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Paris Financial Services High Level CommitteeMINEFE, October 4, 2007The strategic importance of the financial industry has been recognized by the French President Mr. Nicolas SARKOZY through the creation of a round table discussion and the nomination of a "high level committee" chaired by Mrs. Christine LAGARDE, Minister of Economy, Finance and Employment. The Committee is responsible for initiating and implementing new measures to strengthen the attractiveness of Paris financial services.  An action plan has been initiated which covers five priority items: - Improving the ecosystem to foster the development of banking, asset management, insurance and research activities: these actions mainly concern the improvements of tax incentives to attract foreign skills, the simplification of administrative procedures, the use of English in financial operation documentation as well as the development of new infrastructures to foster the development of international companies located in Paris. - Attracting long-term capital: key priorities include the introduction of long-term savings instruments (tax and regulatory incentives for equity instruments, pension funds, employee saving schemes) and reforms to support the expansion of venture capital and the financing of young financial enterprises. - Organizing a better regulatory and tax environment: measures will be adopted to enhance the interaction between regulators and market players and to implement the "better regulation" principles. Significant measures have already been implemented with the reduction of the income tax and the establishment of a tax shield. Furthermore, the abolition of the stamp duty is under review. - Strengthening financial research & innovation: other actions concern a better mobilization and coordination of public/private sector funds, the upgrade of researchers' status, the establishment of closer relations between research centers and financial institutions, the development of incubation facilities, and the allocation of new capital resources for young innovative companies. - Capturing marketshare in new sectors by developing new instruments in carbon finance, meteorological risks as well as in the Socially Responsible Investment field in conjunction with the introduction of a specific dedicated financial cluster "FINANCE INNOVATION". Concrete actions concern the acceleration of CO2 related projects by the banking sector, the joint venture Metnext launched by NYSE Euronext and Météo France, a new exchange dedicated to climate related financial products as well as a Carbon Finance trading platform sponsored by NYSE Euronext and Caisse des Dépôts. Moreover, an action plan has been initiated to boost the Socially Responsible Investment (SRI) field and new financing instruments for environmental technologies. 4 working groups have been established to boost progress and identify specific recommendations, in the fields of:  Financial Services High Level Committee : Mrs Christine Lagarde, ministre de l'Économie, des finances et de l'emploi Mr Daniel Bouton, président de la Fédération bancaire française Mr Christian Carcassonne, président de l'Association française des entreprises d'investissement Mr Bertrand Delanoë, maire de Paris Mr Jean-Martin Folz, président de l'Association française des entreprises privées Mr Jean-Paul Huchon, président du Conseil régional d'Île-de-France Mr Philippe Jurgensen, président de l'Autorité de contrôle des assurances et des mutuelles Mr Alain Leclair, président de l'Association française de la gestion financière Mr Didier Martin, associé du Cabinet Bredin-Prat Mr Gérard de La Martinière, président de la Fédération française des sociétés d'assurances Mr Gérard Mestrallet, président de l'association Paris-Europlace Mr Christian Noyer, gouverneur de la Banque de France Ms Laurence Parisot, présidente du Mouvement des entreprises de France Mr Erik Pointillart, président de l'Institut pour l'éducation financière du public Mr Michel Prada, président de l'Autorité des marchés financiers Mr Jean-François Théodore, président d'Euronext Mr Jean Laurent, président du pôle « Finance Innovation », co-secrétaire du Haut Comité de Place Mr Xavier Musca, directeur général du Trésor et de la politique économique, co-secrétaire du Haut Comité de Place 
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