Restoring Financial Stability – The Legal Response

Seminar co-hosted by the IMF Legal Department and the Japanese Ministry of Finance, the Japan Financial Services Agency, and Bank of Japan
IMF Headquarters, Washington, D.C.
November 30-December 3, 2009

The 10th Seminar on Monetary and Financial Law will be held at IMF Headquarters in Washington, D.C. on November 30-December 3, 2009. The theme of the 2009 seminar will be "Restoring Financial Stability—the Legal Response." In the wake of the financial crisis, the seminar will examine the legal and regulatory reforms that are needed, at the international and national levels, to both minimize the risk of future financial crises and limit the damage they cause. The seminar will be co-hosted by the IMF Legal Department, the Ministry of Finance of Japan, the Japan Financial Services Agency, and the Bank of Japan. Attendance by participants from member countries and international financial institutions will be by invitation . It is envisaged that the participants will be drawn from central banks, ministries of finance, and bank supervisory agencies, and will be predominantly lawyers.

Disclaimer

This website contains papers and web links to papers that were presented at the conference. The views expressed in these 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.

SCHEDULE
Monday, November 30, 2009
3:30–5:00pm Registration, IMF Gallery, Second Floor, IMF HQ1
5:00–7:30pm Welcome: Mr. Sean Hagan, General Counsel and Director, IMF Legal Department

Opening Addresses by co-hosts:
Mr. Dominique Strauss-Kahn, IMF Managing Director

Mr. Rintaro Tamaki, Vice Minister of Finance for International Affairs, Ministry of Finance, Japan

Keynote Address:
      Congressman Barney Frank
      Chairman, House Financial Services Committee
      U.S. House of Representatives

Reception: IMF Gallery, Second Floor, HQ1
Tuesday, December 1, 2009
9:00am-12:30pm I. Financial Regulatory Reform – The International Dimension

Moderator: Mr. Ross Leckow, Deputy General Counsel, IMF Legal Department

Presentations:
- Mr. Mark Sobel, Acting Assistant Secretary for International Affairs, U.S. Treasury
- Mr. Toshiyuki Miyoshi, Director, Supervisory Planning Office, Supervisory Bureau, Financial Services Agency, Japan
- Mr. Jose Gerardo Quijano, Director General of the Financial System Analysis, Bank of Mexico
- Mr. Nigel Jenkinson, Advisor, Financial Stability Board
- Prof. Arthur Wilmarth, Professor of Law, George Washington University Law School
- Mr. Sean Hagan, IMF General Counsel
10:30–10:45am ***Coffee Break***
12:30–2:00pm ***Lunch break ***
2:00–3:45pm II. Financial Crisis Management and Central Bank Powers

Moderator: Mr. Francois Gianviti, former IMF General Counsel

Presentations:
- Mr. Haruyuki Toyama, Director-General, Financial Markets Department, Bank of Japan
- Mr. Thomas Baxter, General Counsel, Federal Reserve Bank of New York
- Ms. Chiara Zilioli, Head, Legal Advice Division, European Central Bank
3:45-4:00pm ***Coffee Break***
4:00-5:45pm III. Macroprudential Supervision: What Powers and Who Exercises Them?

Moderator: Mr. Francois Gianviti, former IMF General Counsel

Presentations:
- Prof. Howell Jackson, Professor of Law, Harvard University
- Mr. Patrick Pearson, Head of Unit, Banking and Financial Conglomerates. European Commission
- Mr. Toshiyuki Miyoshi, Director, Supervisory Planning Office, Supervisory Bureau, Financial Services Agency, Japan
Wednesday, December 2, 2009
9:00-10:30am IV. Regulation of systemically important nonbank financial institutions

Moderator: Mr. Barend Jansen, Assistant General Counsel, IMF Legal Department

Presentations:
- Prof. Friedrich Kubler, Professor, University of Pennsylvania Law School, Member, European Shadow Financial Regulatory Committee (ESFRC)
- Ms. Jean Veta, Partner and Chair, Financial Institutions Group, Covington and Burling, Washington, D.C.
10:30-10:45am ***Coffee Break***
10:45am-12:30pm V. Framework for the Cross-border Supervision of Financial Institutions

Moderator: Mr. Sean Hagan, General Counsel and Director, IMF Legal Department

Presentations:
- Prof. Guido Ferrarini, Professor of Business Law and Capital Markets Law, University of Genoa and Director, Centre for Law and Finance
- Mr. Richard Neiman, Superintendent of Banks, State of New York

12:30–2:00pm Luncheon
Speaker: Mr. José Viñals, Director, Monetary and Capital Markets Department, IMF
Venue: IMF Gallery, 2nd Floor, HQ1
For seminar faculty, registered participants, and invitees only
2:00-2:15pm ***Break***
2:15–5:45pm VI. Post-crisis regulation of complex financial products and credit rating agencies

Moderator: Ms. Laura Kodres, Division Chief, Global Financial Stability, Monetary and Capital Markets Department, IMF

Presentations:
- Mr. Patrick Pearson, Head of Unit, Banking and Financial Conglomerates. European Commission
- Mr. Randall Dodd, Technical Assistance Advisor, Monetary and Capital Markets Department, IMF
- Prof. Toshiki Yotsuzuka, Waseda University
- Prof. Jerry Markham, Professor of Law, Florida International University
- Ms. Rita Bolger, Managing Director, Associate General Counsel, Global Regulatory Affairs, Standard and Poors

3:45-4:00pm ***Coffee Break***
Thursday, December 3, 2009
9:00-10:30am VII. Recent Developments in Financial Accounting Rules

Moderator: Mr. Jonathan Fiechter, Deputy Director, Monetary and Capital Markets Department, IMF

Presentations:
- Prof. Linda M. Beale, Professor of Law, Wayne State University
- Mr. Thomas Linsmeier, Member, Financial Accounting Standards Board (FASB)
10:30-10:45am ***Coffee Break***
10:45am-12:30pm VIII. Recent Developments in Rules on Capital Adequacy

Moderator: Mr. Stijn Claessens, Assistant Director, Research Department, IMF

Presentations:
- Prof. Jeffery Atik, Professor of Law, Loyola Law School
- Prof. Naoyuki Yoshino, Director of the Financial Research and Training Center, Financial Services Agency, Japan, and Professor of Economics, Keio University
- Mr. Tomohiro Hirano, Research Fellow, Financial Research and Training Center, Financial Services Agency, Japan
12:30–2:00pm Luncheon
Speaker: Mr. Daniel Tarullo, Governor, Federal Reserve Board
For seminar faculty, registered participants, and invitees only.
2:00-2:15pm ***Break***
2:15-4:00pm IX. The Resolution of Insolvent Banks and Nonbank Financial Institutions

Moderator: Mr. David Hoelscher, Monetary and Capital Markets Department, IMF

Presentations:
- Mr. Michael H Krimminger, Special Advisor for Policy to the Chairman of the Federal Deposit Insurance Corporation
- Prof. Richard Herring, Professor of International Banking; Professor of Finance, Co-Director, Wharton Financial Institutions Center
- Mr. Ross Leckow, Deputy Director, IMF Legal Department

4:00-4:15pm ***Coffee Break***
4:15-6:15pm X. Debt Restructuring During Financial Crisis

Moderator: Mr. Thomas Laryea, Assistant General Counsel, IMF Legal Department

Presentations:
- Mr. Richard Gitlin, Gitlin and Company
- Mr. Soogeun Oh, Professor of Law, Ehwa Womans University, Seoul
- Mr. Shinjiro Takagi, Nomura Securities, Japan
- Mr. Sumant Batra, President, INSOL, Managing Partner, Kesar Dass, New Delhi
- Prof. Anna Gelpern, Washington College of Law

6:15pm ***Adjournment***