2006 Seminar on Current Developments in Monetary and Financial Law — Law and Financial Stability

IMF Seminars, January 1, 1901

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2006 Seminar on Current Developments in Monetary and Financial Law — Law and Financial Stability

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Bibliographic details

• Published: January 1, 1901

Overview

• The 2006 Seminar on Current Developments in Monetary and Financial Law, with the theme "Law and Financial Stability," was held at IMF headquarters on October 23-27, 2006.
• 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 included presentations by regulators, academics, legal practitioners, and staff of international institutions.
• Attendance: 65 participants, consisting 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.
• Queries regarding the 2006 Seminar may be addressed to LAWSEMINAR2006@imf.org.

Institutional context and history

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

Key program sessions and topics (by day)

• Monday, October 23
  • A.M. Opening Session: Registration; Welcoming remarks and introduction of IMF Managing Director by Mr. Sean Hagan, IMF General Counsel and Director of the Legal Department; Opening address by Mr. Rodrigo de Rato, Managing Director, IMF.
  • A.M. Legal Developments in the IMF (Moderator: Ms. Rhoda Weeks-Brown): The IMF's Medium Term Strategy—Legal Aspects; IMF Quotas, Voice, and Representation (Mr. Hector Elizalde); The IMF's Legal Instruments to Promote Financial Stability (Mr. Ross Leckow).
  • Luncheon, IMF Gallery, 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): Understanding Financial Stability: Towards a Practical Framework (Mr. Garry Schinasi); Institutional Responses to Recent Episodes of Financial Instability (Mr. Charles Enoch); International Economic Law and Financial Stability: The Role of International Institutions (Dr. Kern Alexander).

• Tuesday, October 24
  • A.M. Workshop on Central Bank Law (Moderator: Mr. Ross Leckow): Administrative announcements; Workshop on Central Banking Legislation—A Survey of Best Practices (Mr. François Gianviti).
  • Group Picture, IMF Gallery; Lunch break.
  • P.M. Workshop on Central Bank Law (continued): Discussion of morning topics.

• Wednesday, October 25
  • A.M. Regulation Rationale, Derivatives, and Hedge Funds: Reassessing the Rationale and Practice of Bank Regulation (Mr. James Barth); Issues in the Regulation of Derivatives / Derivative Law (Mr. Philip McBride Johnson); Hedge Funds and Securities Regulation (Mr. Troy Paredes).
  • P.M. Financial Disclosure, Liability of Supervisors, Legal Risk in Financial Markets (Moderator: Ms. Maike Luedersen): Statutory Protections for Financial Supervisors (Mr. Ross Delston); Achieving Financial Stability Through Disclosures (Ms. Roberta Karmel); Legal Risk in the Financial Markets (Mr. Roger McCormick).

• Thursday, October 26
  • Remarks by Mr. John Lipsky, First Deputy Managing Director, IMF.
  • A.M. Anti-Money Laundering—Terrorist Financing and Financial Stability (Moderator: Mr. Jody Myers): Money Laundering, Terrorist Financing, and their Impact on Financial Stability (Mr. Peter Reuter); The broader impact of terrorism on financial stability (Mr. Richard Barrett).
  • A.M. Impact of Weak AML/CFT Frameworks on Financial Stability (Moderator: Mr. Jean-François Thony): Presentations by Mr. Zenon Biagosch, Mr. Chip Poncy, and Mr. William Langford.
  • A.M. Elements of an Effective AML/CFT Framework (Moderator: Mr. Nadim Kyriakos-Saad): Mr. Ian Carrington and Ms. Heba Shamseldin.
  • P.M. Governance, Deposit Insurance, and Market Discipline: The Evolving Profile of Corporate Governance in U.S. Financial Institutions (Mr. John M. Liftin); Legal framework of market discipline (Mr. Charles Elson); 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).

• Friday, October 27
  • A.M. Payments, Settlement, and Securities Infrastructure (Moderator: Mr. Wouter Bossu): The Regulation of Payment Systems: The Legal and Policy Aspects of Central Bank Payment Settlement and Finality (Mr. Christian Johnson); Presentation by Mr. Robert S. Steigerwald; Legal Protection of Payment and Securities Settlement Systems in European Union Legislation (Mr. Diego Devos); The UNCITRAL Model Law on International Credit Transfers (Mr. Jernej Sekolec).
  • Luncheon at IMF Gallery 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): The U.S. Commercial Law Response to the Development of Intermediated Securities Holding Systems (Ms. Sandra Rocks); The Relevant Conflict of Laws Analysis for Holding, Transferring and Pledging Securities Today: The Hague Securities Convention (Mr. Christophe Bernasconi); Harmonized Substantive Rules Regarding Indirectly Held Securities: The Draft Unidroit Convention on Intermediated Securities (Mr. Herbert Kronke).

Workshop on Central Bank Law — Annex (Tuesday, October 24, 2006)

• Central Banking Legislation—A Survey of Best Practices: topics to be discussed included:
  • Mandate and objectives; Conduct of monetary policy; The Price Stability Mandate of the European System of Central Banks: A Legal Perspective (Niall J. Lenihan).
  • 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 Maechler) — 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).

Logistics and notes

• Light breakfast served.
• Luncheons at IMF Gallery by invitation only.
• Workshop breaks: around 10:10–10:30 am and around 3:15–3:35 pm.
• Economist contributor noted: Economist, Monetary and Capital Markets Department, on behalf of Martin Cihak.

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