Seminar on Current Developments in Monetary and Financial Law

IMF Conference

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Law and Financial Stability

Washington, D.C., October 23-27, 2006

The 2006 Seminar on Current Developments in Monetary and Financial Law was held at IMF headquarters on October 23-27, 2006. The theme of the seminar was Law and Financial Stability. Hon. Randall Kroszner, Governor, U.S. Federal Reserve Board, delivered the keynote address. Mr. Rodrigo de Rato, IMF Managing Director, and Mr. John Lipsky, IMF First Managing Director, also addressed the seminar. The program (see below) includes presentations by regulators, academics, legal practitioners, and staff of international institutions.

The 65 participants consisted mainly of heads of legal departments and senior lawyers of invited central banks, monetary authorities, regional monetary institutions, and international institutions. Attendance by persons other than the participants, speakers, and IMF staff was by invitation only.

The IMF Legal Department and the IMF Institute have held biennial seminars on topical issues relating to monetary and financial law since 1988. The papers presented at the seminars held during 1988-96 have been published by the IMF in Current Legal Issues Affecting Central Banks, Volumes 1-5. The papers presented at the seminars held during 1998-2004 have been published in Current Developments in Monetary and Financial Law, Vol. 1, Vol. 2, Vol. 3 and Vol. 4, respectively.

Queries regarding the 2006 Seminar may be addressed to LAWSEMINAR2006@imf.org.

Disclaimer
The views expressed in these papers are those of the authors only, and the presence of them, or of links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the papers.

Program

Monday, October 23
A.M. Opening Session
8:30am–9:15am	Registration¹
9:15am–9:30am	Welcoming remarks and introduction of IMF Managing Director Mr. Sean Hagan IMF General Counsel and Director of the Legal Department
9:30am–9:45am	Opening address Mr. Rodrigo de Rato Managing Director, IMF
A.M. Legal Developments in the IMF
	Moderator: Ms. Rhoda Weeks-Brown Assistant General Counsel IMF Legal Department
9:45am–10:30am	The IMFs Medium Term Strategy—Legal Aspects Mr. Sean Hagan IMF General Counsel and Director of the Legal Department
10:30am–10:50am	Break
10:50am–11:35am	IMF Quotas, Voice, and Representation Mr. Hector Elizalde Deputy General Counsel IMF Legal Department
11:35am–12:20pm	The IMFs Legal Instruments to Promote Financial Stability Mr. Ross Leckow Deputy General Counsel (Acting) IMF Legal Department
12:30pm–2:00pm	Luncheon, IMF Gallery² hosted by Mr. Leslie Lipschitz, Director, IMF Institute Speaker: Mr. Jaime Caruana Counsellor and Director Monetary and Capital Markets Department, IMF
P.M. Financial Stability: Overview
	Moderator: Mr. Barend Jansen Assistant General Counsel IMF Legal Department
2:00pm–3:00pm	Understanding Financial Stability: Towards a Practical Framework Mr. Garry Schinasi Advisor IMF Finance Department
3:00pm–3:20pm	Break
3:20pm–4:20pm	Institutional Responses to Recent Episodes of Financial Instability Mr. Charles Enoch Deputy Director Monetary and Capital Markets Department, IMF
4:20pm–5:20pm	International Economic Law and Financial Stability: The Role of International Institutions Dr. Kern Alexander Senior Research Fellow Centre for Financial Analysis and Policy Cambridge Endowment for Research in Finance
Tuesday, October 24
A.M. Workshop on Central Bank Law
	Moderator: Mr. Ross Leckow Deputy General Counsel (Acting) IMF Legal Department
9:00am–9:10am	Administrative announcements
9:10am–12:30pm	Workshop on Central Banking Legislation—A Survey of Best Practices³ Mr. François Gianviti Former IMF General Counsel
	(Break at around 10:10–10:30 am)
12:30pm–12:45pm	Group Picture, IMF Gallery
12:45pm–2:15pm	Lunch break
P.M. Workshop on Central Bank Law (continued)
2:15pm–5:35pm	Discussion of topics listed in the morning session to be continued
	(Break at around 3:15–3:35 pm)
Wednesday, October 25
A.M. Regulation Rationale, Derivatives, and Hedge Funds
	Moderator: Mr. Barend Jansen Assistant General Counsel IMF Legal Department
9:00am–9:10am	Administrative announcements
9:10am–10:10am	Reassessing the Rationale and Practice of Bank Regulation Mr. James Barth Professor of Finance, Auburn University Senior Research Fellow, Milken Institute
10:30am–11:30am	Issues in the Regulation of Derivatives Derivative Law Mr. Philip McBride Johnson Of Counsel Skadden, Arps, Slate, Meagher, and Flom Former Chairman of Commodity Futures Trading Commission
11:30am–12:30pm	Hedge Funds and Securities Regulation Mr. Troy Paredes Professor of Law Washington University School of Law St. Louis
12:30pm–2:00pm	Lunch break
P.M. Financial Disclosure, Liability of Supervisors, Legal Risk in Financial Markets
	Moderator: Ms. Maike Luedersen Senior Counsel IMF Legal Department
2:00pm–3:00pm	Statutory Protections for Financial Supervisors: How to Promote Financial Stability By Enacting the Right Laws Mr. Ross Delston Managing Director, Kalorama Partners, Washington, D.C.
3:00pm–3:20pm	Break
3:20pm–4:20pm	Achieving Financial Stability Through Disclosures Ms. Roberta Karmel Professor of Law, Brooklyn Law School Former Commissioner, Securities and Exchange Commission United States
4:20pm–5:40pm	Legal Risk in the Financial Markets Mr. Roger McCormick Visiting Professor Law Department, London School of Economics
Thursday, October 26
9:00am–9:15am	Administrative announcements
9:15am–9:35am	Remarks by Mr. John Lipsky, First Deputy Managing Director, IMF
A.M. Anti-Money Laundering—Terrorist Financing and Financial Stability
9:35am–10:25am	Money Laundering, Terrorist Financing, and their Impact on Financial Stability Moderator: Mr. Jody Myers Senior Counsel IMF Legal Department
	Mr. Peter Reuter Professor, School of Public Affairs and Department of Criminology, and Director, Program on the Economics of Crime and Justice Policy University of Maryland
	The broader impact of terrorism on financial stability Mr. Richard Barrett Coordinator, Al-Qaida Taliban Monitoring Team United Nations, New York
10:25am–10:45am	Break
10:45am–11:40am	Moderator: Mr. Jean-François Thony Assistant General Counsel IMF Legal Department
	The Impact of Weak AML/CFT Frameworks on Financial Stability Mr. Zenon Biagosch Vice Superintendent of Banks and Director of the Central Bank Board Central Bank of Argentina
	Mr. Chip Poncy Director of Global Affairs Office of Terrorism and Financial Intelligence U.S. Department of the Treasury
	Mr. William Langford Director of Global AML and Senior Vice President, JP Morgan Chase and Co. New York
11:40am–12:30pm	Moderator: Mr. Nadim Kyriakos-Saad Senior Counsel IMF Legal Department
	Elements of an Effective AML/CFT Framework: Legal, Regulatory, and Best Institutional Practices to Prevent Threats to Financial Stability and Integrity Mr. Ian Carrington, Senior Financial Expert Financial Integrity Group, IMF Legal Department
	Ms. Heba Shamseldin, Financial Sector Specialist Financial Market Integrity Group, World Bank
12:30pm–2:00pm	Lunch break
P.M. Governance, Deposit Insurance, and Market Discipline
	Moderator: Mr. Barend Jansen
2:00pm–3:00pm	The Evolving Profile of Corporate Governance in U.S. Financial Institutions Mr. John M. Liftin Vice Chairman, General Counsel and Secretary Bank of New York
3:00pm–3:20pm	Break
3:20pm–4:20pm	Legal framework of market discipline Mr. Charles Elson Professor of Law Lerner College of Business & Economics University of Delaware
4:20pm–5:20pm	Deposit Insurance and Moral Hazard: Implications of the 2006 U.S. Federal Deposit Insurance Reform Act The Moral Hazard Implications of Deposit Insurance: Theory and Evidence Ms. Patricia McCoy Professor of Law University of Connecticut School of Law
Friday, October 27
A.M. Payments, Settlement, and Securities Infrastructure
	Moderator: Mr. Wouter Bossu Counsel IMF Legal Department
9:00am–9:10am	Administrative announcements
9:10am–10:10am	The Regulation of Payment Systems: The Legal and Policy Aspects of Central Bank Payment Settlement and Finality Mr. Christian Johnson Professor Faculty Director, Business Law Center Loyola University of Chicago School of Law Mr. Robert S. Steigerwald Senior Professional Financial Markets Group Federal Reserve Bank of Chicago
10:10am–10:30am	Break
10:30am–11:30am	Legal Protection of Payment and Securities Settlement Systems in European Union Legislation Mr. Diego Devos Deputy General Counsel Bank for International Settlements
11:30am–12:30pm	The UNCITRAL Model Law on International Credit Transfers Mr. Jernej Sekolec Secretary United Nations Commission on International Trade Law (UNCITRAL) Vienna
12:30pm–2:15pm	Luncheon at IMF Gallery⁴ hosted by Mr. Sean Hagan, General Counsel KEYNOTE ADDRESS Hon. Randall Kroszner Governor Federal Reserve Board, United States
P.M. Payments, Settlement, and Securities Infrastructure (continued)
	Moderator: Mr. Thomas Laryea Assistant General Counsel IMF Legal Department
2:30-3:30 p.m.	The U.S. Commercial Law Response to the Development of Intermediated Securities Holding Systems Ms. Sandra Rocks Counsel, Cleary, Gottlieb New York
3:30pm–3:50pm	Break
3:50pm–4:50pm	The Relevant Conflict of Laws Analysis for Holding, Transferring and Pledging Securities Today: The Hague Securities Convention The Hague Convention of 5 July 2006 On the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (Hague Securities Convention) Mr. Christophe Bernasconi First Secretary, Permanent Bureau Hague Conference on Private International Law The Hague
4:50pm–5:50pm	Harmonized Substantive Rules Regarding Indirectly Held Securities The Draft Unidroit Convention on Intermediated Securities: Transactional Certainty and Market Stability Mr. Herbert Kronke Secretary-General UNIDROIT, Rome
5:50pm–6:00pm	Adjournment
Annex Workshop on Central Bank Law
Tuesday, October 24, 2006
9:00am–9:10am	Administrative announcements
9:10am–5:20pm	Central Banking Legislation—A Survey of Best Practices⁵
	Mandate and objectives Conduct of monetary policy The Price Stability Mandate of the European System of Central Banks: A Legal Perspective Niall J. Lenihan Assistant General Counsel, Legal Services European Central Bank (ECB) Contributing participants: Federal Reserve Board, European Central Bank
	Other objectives and functions - Governance, independence and accountability Contributing participants: Sweden, Thailand
	Financial stability as a central bank objective -- Relationship with other objectives -- Role of the central bank Central Banks and Financial Stability: A Survey of Financial Stability Reports Contributor: Ms. Andrea Michaela Maechler⁶ -- Instruments: central bank as supervisor, etc. Contributing participants: BCEAO, Brazil, Malaysia Should Central Banks be also Banking Supervisors? Francisco José de Siqueira, Banco Central do Brasil
	-- Coordination with other entities with mandates pertaining to financial stability Contributor: Dr. Kern Alexander

¹Light breakfast served.
²By invitation only.
³Please see Annex for topics to be discussed.
⁴By invitation only.
⁵Breaks at around 10:10-10:30 am and around 3:15-3:35 pm.
⁶Economist, Monetary and Capital Markets Department, on behalf of Martin Cihak

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Seminar on Current Developments in Monetary and Financial Law

Law and Financial Stability

Washington, D.C., October 23-27, 2006

Queries regarding the 2006 Seminar may be addressed to LAWSEMINAR2006@imf.org.

Disclaimer
The views expressed in these papers are those of the authors only, and the presence of them, or of links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the papers.

Program

Monday, October 23
A.M. Opening Session
8:30am–9:15am	Registration¹
9:15am–9:30am	Welcoming remarks and introduction of IMF Managing Director Mr. Sean Hagan IMF General Counsel and Director of the Legal Department
9:30am–9:45am	Opening address Mr. Rodrigo de Rato Managing Director, IMF
A.M. Legal Developments in the IMF
	Moderator: Ms. Rhoda Weeks-Brown Assistant General Counsel IMF Legal Department
9:45am–10:30am	The IMFs Medium Term Strategy—Legal Aspects Mr. Sean Hagan IMF General Counsel and Director of the Legal Department
10:30am–10:50am	Break
10:50am–11:35am	IMF Quotas, Voice, and Representation Mr. Hector Elizalde Deputy General Counsel IMF Legal Department
11:35am–12:20pm	The IMFs Legal Instruments to Promote Financial Stability Mr. Ross Leckow Deputy General Counsel (Acting) IMF Legal Department
12:30pm–2:00pm	Luncheon, IMF Gallery² hosted by Mr. Leslie Lipschitz, Director, IMF Institute Speaker: Mr. Jaime Caruana Counsellor and Director Monetary and Capital Markets Department, IMF
P.M. Financial Stability: Overview
	Moderator: Mr. Barend Jansen Assistant General Counsel IMF Legal Department
2:00pm–3:00pm	Understanding Financial Stability: Towards a Practical Framework Mr. Garry Schinasi Advisor IMF Finance Department
3:00pm–3:20pm	Break
3:20pm–4:20pm	Institutional Responses to Recent Episodes of Financial Instability Mr. Charles Enoch Deputy Director Monetary and Capital Markets Department, IMF
4:20pm–5:20pm	International Economic Law and Financial Stability: The Role of International Institutions Dr. Kern Alexander Senior Research Fellow Centre for Financial Analysis and Policy Cambridge Endowment for Research in Finance
Tuesday, October 24
A.M. Workshop on Central Bank Law
	Moderator: Mr. Ross Leckow Deputy General Counsel (Acting) IMF Legal Department
9:00am–9:10am	Administrative announcements
9:10am–12:30pm	Workshop on Central Banking Legislation—A Survey of Best Practices³ Mr. François Gianviti Former IMF General Counsel
	(Break at around 10:10–10:30 am)
12:30pm–12:45pm	Group Picture, IMF Gallery
12:45pm–2:15pm	Lunch break
P.M. Workshop on Central Bank Law (continued)
2:15pm–5:35pm	Discussion of topics listed in the morning session to be continued
	(Break at around 3:15–3:35 pm)
Wednesday, October 25
A.M. Regulation Rationale, Derivatives, and Hedge Funds
	Moderator: Mr. Barend Jansen Assistant General Counsel IMF Legal Department
9:00am–9:10am	Administrative announcements
9:10am–10:10am	Reassessing the Rationale and Practice of Bank Regulation Mr. James Barth Professor of Finance, Auburn University Senior Research Fellow, Milken Institute
10:30am–11:30am	Issues in the Regulation of Derivatives Derivative Law Mr. Philip McBride Johnson Of Counsel Skadden, Arps, Slate, Meagher, and Flom Former Chairman of Commodity Futures Trading Commission
11:30am–12:30pm	Hedge Funds and Securities Regulation Mr. Troy Paredes Professor of Law Washington University School of Law St. Louis
12:30pm–2:00pm	Lunch break
P.M. Financial Disclosure, Liability of Supervisors, Legal Risk in Financial Markets
	Moderator: Ms. Maike Luedersen Senior Counsel IMF Legal Department
2:00pm–3:00pm	Statutory Protections for Financial Supervisors: How to Promote Financial Stability By Enacting the Right Laws Mr. Ross Delston Managing Director, Kalorama Partners, Washington, D.C.
3:00pm–3:20pm	Break
3:20pm–4:20pm	Achieving Financial Stability Through Disclosures Ms. Roberta Karmel Professor of Law, Brooklyn Law School Former Commissioner, Securities and Exchange Commission United States
4:20pm–5:40pm	Legal Risk in the Financial Markets Mr. Roger McCormick Visiting Professor Law Department, London School of Economics
Thursday, October 26
9:00am–9:15am	Administrative announcements
9:15am–9:35am	Remarks by Mr. John Lipsky, First Deputy Managing Director, IMF
A.M. Anti-Money Laundering—Terrorist Financing and Financial Stability
9:35am–10:25am	Money Laundering, Terrorist Financing, and their Impact on Financial Stability Moderator: Mr. Jody Myers Senior Counsel IMF Legal Department
	Mr. Peter Reuter Professor, School of Public Affairs and Department of Criminology, and Director, Program on the Economics of Crime and Justice Policy University of Maryland
	The broader impact of terrorism on financial stability Mr. Richard Barrett Coordinator, Al-Qaida Taliban Monitoring Team United Nations, New York
10:25am–10:45am	Break
10:45am–11:40am	Moderator: Mr. Jean-François Thony Assistant General Counsel IMF Legal Department
	The Impact of Weak AML/CFT Frameworks on Financial Stability Mr. Zenon Biagosch Vice Superintendent of Banks and Director of the Central Bank Board Central Bank of Argentina
	Mr. Chip Poncy Director of Global Affairs Office of Terrorism and Financial Intelligence U.S. Department of the Treasury
	Mr. William Langford Director of Global AML and Senior Vice President, JP Morgan Chase and Co. New York
11:40am–12:30pm	Moderator: Mr. Nadim Kyriakos-Saad Senior Counsel IMF Legal Department
	Elements of an Effective AML/CFT Framework: Legal, Regulatory, and Best Institutional Practices to Prevent Threats to Financial Stability and Integrity Mr. Ian Carrington, Senior Financial Expert Financial Integrity Group, IMF Legal Department
	Ms. Heba Shamseldin, Financial Sector Specialist Financial Market Integrity Group, World Bank
12:30pm–2:00pm	Lunch break
P.M. Governance, Deposit Insurance, and Market Discipline
	Moderator: Mr. Barend Jansen
2:00pm–3:00pm	The Evolving Profile of Corporate Governance in U.S. Financial Institutions Mr. John M. Liftin Vice Chairman, General Counsel and Secretary Bank of New York
3:00pm–3:20pm	Break
3:20pm–4:20pm	Legal framework of market discipline Mr. Charles Elson Professor of Law Lerner College of Business & Economics University of Delaware
4:20pm–5:20pm	Deposit Insurance and Moral Hazard: Implications of the 2006 U.S. Federal Deposit Insurance Reform Act The Moral Hazard Implications of Deposit Insurance: Theory and Evidence Ms. Patricia McCoy Professor of Law University of Connecticut School of Law
Friday, October 27
A.M. Payments, Settlement, and Securities Infrastructure
	Moderator: Mr. Wouter Bossu Counsel IMF Legal Department
9:00am–9:10am	Administrative announcements
9:10am–10:10am	The Regulation of Payment Systems: The Legal and Policy Aspects of Central Bank Payment Settlement and Finality Mr. Christian Johnson Professor Faculty Director, Business Law Center Loyola University of Chicago School of Law Mr. Robert S. Steigerwald Senior Professional Financial Markets Group Federal Reserve Bank of Chicago
10:10am–10:30am	Break
10:30am–11:30am	Legal Protection of Payment and Securities Settlement Systems in European Union Legislation Mr. Diego Devos Deputy General Counsel Bank for International Settlements
11:30am–12:30pm	The UNCITRAL Model Law on International Credit Transfers Mr. Jernej Sekolec Secretary United Nations Commission on International Trade Law (UNCITRAL) Vienna
12:30pm–2:15pm	Luncheon at IMF Gallery⁴ hosted by Mr. Sean Hagan, General Counsel KEYNOTE ADDRESS Hon. Randall Kroszner Governor Federal Reserve Board, United States
P.M. Payments, Settlement, and Securities Infrastructure (continued)
	Moderator: Mr. Thomas Laryea Assistant General Counsel IMF Legal Department
2:30-3:30 p.m.	The U.S. Commercial Law Response to the Development of Intermediated Securities Holding Systems Ms. Sandra Rocks Counsel, Cleary, Gottlieb New York
3:30pm–3:50pm	Break
3:50pm–4:50pm	The Relevant Conflict of Laws Analysis for Holding, Transferring and Pledging Securities Today: The Hague Securities Convention The Hague Convention of 5 July 2006 On the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (Hague Securities Convention) Mr. Christophe Bernasconi First Secretary, Permanent Bureau Hague Conference on Private International Law The Hague
4:50pm–5:50pm	Harmonized Substantive Rules Regarding Indirectly Held Securities The Draft Unidroit Convention on Intermediated Securities: Transactional Certainty and Market Stability Mr. Herbert Kronke Secretary-General UNIDROIT, Rome
5:50pm–6:00pm	Adjournment
Annex Workshop on Central Bank Law
Tuesday, October 24, 2006
9:00am–9:10am	Administrative announcements
9:10am–5:20pm	Central Banking Legislation—A Survey of Best Practices⁵
	Mandate and objectives Conduct of monetary policy The Price Stability Mandate of the European System of Central Banks: A Legal Perspective Niall J. Lenihan Assistant General Counsel, Legal Services European Central Bank (ECB) Contributing participants: Federal Reserve Board, European Central Bank
	Other objectives and functions - Governance, independence and accountability Contributing participants: Sweden, Thailand
	Financial stability as a central bank objective -- Relationship with other objectives -- Role of the central bank Central Banks and Financial Stability: A Survey of Financial Stability Reports Contributor: Ms. Andrea Michaela Maechler⁶ -- Instruments: central bank as supervisor, etc. Contributing participants: BCEAO, Brazil, Malaysia Should Central Banks be also Banking Supervisors? Francisco José de Siqueira, Banco Central do Brasil
	-- Coordination with other entities with mandates pertaining to financial stability Contributor: Dr. Kern Alexander

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