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spring 2023 course materials

Class Policies

Assigned reading:
The White House, United States Strategy on Countering Corruption (Dec. 2021)
FinCEN, Advisory on Kleptocracy and Foreign Public Corruption (Apr. 14, 2022)
John Heathershaw, Alexander Cooley, Tom Mayne, Casey Michel, Tena Prelec, Jason Sharman and Ricardo Soares de Oliveira, The UK’s Kleptocracy Problem: How Servicing Post-soviet Elites Weakens the Rule of Law, Chatham House Research Paper (Dec. 2021)
Mike Koehler, The Story of the Foreign Corrupt Practices Act, 73 Ohio State Law Journal 929-1013 (2012)
Mike Koehler, Has the FCPA Been Successful in Achieving Its Objectives?, 2019 University of Illinois Law Review 1267
SEC Cease and Desist Order against Credit Suisse (Oct. 2021)
SEC Cease and Desist Order against VTB (Oct. 2021)

Additional resources:
Todd D Robinson, Recognizing the 2022 Anti-Corruption Champions (Dec. 9, 2022)
OECD, Anti-corruption Compliance in Times of Crisis (Dec. 14, 2022)

International Finance Materials 2023 Chapter 1: Introduction

Securities Litigation with Cross-border Elements
International Finance 2023 Chapter 2: Securities

Sovereign Debt
International Finance Materials 2023 Chapter 3a: Sovereigns 1
International Finance Materials 2023 Chapter 3b: Sovereigns 2
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)
International Finance Materials 2023 Chapter 3c: Sovereigns 3.

Issues in Transnational Financial Regulation
Federal Reserve Policy on Payment System Risk (as amended Feb. 2023)(Note Principles for FMIs in the Appendix)
Hilary J. Allen, Payments Failure, 62 Boston College Law Review 453 (2021)
Tanai Khiaonarong & Terry Goh, Fintech and Payments Regulation: Analytical Framework, IMF Working Paper WP/20/75 (May 29, 2020)
Alina Iancu et al, Reserve Currencies in an Evolving International Monetary System, IMF Strategy, Policy, & Review Department & Statistics Department Paper 20/02 (Nov. 17, 2020)
Carl White, Fed Adopts Guidelines for Master Account Access to Its Payment Services, Federal Reserve Bank of St Louis Blog (Sep. 6. 2022).

Financial Warfare, Compliance and International Finance: Sanctions, Money Laundering, Libor
International Finance Materials 2023 Chapter 4a: Sanctions 1
Noah Berman and Anshu Siripurapu, One Year of War in Ukraine: Are Sanctions Against Russia Making a Difference?, Council on Foreign Relations (Feb. 21, 2023)
International Finance Materials 2023: Sanctions 2
The Treasury 2021 Sanctions Review
US v David Rivera (Indictment)
Unicredit Bank Non-Prosecution Agreement (Apr. 15, 2019)

Defi (Decentralized Finance) (and financial stability)
Financial Stability Board, The Financial Stability Risks of Decentralised Finance (Feb. 16, 2023)
Francesca Carapella, Edward Dumas, Jacob Gerszten, Nathan Swem, Larry Wall, Decentralized Finance (DeFi): Transformative Potential & Associated Risks, Federal Reserve Finance and Economics Discussion Series (Aug. 2022)

An additional paper with lots of technical details if this is a particular area of interest for you (not required):
OECD, Why Decentralised Finance (DeFi) Matters and the Policy Implications (2022)

Innovation and regulation
Financial Stability Board, International Regulation of Crypto-asset Activities. A proposed framework – questions for consultation (Nov. 2022)
Cristie L. Ford & Quinn Ashkenazy, The Legal Innovation Sandbox (September 12, 2022). American Journal of Comparative Law (Forthcoming 2023), Available at SSRN: https://ssrn.com/abstract=4099190 or http://dx.doi.org/10.2139/ssrn.4099190

Bank of England and HM Treasury, The Digital Pound: a New Form of Money for Households and Businesses? Consultation Paper (Feb. 2023)
Appendino et al, Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks, IMF Working Paper (Feb. 2023)

Additional Reading:
Federal Reserve, Money and Payments: The U.S. Dollar in the Age of Digital Transformation (Jan. 2022)
BIS, Project mBridge: Connecting economies through CBDC (Nov. 2022)

CFTC v Binance, Complaint (Mar. 27, 2023)
SEC v Terraform Labs, Complaint (Feb. 2023)

EU Regulation of Crypto-Assets
Tina van der Linden & Tina Shirazi, Markets in crypto-assets regulation: Does it provide legal certainty and increase adoption of crypto-assets? 9 Financial Innovation Article number: 22 (2023)
European Parliament Briefing, Markets in crypto-assets (MiCA) (Nov. 29, 2022)
EU Commission, Proposal for a Regulation on on Markets in Crypto-assets, COM/2020/593 final (Sep. 24, 2020) pp 1-14.

AI, Regtech (and Suptech), Bigtech
Fengzi Li, Artificial Intelligence in Finance: A Change in Direction, BNY Mellon Insight (Sep. 2022)
El Bachir Boukherouaa et al, Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance, IMF Departmental Paper, DP/2021/024 (Oct 2021)
Parma Bains, Nobuyasu Sugimoto & Christopher Wilson, BigTech in Financial Services: Regulatory Approaches and Architecture, IMF FinTech Notes No 2022/002 (Jan. 24, 2022)

Some examples of regtech:
Sam Daley, 17 Regtech Companies Reshaping Finance (Jan. 25, 2023)
Deloitte, Regtech Universe 2023

Harmonization and fragmentation, competition and equivalence
Christy Ann Petit & Thorsten Beck, Recent trends in UK financial sector regulation and possible implications for the EU, including its approach to equivalence (Feb. 2023)

Optional Additional Reading: Scott James, Hussein Kassim & Thomas Warren, From Big Bang to Brexit: The City of London and the Discursive Power of Finance, 70(3) Political Studies 719 (2022)

Aiyar et al, Geoeconomic Fragmentation and the Future of Multilateralism, IMF Staff Discussion Notes No. 2023/001 (Jan. 15, 2023)