© Z/Yen Group 2014 Z/Yen Group Limited 90 Basinghall Street London EC2V 5AY United Kingdom tel: +44 (20) 7562-9562 “When would we know our financial system.

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© Z/Yen Group 2014 Z/Yen Group Limited 90 Basinghall Street London EC2V 5AY United Kingdom tel: +44 (20) “When would we know our financial system is working?” Long Finance - Gresham College Symposium Saving Havens Offshore, Onshore or Mid-Shore Financial Centres

© Z/Yen Group 2014 Welcome “Offshore, Onshore, Mid-Shore” Professor Michael Mainelli Executive Chairman, Z/Yen Group

© Z/Yen Group 2014 About Long Finance ‘When would we know our financial system is working?’ Objectives:  Expand Frontiers  Change Systems  Deliver Services  Build Communities Programmes:  London Accord  Financial Centre Futures  Meta-Commerce  Eternal Coin

© Z/Yen Group 2014 The GFCI World

© Z/Yen Group 2014 Greater volatility and uncertainty Headline Findings (1)

© Z/Yen Group 2014 Top Twenty GFCI 15 Centres

© Z/Yen Group 2014 ♦New York is now in first place ♦Hong Kong and Singapore continue to gain on New York and London Headline Findings (2) New York / London Trend Line Hong Kong / Singapore Trend Line

© Z/Yen Group 2014 Headline Findings (6) Offshore centres struggle with reputation and regulation. All except Gibraltar and the British Virgin Islands decline in the ranks.

© Z/Yen Group 2014 Reputational “Disadvantage”

© Z/Yen Group 2014 IFC Characteristics ♦Strong in Wealth Management ♦Strong in Professional Services ♦Weak in Government & Regulatory ♦Weak in Insurance Saving Havens? Mid-Shore?

© Z/Yen Group 2014 Agenda 14:00 to 14:30Welcoming Address – “Offshore, Onshore, Mid-Shore” 14:30 to 15:00First Address – “Why A ‘Competitive’ Tax System Is A Bad Tax System”, Nicholas Shaxson 15:00 to 15:30Second Address – “The Future For International Financial Centres”, Richard Hay 15:30 to 16:00Discussion – Nicholas Shaxson, Richard Hay 16:00 to 16:15Break 16:15 to 17:15Panel – “How Fares Fair Offshore?”, Mark Field MP, Jakob Schaad, Stuart Trought 17:15 to 17:30Closing Remarks 17:30 to 18:30Reception sponsored by Z/Yen Group

© Z/Yen Group 2014 Panel Discussion “Tax and Financial Centres” Professor Michael Mainelli (Chair) Richard Hay, Partner, Stikeman Elliott Nicholas Shaxson, Author, Treasure Islands: Tax Havens And The Men Who Stole The World

© Z/Yen Group 2014 Break Please come back to your seats by 16:15

© Z/Yen Group 2014 Panel Discussion “How Fares Fair Offshore” Professor Michael Mainelli (Chair) Mark Field MP, City & Westminster Jakob Schaad, Head of Financial Markets International, Deputy CEO of the Swiss Bankers Association Stuart Trought, President, States of Alderney

© Z/Yen Group 2014 Closing Remarks

© Z/Yen Group 2014 ♦Secrecy  ♦Tax evasion  ♦Simplification – conduits – Mid- Shore √  tax simplicity – fighting back  simple rule zones  long-term “store and release” zones ♦Wealth protection - long finance – savin’ havens √  signalling stability and rules of change  ‘selling’ regulation  regulatory standards, e.g. ISO ♦Working together √  standards  training and education  corporates, professional services, IFCs... Thoughts for IFCs

© Z/Yen Group 2014 London Accord Financial Centre Futures Meta-Commerce Eternal Coin Long Finance Programmes ♦Founded 2005 ♦Focus on finance & ESG issues ♦New thematic strand on finance & cities since launch of Financing Tomorrow’s Cities in 2013 ♦60 contributing organisations ♦Over 420 reports free to access on the website ♦Long Finance’s ‘sustainable finance’ programme

© Z/Yen Group 2014 Long Finance Publications

© Z/Yen Group 2014 ♦Publications  Financing Tomorrow Cities: A Meta-Analysis - June/July 2014  GFCI 16 – September ♦The Pamphleteers Blog ♦Events ♦Long Finance Online Community - hear first about the latest news and events Outlook 2014

© Z/Yen Group 2014 Symposium Exam Question * symposium n., 1. A conference or meeting for the discussion of some subject, esp, an academic topic or social problem. 2. A drinking party with intellectual conversation, music, etc.