43rd Annual Conference of IOSCO - Budapest, Hungary, 7-11 May 2018

Public Documents (Speeches and recordings)

Thursday 10 May 2018

Opening Ceremony (10:00 to 11:00)


  • Dr. László Windisch
    Deputy-Governor of the Central Bank of Hungary (MNB)
    Biography and Speech
  • Mr. Ashley Alder
    Chairman of the IOSCO Board
  • Mr. Paul Andrews
    Secretary General of IOSCO

Keynote Speech (11:00 to 11:30)

Panel 1 - Unsuitable products for investors: the regulatory and supervisory approaches (11:45 to 13:15)

Where do we draw the line between (1) the responsibility of investors and (2) the responsibility of supervisors particularly related to whether and when they should inform investors and call their attention to the different risks and what are the conditions, where further steps should be taken (e.g. product intervention)? The panel will focus on the following topics:

The regulation of risky investment products, which are either widely available for consumers or are becoming more accessible. Are the powers granted to national supervisory authorities and international organisations sufficient to protect investors from highly risky products, which are easily accessible through the internet (e.g. CFDs, binary options, cryptocurrencies)? The spread of those platforms that offer highly leveraged FX and CFD transactions as well as cryptocurrency products raises more and more challenges for both investors and regulators. Retail investors are targeted as these platforms are easily accessible, and the firms operating these facilities use aggressive marketing and apply an attractive communication strategy. However most experience show that instead of gaining real profit, most investors sustain a loss and might even lose their full investment. Special attention should be given to the assessment and supervisory treatment of the business models of these firms. For regulators, the challenges include such things as how to balance innovation with investor protection and how to respond effectively to a fast changing, interconnected financial services world.

Increasing financial literacy and developing effective forms of communication towards retail investors. The discussions will focus on the different ways used by supervisory authorities to reach investors, more specifically the methods and channels of communication used. Which are the most efficient and cost-effective methods for getting easily understandable and strong messages to the public? The discussion could provide some exciting practical examples (e.g. national and international campaigns).


  • Mr. András Nemescsói (Moderator)
    Partner, Head of Litigation & Regulatory, DLA PIPER, Hungary
  • Mr. Steven Maijoor
    Chair of European Securities and Markets Authority (ESMA), France
  • Mr. Paul M. Koster
    Chairman of the European Investors’ Association (European Investors), Belgium
  • Mr. Marcelo Santos Barbosa
    Chairman of the Board of Comissao de Valores Mobiliários, Brazil
  • Mr. Andrew J. Kriegler
    President and CEO, Investment Industry Regulatory Organization, Canada
  • Mr. Jean-Paul Servais
    Chairman of FSMA , Belgium
  • Panel 1 Video recording

Panel 2 - The newest challenges of FinTech and Digitalization (15:00 to 16:30)

The rapid spread of 'sharing economy' resulted in the appearance of new, innovative products in the financial markets, which utilize the power of crowds and aim to provide alternative and more cost-effective ways of financing compared to the traditional financial intermediaries. The term 'FinTech' refers to many different things, from digitalization through peer to peer lending to automatization in investment advice or portfolio management. Many new start-ups have appeared in the financial sector trying to get their market shares with innovative ideas, but the big IT firms (e.g. Google, Facebook, Apple, Alibaba) are also active in FinTech. These new segments also provide new challenges for regulators: how to achieve a proper balance between a less restrictive approach and a more stringent approach. In the case of the latter, restrictions and over-regulation could be a burden for innovation and the development of the FinTech sector, while a less restrictive approach could undermine the operation of traditional financial service providers, could result in an uneven playing field and also raise regulatory and supervisory arbitrage in relation to cross-border services. The newest developments and technologies (e.g. the use of artificial intelligence, machine learning and distributed ledger technology) may transform the fundamentals of financial services in a short time, which requires a new approach both from regulators and supervisors. This process can be further strengthened by higher-level supervision of digitalization and closer international cooperation. A related issue concerns perhaps the most important risk in finance today – cybersecurity and cyber resilience. As markets and intermediaries become more and more technologically advanced, combatting cybercrime has become an all-consuming issue in many parts of the world. Key questions that all financial market participants are seeking to answer is how best can all players work together to address this threat, and will we ever eliminate it?


  • Mr. Márk Hetényi (Moderator)
    Deputy CEO, Retail and Digital, MKB Bank, Hungary
  • Mr. Ashley Alder
    Chair of the IOSCO Board and CEO, Hong Kong Securities and Futures Commission
  • Mr. Reinier Pollmann
    Programme Manager – Innovation and FinTech, AFM, The Netherlands
  • Mr. Shaun Port
    Chief Investment Officer, Nutmeg, U.K.
  • Mr. Eric Pan
    Director – Office of International Affairs, Commodity Futures Trading Commission, U.S.A.
  • Panel 2 Video recording

Friday 11 May 2018

Panel 3 - Passive vs. active management strategies – what is best for the investor? (09:00 to 10:30)

There has been a significant change in the marketplace over the last several years when it comes to investing in collective investment schemes and similar products – there has been a significant shift from active to passively managed strategies. Part of the shift to passive strategies has seen tremendous growth in exchange traded funds or ETFs. Why has this change occurred in such a dramatic fashion and what are the benefits and weaknesses of both approaches? How is the growth of ETFs, which often track a known index, impacting market structure? An important phenomenon has been the controversial practice of closet indexing / index hugging (a practice of fund managers claiming to manage portfolios actively when the fund actually stays close to a benchmark). The panel will also discuss the management fees applied by these funds; related disclosure and (misleading) information issues.


  • Mr. András Temmel (Moderator)
    Secretary General, Secretary General, Hungarian Fund and Asset Management Association (BAMOSZ), Hungary
  • Mr. Peter De Proft
    Director General, The European Fund and Asset Management Association (EFAMA), Belgium
  • Mr. Martin Moloney
    Senior Policy Advisor, Central Bank of Ireland
  • Mr. Noel Archard
    State Street Global Advisors, U.S.A.
  • Mr. Gerard Fitzpatrick
    Senior Executive Leader – International, Australian Securities and Investments Commission (ASIC)
  • Panel 3 Video recording

Panel 4 - SME access to capital markets funding (10:45 to 12:15)

SMEs are key players in economic growth and their funding is mostly done by banks. After the financial crisis, many reforms have sought to diversify the funding of the economy and to reduce over-dependence on bank loans. These steps aim to strengthen the risk diversification and resilience of the financial system. Raising funds through transparent and well-functioning capital markets could provide an important alternative for SMEs. The Panel will focus on the challenges facing SMEs in capital formation and discuss the factors determining SMEs’ access to finance, while also consider the adequate level of investor protection.


  • Mr. Géza Sebestyén (Moderator)
    Associate Professor, Corvinus University Budapest, Hungary
  • Mr. Marcos Ayerra
    Chairman, Comisión Nacional de Valores, Argentina
  • Mr. Miroslaw Kachniewski
    President, Polish Association of Listed Companies, Poland
  • Mr. Jurgen Boyd
    Executive Director – Financial Services Board, South Africa
  • Professor Hal S. Scott
    Nomura Professor and Director of the Program on International Financial Systems (PIFS), Harvard Law School, U.S.A
    Biography and Presentation
  • Panel 4 Video recording

Closing Remarks and Handover Ceremony IOSCO 2018 Hungary (12:30 to 13:00)


Documents released during the Conference

Media Releases