IMF Conference

Continental Breakfast

Introduction

Sean Hagan, General Counsel and Director, IMF Legal Department

Session 1: Resolution of Financial Institutions: Implementation of the Key Attributes and Remaining Challenges

• Review of progress at international, regional and national levels in strengthening resolution frameworks
• Identification of issues requiring further work, including: scope of liabilities subject to bail-in; safeguards and legal remedies; continuity of essential services; features of temporary stays from early termination rights; cross-border cooperation through CMGs and resolution planning
• Adapting international standards to emerging markets and developing economies

Chair: José Viñals, Financial Counsellor and Director, Monetary and Capital Markets Department, IMF

Speakers:

Joanne Kellermann, Board Member, Single Resolution Board

Michael H. Krimminger, Partner, Cleary Gottlieb Steen & Hamilton LLP

Discussants:

Marina Moretti, Division Chief, Monetary and Capital Markets Department

Cristiano de Oliveira Lopes Cozer, Vice General Counsel, Banco Central do Brasil

Coffee Break

Session 2: Cross-border Resolution: challenges in cross border effectiveness

• The design of legal frameworks for cross-border effectiveness of resolution measures: the FSB Key Attributes
• National reforms to strengthen cross- border resolution regimes
• Alternative approaches to cross-border resolution: the role of ring-fencing
• The role of subsidiarization

Chair: Eva Hüpkes, Senior Advisor, Financial Stability Board

Speakers:

Ross Leckow, Deputy General Counsel, Legal Department, IMF

Stefan Gannon, General Counsel, Hong Kong Monetary Authority, Chair of the FSB Legal Experts Group

Tom Baxter, General Counsel, Federal Reserve Bank of New York

Luis Urrutia Corral, Head, Legal Department, Bank of Mexico

Lunch

Luncheon remarks: Sean Hagan, General Counsel and Director, Legal Department, IMF

Session 3: The legal framework for the resolution of central counterparties: a special case?

• CCPs: their key features and how they may impact the legal framework for their recovery and resolution regime
• Focus on recovery: legal and early intervention mechanisms to prevent a CCP failure
• Resolution: which powers to use when a CCP has reached the point of non-viability
• Legal implications from the design of CCPs resolution strategies

Chair: Alessandro Gullo, Senior Counsel, Legal Department, International Monetary Fund

Speakers:

Pierre Francotte, Professor, Solvay Brussels School of Economics and Management

Robert Wasserman, Chief Counsel, Division of Clearing and Risk, Commodities and Futures Trading Commissions

Klaus Löber, Head of CPMI Secretariat at Bank for International Settlements

Coffee Break

Session 4: Corporate Debt Restructuring and Economic Recovery

• Macro criticality of corporate debt restructuring and the IMF’s involvement
• Key features of a robust legal regime for insolvency to facilitate private sector debt restructuring
• Design of speedy and cost-effective out-of-court debt restructuring regime with proper incentives
• State-owned banks and state-owned enterprises in corporate debt restructuring
• Potential synergies with financial sector legal and regulatory aspects

Chair: Sean Hagan, General Counsel and Director, Legal Department, IMF

Speakers:

Sijmen de Ranitz, Lawyer, Resor NV

Richard Gitlin, Chairman Gitlin & Company, USA

Luis Méjan, Former Director, IFECOM, Mexico

A. Unnikrishnan, Legal Advisor, Legal Department, Reserve Bank of India, India

Continental Breakfast

Introduction

Ceda Ogada, Deputy General Counsel, Legal Department, IMF

Session 5: Central Bank functions and the growing importance of macro-prudential policy

• The growing importance of macro-prudential policy
• The interaction/tension between macro-prudential, micro-prudential, monetary and bank resolution policies
• The design of the legal framework for macro-prudential policy, and its implications for central bank governance and independence

Chair: Sean Hagan, General Counsel, Legal Department, IMF

Speakers:

Chiara Zilioli, General Counsel, European Central Bank

Theresa Kelly, Head of Legal, Financial Stability & Market Infrastructure, Bank of England

Discussants:

Manuel Monteagudo, General Counsel, Central Bank of Peru

François Gianviti, Former General Counsel, Legal Department, IMF

Coffee Break

Session 6: Legal Framework for Islamic Banking

• The role of international standards in the regulation of Islamic Banks
• Legal and institutional arrangements for the resolution of Islamic banks.
• Islamic Finance and AML/CFT
• National and regional experience in the regulation of Islamic banks

Chair: Masood Ahmed, Director, Middle East and Central Asia Department, IMF

Speakers:

Jaseem Ahmed, Secretary-General, Islamic Financial Services Board

Elsie Addo Awadzi, Senior Counsel, Legal Department, IMF

Chady Adel El Khoury, Senior Counsel, Legal Department, IMF

Discussants:

Carine Chartouni, Deputy General Counsel, Central Bank of Lebanon

Mehmet Yurtcicek, Senior Banking Specialist, Banking Regulation and Supervision Agency of Turkey

Lunch

Luncheon remarks: Sheila Bair, President of Washington College
Webcast

Session 7: Recent trends in financial sector regulation: the problem of de-risking

• Possible drivers of the de-risking phenomenon
• Potential impact on financial intermediation and inclusion
• A potential response to de-risking: a risk-based approach

Chair: Yan Liu, Assistant General Counsel, Legal Department, IMF

Speakers:

Grovetta Gardineer, Deputy Comptroller for Compliance Risk, Office of the Comptroller of the Currency

Sally Scutt, Strategic Advisor, International Compliance Association

Michaela Erbenova, Division Chief, Monetary and Capital Markets Department, IMF

Adel Al-Qulish, Executive Secretary, MENAFATF

Narciso Campos, Assistant Secretary for Banking Security and Savings, Ministry of Finance, Mexico

Coffee Break

Session 8: Emerging Legal and Policy Issues in the Regulation of the Financial Sector

• The unfinished agenda for the regulation and resolution of large international banks
• Shadow banks – their benefits and risks and how they should be regulated
• Misconduct in the financial industry and how it should be addressed
• Best practices, supervisory toolkits and enforcement powers to address misconduct by financial market parties
• Recent developments with technology and finance – their implications for the structure of the financial industry and for regulation
• Challenges facing emerging markets and developing countries in the regulation of the financial sector

Chair: Daniel Tarullo, Board of Governors of the Federal Reserve SystemGovernor, Federal Reserve

Panelists:

José Viñals, Financial Counsellor and Director, Monetary and Capital Markets Department, IMF

Sri Mulyani Indrawati, Managing Director and Chief Operating Officer, World Bank

H. Rodgin Cohen, Senior Chairman, Sullivan & Cromwell

Andrea Enria, First Chairman, European Banking Authority

Closing remarks

Ross Leckow, Deputy General Counsel and Deputy Director, Legal Department, IMF