat infrastructure assets as a single asset class. Working towards greater promotion and protection of cross-border capital flows, especially foreign direct investment (FDI), could mean EU and Member State policy makers promoting broader adoption of existing international standards in the EU and its Capital Markets Union.

The group will convene twice a year for discussions with the next meeting scheduled to take place in the UK in spring 2015