Current Developments in Monetary and Financial Law
Volume 3
April 29, 2005

Legal Issues, Governance, and the IMF

IMF Seminars, Conferences and Workshops


Seminar on Current Developments in Monetary and Financial Law
Washington, D.C., May 7-17, 2002

Last Updated: May 12, 2005

Since 1988, the IMF Legal Department and the IMF Institute have been holding seminars on highly topical issues relating to monetary and financial law. As in the past, the May 2002 Seminar was attended by heads of legal departments or senior lawyers of central banks of 40 invited member countries.

The keynote speaker for the May 2002 Seminar was Mr. Hernando de Soto, President of the Institute for Liberty and Democracy (Lima, Peru) and author of the widely acclaimed book "The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else." Finance and Development has published an article by Mr. de Soto based on this book ( http://www.imf.org/external/pubs/ft/fandd/2001/03/desoto.htm).

All sessions took place at IMF headquarters (700 19th Street, N.W., Washington D.C. 20431).

Program

The articles posted below are draft chapters of the forthcoming volume on the 2002 Seminar on Current Developments on Monetary and Financial Law and are subject to revision.
Use the free Adobe Acrobat Reader to view these PDF files.
Week 1

Tuesday, May 7

9:30–9:45   Opening Remarks
Mr. Saleh M. Nsouli, Deputy Director, IMF Institute
     
I. IMF DEVELOPMENTS
Chair: Mr. Sean L. Hagan
     
9:45–10:30   Economic, Social, and Cultural Rights and the Fund
Mr. François Gianviti, General Counsel, IMF
11:00–11:30   Publication Policies of the Fund
Mr. William E. Holder, Deputy General Counsel, IMF
11:30–12:00   Conditionality in the International Monetary Fund
Mr. Ross B. Leckow, Assistant General Counsel, Legal Department, IMF
12:00–12:30   Discussion
Mr. Gianviti, Mr. Holder, Mr. Leckow
 
II. KEYNOTE ADDRESS
Chair: Mr. François Gianviti
     
2:45–3:00   Introduction of Keynote Speaker by Mr. Gianviti
3:00–3:45   Converting Dead Capital to Live Capital
Address by Mr. Hernando de Soto, President, Institute for Liberty and Democracy (Lima, Peru)
3:45–4:30.   Question and Answer Period
 
III. GOVERNANCE AND ACCOUNTABILITY IN THE FUND
Chair: Mr. James A. Jones
     
5:00–5:30   An Overview of the Rules on Conduct and Ethics in the IMF
Ms. Joan Powers, Assistant General Counsel, Legal Department, IMF
5:30–6:00.   Question and answer period
Ms. Powers, Mr. Gianviti
 
Wednesday, May 8

 
IV. ADDRESS by First Deputy Managing Director
     
9:30–9:45   Introduction of First Deputy Managing Director
Mr. François Gianviti
9:45–10:30   Address by Ms. Anne O. Krueger, First Deputy Managing Director
 
III. GOVERNANCE AND ACCOUNTABILITY IN THE FUND, continued
Chair: Mr. William E. Holder
     
11:00–11:30   Legal Issues Relating to the Establishment of the IMF Internal Evaluation Office
Mr. James A. Jones, Assistant General Counsel, Legal Department, IMF
 
V. DEVELOPMENTS IN OTHER INTERNATIONAL FINANCIAL INSTITUTIONS
Chair: Mr. William E. Holder
     
11:30–12:00   Latest Developments at the International Finance Corporation
Ms. Carol Mates, Principal Counsel, IFC
12:00–12:30   The World Bank's Institutional Framework for Combating Fraud and Corruption
Mr. Ko-Yung Tung, Vice President and General Counsel, World Bank
12:30–1:00   Recent Developments at the Inter-American Development Bank
Mr. James Spinner, General Counsel, IADB
 
VI. ARCHITECTURE OF THE INTERNATIONAL FINANCIAL SYSTEM
Chair: Mr. Hector Elizalde
     
2:30–3:00   Sovereign debt restructuring: Overview
Mr. Sean L. Hagan, Assistant General Counsel, Legal Department, IMF
3:00–3:30   Problems of Collective Action Under The Existing Framework for Sovereign Debt
Mr. Mathew Fisher, Assistant Director, International Capital Markets Department, IMF
3:30–4:00   Collective Action Clauses in International Sovereign Bonds
Ms. Yan Liu, Counsel, Legal Department, IMF
4:30–5:00   Sovereign Debt Litigation
Mr. Thomas Laryea, Counsel, Legal Department, IMF
5:00–5:30   Sovereign Debt Forum--A Proposal
Mr. Richard A. Gitlin, Partner, Bingham Dana LLP
5:30–5:45   Discussion
Mr. Hagan, Mr. Fisher, Ms. Liu, Mr. Laryea, Mr. Gitlin
 
Thursday, May 9
 
VI. ARCHITECTURE OF THE INTERNATIONAL FINANCIAL SYSTEM, continued Chair: Mr. Ross B. Leckow
     
9:30–10:00   International Standards and Codes and the Fund: An Overview
Ms. Ydahlia Metzgen, Chief, Coordination and Standards Division, Policy and Development Review Department, IMF
10:00–10:30   Legal Aspects of the Financial Sector Assessment Program (FSAP)
Mr. François Gianviti, General Counsel, IMF
11:30–12:00   Assessing Financial Sector Vulnerabilities: Financial Sector Assessment Program
Mr. Udaibir Das, Deputy Division Chief, Financial Systems Surveillance Division II, Monetary and Exchange Affairs Department, IMF
12:00–12:30   FSAP Missions--Experience with Legal Issues
Ms. Katharine Christopherson, Counsel, Legal Department, IMF
 
Chair: Mr. William E. Holder
     
2:00–2:30   International Reserves—Legal Aspects of Concept and Usage at the IMF
Mr. Roy C. Baban, Consulting Counsel, Legal Department, IMF
2:30–3:15   Why Is There So Much Disagreement About the IMF and Reform of the International Financial Architecture?
Prof. Thomas Willett, Director, Claremont Institute for Economic Policy Studies, Claremont Graduate University
3:15–4:00   The Future Role of the IMF
Mr. John Williamson, Senior Fellow, Institute of International Economics
4:30–5:30   Discussion
Ms. Metzgen, Mr. Gianviti, Mr. Das, Prof. Willett, Mr. Williamson
 
Friday, May 10
 
VII. MONEY LAUNDERING AND TERRORISM FINANCING
Chair: Mr. Ross S. Delston
     
9:30–10:15   Money Laundering and Financing of Terrorism: An Overview
Judge Jean François Thony, Court of Appeals, Versailles
10:15–10:30   Draft AML/CFT Methodology: (I) Introduction
Mr. Nadim Kyriakos-Saad, Counsel, Legal Department, IMF
11:00–11:30   Draft AML/CFT Methodology: (II) Combating the Financing of Terrorism
Mr. Louis Forget, Consulting Counsel, Legal Department, IMF
11:30–12:00   Draft AML/CFT Methodology: (III) Financial Intelligence Units and International Cooperation
Mr. Nadim Kyriakos-Saad, Counsel, Legal Department, IMF
12:00–12:30   Draft AML/CFT Methodology: (IV) AML-CFT in the Prudentially-Regulated Financial Sector
Mr. Michael Moore, Senior Economist, Monetary and Exchange Affairs Department, IMF
2:00–2:30   Discussion
Judge Thony, Mr. Kyriakos-Saad, Mr. Forget, Mr. Moore
                  Chair: Judge Jean-François Thony
2:30–3:00   Money Laundering Countermeasures with Primary Focus Upon Terrorism and the USA Patriot Act 2001
Prof. Baldwin, Director, Center for International Financial Crime Studies, University of Florida
3:00–3:30   The Impact of the USA PATRIOT Act on Non-U.S. Banks
Mr. Joseph B. Tompkins, Partner, Sidley Austin Brown & Wood LLP
4:00–4:30   Experiences of External Auditors in Examining Anti-Money Laundering Controls at Financial Institutions
Mr. Alan Abel, Global Practice Leader for Money Laundering Compliance Services, PricewaterhouseCoopers
4:30–5:00   Discussion
Prof. Baldwin, Mr. Tompkins, Mr. Abel,
 
VIII. CLOSING SESSION—FIRST WEEK
Chair: José Benjamín Escobar
     
5:00–5:45   The Constitutional Position of an Independent Central Bank
Mr. Charles Goodhart, Professor of Banking and Finance, London School of Economics
5:45–6:15   Question and Answer Period
 
Saturday, May 11
 
 
Week 2

Monday, May 13
 
VII. MONEY LAUNDERING AND TERRORISM FINANCING, continued
Chair: José Benjamín Escobar
     
9:30–10:10   Money Laundering and Terrorism Post--9/11: The Industry's Obligations
Mr. Byrne, Senior Counsel and Compliance Manager, American Bankers Association
 
IX. FINANCIAL AND BANKING ISSUES
Chair: José Benjamín Escobar
     
10:10–10:50   Central Bank Emergency Liquidity Financing: Systemic Protection or Bank Bailout?
Mr. Ross S. Delston, Consulting Counsel, Legal Department, IMF and Mr. Andrew Campbell, Faculty of Law, University of Wales, Aberystwyth, U.K. and Consulting Counsel to the IMF
11:20–11:50   The Role of Supervisory Authorities in Connection with Bank Mergers
Mr. John V. Austin, Consultant, Legal Department, IMF
11:50–12:30   The Post Gramm-Leach-Bliley Financial Services Industry
Mr. Richard Whiting, General Counsel, Financial Roundtable
Restoring and Transforming Payments and Banking Systems in Post-Conflict Economies
Ake Lönnberg, Senior Economist, Monetary and Exchange Affairs Department, IMF
2:00–2:45   Discussion
Mr. Delston, Mr. Austin, Mr. Whiting
 
X. SECURITIES
Chair: Tobias M.C. Asser
     
2:45–3:30   Principles of the Convention on Law on Indirectly Held Securities
Mr. Christophe Bernasconi, First Secretary, Permanent Bureau, Hague Conference of Private International Law, and Mr. Potok, Legal Expert, Hague Conference of Private International Law
3:30–4:00   Regulatory Aspects of the draft Hague Convention on the Law Applicable to Certain Rights in Respect of Securities held with an Intermediary
Mr. Phillipe Dupont, Arendt & Medernach
4:30–5:00   Framework For Standardized Investment Fund Products For EU-Wide Distribution (UCITS)
Ms. Maike Luedersen, Counsel, Legal Department, IMF
5:00–5:45   Discussion
Mr. Bernasconi, Mr. Potok, Mr. Dupont, Ms. Luedersen
 
Tuesday, May 14
 
XI. CENTRAL BANK ISSUES
Chair: José Benjamín Escobar
     
9:30–10:00   Supervisory Boards in Some Central Banks
Mr. Robert Sparve, Secretariat of the Executive Board, Riksbank
10:00–10:30   Legal Framework for Central Bank Independence
Mr. Bernhard Steinki, Counsel, Legal Department, IMF
11:00–11:30   Relative Autonomy of the Central Bank
Mr. Tobias M.C. Asser, former Assistant General Counsel, Legal Department, IMF
11:30–12:00   Frameworks for the Resolution of Conflicts Between Central Banks and Government: Issues and Assessments
Prof. Pierre L. Siklos, Department of Economics, Wilfrid Laurier University
12:00–12:30   Discussion
Mr. Sparve, Mr. Steinki, Mr. Asser, Prof. Siklos
 
Chair: Mr. Robert Sparve
     
2:00–2:30   Safeguards Assessments and Central Bank Legislation
Mr. Thanos Catsambas, Division Chief, Safeguards Assessment Division, Treasurer's Department, IMF
2:30–3:00   Financial Integrity, Operational Controls and Transparency--Auditing in a Central Bank Context
Mr. Donald Vangel, Partner, Risk Management Practice, Ernst and Young
3:00–3:30   Profits, Dividends and Capital - Considerations for Central Banks
Mr. Kenneth Sullivan, Senior Economist, Monetary and Exchange Affairs Department, IMF
 
XII. INSOLVENCY AND CREDITORS RIGHTS
Chair: Mr. Sean L. Hagan
     
4:00–4:30   Development of Standards for Secured Transactions and Enforcement of Claims
Ms. Pascale De Boeck, Senior Counsel, Legal Department, IMF
4:30–5:15   Insolvency Law Reform
Judge Burton R. Lifland, U.S. Bankruptcy Court, Southern District of New York
5:15–5:45   Discussion
Ms. De Boeck, Judge Lifland
 
Wednesday, May 15
 
XIII. BANK INSOLVENCY AND REFORM
Chair: Ross S. Delston
     
9:30–10:00   Insolvency—Why a Special Regime for Banks?
Ms. Eva Hüpkes, Swiss Federal Banking Commission
10:00–10:30   Issues in Cross-Border Bank Insolvency: The European Community Directive on the Reorganization and Winding-Up of Credit Institutions
Mr. Andrew Campbell, Department of Law, University of Wales
11:00–11:30   Some Key Issues in Systemic Bank Restructuring: Experiences from Recent Crises Cases
Mr. Carl-Johan Lindgren, Senior Consultant and ex-Deputy Director, Monetary and Exchange Affairs Department, IMF
11:30–12:00   Controlling Systemic Risk in an Era of Financial Consolidation
Prof. Arthur E. Wilmarth, George Washington University School of Law
12:00–12:45   Discussion
Ms. Hupkes, Mr. Campbell, Mr. Lindgren, Prof. Wilmarth
 
XIV. TECHNOLOGY AND THE FINANCIAL SECTOR
Chair: Prof. Benjamin Geva
     
2:30–3:00   Financial Technology and Security in the Age of Terrorism
Mr. Thomas P. Vartanian, Partner, Fried Frank Harris Shriver & Jacobson
3:00–3:30   Creating Secure and Enforceable Electronic Transactions
Mr. Thomas J. Smedinghoff, Partner, Baker and McKenzie
4:00–4:30   Electronic Compradors and Dragomans: The Relevance of Cultural Diversity to Global Information Markets
Ms. Jane K. Winn, Professor, Dedman School of Law, Southern Methodist University
4:30–5:00   Electronic Banking: New Developments and Regulatory Risks
Mr. John D. Wright, Vice-President and Assistant General Counsel, Law Department Regulation and Technology Section, Wells Fargo
5:00–5:30   Discussion
Mr. Vartanian, Mr. Smedinghoff, Prof. Winn, Mr. Wright
 
Thursday, May 16
 
XV. WORLD TRADE ORGANIZATION
Chair: Mr. Roy Baban
     
9:30–10:00   Legal Aspects of the IMF/WTO Relationship: The Fund’s Articles of Agreement and the WTO Agreements
Ms. Deborah E. Siegel, Senior Counsel, Legal Department, IMF
10:00–10:30   Current Developments Regarding the WTO Financial Services Agreement
Mr. Christopher Parlin, Partner, Kaye Scholer LLP
 
III. GOVERNANCE AND ACCOUNTABILITY IN THE FUND, continued
Chair: Mr. James A. Jones
     
11:00–11:30   Role and Agenda of the IMF Internal Evaluation Office
Mr. Montek Ahluwalia, Director, IEO, IMF
 
XVI. CORRUPTION AND INSIDER TRADING
Chair: Mr. James A. Jones
     
11:30–12:00   Conceptual Framework for Analyzing and Combating Corruption of Public Officials
Mr. Ethan S. Burger, Project Director for Transnational Crime and Corruption Center and Associate Research Professor, School of International Service, American University
12:00–12:30   Insider Trading—A Comparative Perspective
Prof. Marc I. Steinberg, Dedman School of Law, Southern Methodist University
 
XVII. PAYMENT SYSTEMS AND SUPPORTING FRAMEWORKS
Chair: Mr. Roy Baban
     
2:00–2:30   Risks and Developments in Payment Systems
Mr. Tonny Lybek, Economist, Monetary and Exchange Affairs Department, IMF
2:30–3:00   Hawala and Other Informal Payments Systems: An Economic Perspective
Mr. John Wilson, Senior Economist, Middle East Department, IMF)
3:00–3:30   Reimagining E-Money: Its Conceptual Unity with other Retail Payment Systems
Prof. Geva, Osgoode Hall Law School, York University, Toronto
4:30–5:00   The Use of Contractual Structures to Create International Legal Frameworks for Electronic Commerce
Mr. Paul Mallon, Director, Legal and Regulatory Affairs, BOLERO.net
5:00–5:45   Discussion
Mr. Wilson, Prof. Geva, Mr. Mallon
 
Friday, May 17
 
XVIII. MONETARY ARRANGEMENTS AND CRISES
Chair: Ms. Pascale De Boeck
     
9:00–9:30   Currency Boards: Exit Strategies
Ms. Anne-Marie Gulde-Wolf, Chief, Monetary And Exchange Policy
Analysis Division, Monetary and Exchange Affairs Department, IMF
9:30–10:00   Anticipating Financial Crises
Ms. Carmen Reinhart, Senior Policy Advisor, Research Department, IMF
10:00–10:30   "Dollarization:" What's in it (or not) for the issuing Country?
Mr. Ed Nosal, Economic Advisor, Federal Reserve Bank of Cleveland
11:00–11:30   The Use of a Foreign Country's Currency in International Law
Mr. Mario Giovanoli, General Counsel, BIS
11:30–12:00   Use of Foreign Currency under the Fund's Articles of Agreement
Mr. François Gianviti, General Counsel, IMF
12:00–12:30   Discussion
Ms. Gulde-Wolf, Ms. Reinhart, Mr. Nosal, Mr. Giovanoli, Mr. Gianviti
12:30–2:00   Farewell Luncheon (IMF Gallery)
—Remarks by a Representative of Country Participants
—Remarks by Mr. Köhler, Managing Director

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