EBC Meeting Minutes

EOB Meeting Notes

October 28, 2003

      

1. Opening

Richard Collasse, Chairman, opened the EOB meeting held so as to prepare the Extraordinary Council meeting.

2. General information

2.1. Report from Policy Director (Casey Sedgman) - please refer to distributed materials

  1. Insurance (please see handouts):

    • Variable annuity taskforce: letter to be sent to the FSA regarding harmonization of bank vs. insurance products sales

    • Actions to be taken to discuss with Government officials Kampo expanding its business and generating an unfair situation for European insurance companies

    • Japanese Institute of Actuaries is to review reserves levels

  2. Asset Management:

    • New Chairman appointed to the AM committee

    • Offshore funds products are to be discriminated against (taxation level: 26% vs. 10%)

3. Report from the Chairman

Upcoming meetings and activities before the end of 2003:

  • Nov 17: new EU Members meeting

  • Nov 20: meeting with Commissioner Monti

  • Nov 27-28: presentation in the Netherlands

  • Nov 29-Dec 1: host to Professor Shimada in Europe

  • Dec 1: EC Conference in Brussels on "the Japanese Paradox"

  • Dec 2: presentation in Luxembourg

  • Dec 3: JETRO presentation in Paris on FDI in Japan

  • Dec 19: annual cocktail party held at R. Collasse's home

Point on FDI:
MOFA is asking for a EU - Japan framework agreement on FDI. This topic will be tackled on Dec 1st during the meeting with commissioners in Brussels.

4. Extraordinary Council Meeting / Constitution review by Taskforce

4.1. Attendance issue:

  • It has been decided that a CD-ROM including the new EBC constitution will be edited and sent to members who will be requested to return any comments.

4.2. Main issues for Oct 29

  • Constitution draft presentation

  • Address METI's request that the EBC should have a legal status / registration in Japan

  • Discussion on the funding of EBC

4.3. White Paper preparation:

  • Time issue: very little time available for translation and final review by Committees chairmen

  • Chambers' participation is expected to be weak. When Chairmen are not available, it has been suggested that Vice-Chairmen or Executive directors should represent their national chambers

  • 2007-wave candidate countries are eager to join the EBC, although they do not have a representation in Japan, and will participate to Nov 13 event.

5. Funding and fund-raising items

A 2003 EBC budget will be presented on Oct 29 as well as actuals as of end of Sept 2003.
The new ￥80,000 fee proposal will be submitted too.
It has been suggested that multi-committees companies should pay 80,000 yen only once and 50,000 yen for attendance to any additional committee.

6. Committee items

6.1. New appointments:

New Chair for the Airlines Committee

6.2. Committee attendance:

  • - More EOB members should attend committees meetings

  • - The 2004 task force will tackle this issue

7. DaimlerCrysler Cup report

Next year, the event should be held during the last week of May (to be confirmed)

8. Any other business

Next EOB meeting: will be held on Nov 25 in Chanel offices (Yebisu Garden Place Tower) at 10:30am and will be followed by a lunch with the EU delegation.