international finance archive 2024
Here are the Class Policies
Week 5
Class Monday April 15
Sovereigns in Domestic Courts, Part 2: Materials for Class on Monday April 15
Class Wednesday April 17
Sanctions: Materials for Class on Wednesday April 17
Regulation (EU) 2023/2675 on the Protection of the Union and its Member States from Economic Coercion by Third Countries, OJ L 2023/2675 (Dec. 7, 2023).
Week 4
This week we will look at some issues relating to sovereign debt, ranging from technical details of drafting of the documentation, to issues relating to sovereign immunity to the issue of holdout creditors (vulture funds), which links back to the technical drafting details. Underlying all of this are issues about what responsibility states should feel to help out states which find themselves in financial difficulties.
Class Monday April 8
Sovereign Debt: Materials for Class on Monday April 8
Class Wednesday April 10
Sovereign Debt and Collective Action Clauses: Materials for Class on Wednesday April 10
ICMA, New York and English Law Standard CACs, Pari Passu and Creditor Engagement Provisions (May 2015)
ICMA, Guidance and Explanatory Note relating to new specimen clauses for inclusion in Commercial Loan Agreements for Sovereign Borrowers (Nov. 2022): please focus on pp 1-14
Guidance Note and Term Sheet relating to the new Climate Resilient Debt Clauses, which can defer a country’s debt repayments in the event of a predefined, severe climate shock or natural disaster (Nov. 2022)
Week 3
In the first two weeks of this class we have spent a lot of time looking at issues in international finance from the perspective of regulation and international co-ordination of regulation. In week 3 we will be shifting our focus to courts and look at some circumstances where courts have to decide whether /how to apply law to circumstances involving multiple jurisdictions.
Class Monday April 1
Transnational Investment in Securities and Extraterritoriality: Materials for Class on Monday April 1 2024
Class Wednesday April 3
Jurisdiction and Enforcement of Judgments in International Financial Transactions: Materials for Class on Wednesday April 3 2024
Week 2
As I mentioned in class on Wednesday, the Credit Suisse document we looked at is an illustration of a number of issues relevant to this class. In particular for this week, Credit Suisse is one of the banks identified with the banking turmoil of a year ago. In class the issue was raised whether regulators might be inclined to be slow to act with respect to issues in large banks. In that context, the GAO published a report earlier this month in which it said that US bank supervisors had acted too slowly in dealing with issues involving the other, smaller, banks we are looking at (the issues here related to risk management rather that AML/CFT compliance; and I am linking to where you can find the report but it is not an assigned reading for class):
In the 5 years prior to 2023, the Board of Governors of the Federal Reserve System (Federal Reserve) and Federal Deposit Insurance Corporation (FDIC) identified concerns with SVB and Signature Bank. But both banks were slow to mitigate the problems the regulators identified and regulators did not escalate supervisory actions in time to prevent the failures.
Here are the reading assignments:
Class Monday March 25
2023 Banking Turmoil: Materials for Class on Monday March 25 2024
Basel Committee on Banking Supervision, Report on the 2023 Banking Turmoil (Oct 2023)
FINMA Report, Lessons Learned from the CS Crisis (Dec. 19, 2023) – please read the Executive Summary at pp 6-8, and pp 42-75.
Class Wednesday March 27
Financial Stability and Non-bank Financial Institutions: Materials for Class on Wednesday March 27 2024
Financial Stability Oversight Council, Analytic Framework for Financial Stability Risk Identification, Assessment, and Response, 88. Fed. Reg. 78026 (Nov. 14, 2023)
Jon Danielsson & Andreas Uthemann, On the Use of Artificial Intelligence in Financial Regulations and the Impact on Financial Stability (February 3, 2024). Available at SSRN: https://ssrn.com/abstract=4604628 or http://dx.doi.org/10.2139/ssrn.4604628
Here are the readings for the first week of class:
Class Monday March 18: Framing the class and a focus on the IMF and AML/CFT issues
Introduction to the Course: Materials for Class on Monday March 18, 2024
International Monetary Fund, 2023 Review of The Fund’s Anti-Money Laundering and Combating The Financing of Terrorism Strategy (December 5, 2023)
In this first class session I would also like to get a sense of your backgrounds and interests.
Class Wednesday March 20
Implementing AML/CFT Standards and Controlling Corruption: Materials for Class on Wednesday March 20, 2024
Note: In this document I refer to the Corporate Transparency Act, which was held to be unconstitutional in National Small Business Association v Yellen (N.D. Ala. 2024) on the basis that it exceeded Congress’ authority. You can read the judgment here although this is not assigned reading for this class.
The following are assigned readings for class:
StAR & World Economic Forum Partnering Against Corruption Initiative (PACI), The Role and Responsibilities of Gatekeepers in the Fight against Illicit Financial Flows: A Unifying Framework (Jun. 2, 2021)
SEC Cease and Desist Order against Credit Suisse (Oct. 2021)