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international finance materials spring 2024

I am organizing materials for this class often with my own brief introductory documents and some selected readings, at other times with longer documents I have put together including case law and other material. I am trying not to overwhelm you with reading assignments while giving you a sense of some of the issues in international finance.

Class Policies

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)

Class Wednesday March 20
Implementing AML/CFT Standards and Controlling Corruption: Materials for Class on Wednesday March 20, 2024
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)

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

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

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)

Class Monday April 15
Sovereigns in Domestic Courts, Part 2: Materials for Class on Monday April 15

Class Wednesday April 17
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).

Class Monday April 22
Rulemaking petition requesting that the Commission propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods, including potential rules to identify which digital assets are securities (Jul. 21, 2022)
DOJ Press Release, Binance and CEO Plead Guilty to Federal Charges in $4B Resolution (Nov. 21, 2023)
Juan Carlos Crisanto, Johannes Ehrentraud & Denise Garcia Ocampo, Stablecoins: Regulatory Responses to Their Promise of Stability, FSI Insights No. 57 (Apr. 9, 2024)

Optional additional reading:
FATF, Targeted Update on Implementation of the Fatf Standards on Virtual Assets and Virtual Asset Service Providers (Jun. 2023).