IMF Conference

Washington, D.C., May 7-17, 2002

Since 1988, the IMF Legal Department and the IMF Institute have been holding seminars on highly topical issues relating to monetary and financial law. As in the past, the May 2002 Seminar was attended by heads of legal departments or senior lawyers of central banks of 40 invited member countries.

The keynote speaker for the May 2002 Seminar was Mr. Hernando de Soto, President of the Institute for Liberty and Democracy (Lima, Peru) and author of the widely acclaimed book "The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else." Finance and Development has published an article by Mr. de Soto based on this book ( http://www.imf.org/external/pubs/ft/fandd/2001/03/desoto.htm).

All sessions took place at IMF headquarters (700 19^th Street, N.W., Washington D.C. 20431).

Program

The articles posted below are draft chapters of the forthcoming volume on the 2002 Seminar on Current Developments on Monetary and Financial Law and are subject to revision. Use the free Adobe Acrobat Reader to view these PDF files.

The articles posted below are draft chapters of the forthcoming volume on the 2002 Seminar on Current Developments on Monetary and Financial Law and are subject to revision.
Use the free Adobe Acrobat Reader to view these PDF files.Week

1
Tuesday, May 7

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9:30–9:45 Opening Remarks
Mr. Saleh M. Nsouli, Deputy Director, IMF Institute    I. IMF DEVELOPMENTS
Chair: Mr. Sean L. Hagan   9:45–10:30 Economic, Social, and Cultural Rights and the Fund
Mr. François Gianviti, General Counsel, IMF11:00–11:30 Publication Policies of the Fund
Mr. William E. Holder, Deputy General Counsel, IMF11:30–12:00 Conditionality in the International Monetary Fund
Mr. Ross B. Leckow, Assistant General Counsel, Legal Department, IMF12:00–12:30 Discussion
Mr. Gianviti, Mr. Holder, Mr. Leckow II. KEYNOTE ADDRESS
Chair: Mr. François Gianviti   2:45–3:00 Introduction of Keynote Speaker by Mr. Gianviti 3:00–3:45 Converting Dead Capital to Live Capital
Address by Mr. Hernando de Soto, President, Institute for Liberty and Democracy (Lima, Peru)3:45–4:30. Question and Answer Period III. GOVERNANCE AND ACCOUNTABILITY IN THE FUND
Chair: Mr. James A. Jones   5:00–5:30 An Overview of the Rules on Conduct and Ethics in the IMF
Ms. Joan Powers, Assistant General Counsel, Legal Department, IMF5:30–6:00. Question and answer period
Ms. Powers, Mr. Gianviti 

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 IV. ADDRESS by First Deputy Managing Director   9:30–9:45 Introduction of First Deputy Managing Director
Mr. François Gianviti9:45–10:30 Address by Ms. Anne O. Krueger, First Deputy Managing Director III. GOVERNANCE AND ACCOUNTABILITY IN THE FUND, continued
Chair: Mr. William E. Holder   11:00–11:30 Legal Issues Relating to the Establishment of the IMF Internal Evaluation Office
Mr. James A. Jones, Assistant General Counsel, Legal Department, IMF V. DEVELOPMENTS IN OTHER INTERNATIONAL FINANCIAL INSTITUTIONS
Chair: Mr. William E. Holder   11:30–12:00 Latest Developments at the International Finance Corporation
Ms. Carol Mates, Principal Counsel, IFC 12:00–12:30  The World Bank's Institutional Framework for Combating Fraud and Corruption
Mr. Ko-Yung Tung, Vice President and General Counsel, World Bank12:30–1:00 Recent Developments at the Inter-American Development Bank
Mr. James Spinner, General Counsel, IADB VI. ARCHITECTURE OF THE INTERNATIONAL FINANCIAL SYSTEM
Chair: Mr. Hector Elizalde    2:30–3:00 Sovereign debt restructuring: Overview
Mr. Sean L. Hagan, Assistant General Counsel, Legal Department, IMF 3:00–3:30 Problems of Collective Action Under The Existing Framework for Sovereign Debt
Mr. Mathew Fisher, Assistant Director, International Capital Markets Department, IMF 3:30–4:00 Collective Action Clauses in International Sovereign Bonds
Ms. Yan Liu, Counsel, Legal Department, IMF 4:30–5:00 Sovereign Debt Litigation
Mr. Thomas Laryea, Counsel, Legal Department, IMF5:00–5:30 Sovereign Debt Forum--A Proposal
Mr. Richard A. Gitlin, Partner, Bingham Dana LLP5:30–5:45 Discussion
Mr. Hagan, Mr. Fisher, Ms. Liu, Mr. Laryea, Mr. Gitlin Thursday, May 9

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 VI. ARCHITECTURE OF THE INTERNATIONAL FINANCIAL SYSTEM, continued Chair: Mr. Ross B. Leckow   9:30–10:00 International Standards and Codes and the Fund: An Overview
Ms. Ydahlia Metzgen, Chief, Coordination and Standards Division, Policy and Development Review Department, IMF10:00–10:30 Legal Aspects of the Financial Sector Assessment Program (FSAP)
Mr. François Gianviti, General Counsel, IMF11:30–12:00 Assessing Financial Sector Vulnerabilities: Financial Sector Assessment Program
Mr. Udaibir Das, Deputy Division Chief, Financial Systems Surveillance Division II, Monetary and Exchange Affairs Department, IMF12:00–12:30 FSAP Missions--Experience with Legal Issues
Ms. Katharine Christopherson, Counsel, Legal Department, IMF Chair: Mr. William E. Holder   2:00–2:30 International Reserves—Legal Aspects of Concept and Usage at the IMF
Mr. Roy C. Baban, Consulting Counsel, Legal Department, IMF2:30–3:15 Why Is There So Much Disagreement About the IMF and Reform of the International Financial Architecture?
Prof. Thomas Willett, Director, Claremont Institute for Economic Policy Studies, Claremont Graduate University3:15–4:00 The Future Role of the IMF
Mr. John Williamson, Senior Fellow, Institute of International Economics4:30–5:30 Discussion
Ms. Metzgen, Mr. Gianviti, Mr. Das, Prof. Willett, Mr. Williamson Friday, May 10

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 VII. MONEY LAUNDERING AND TERRORISM FINANCING
Chair: Mr. Ross S. Delston   9:30–10:15 Money Laundering and Financing of Terrorism: An Overview
Judge Jean François Thony, Court of Appeals, Versailles10:15–10:30 Draft AML/CFT Methodology: (I) Introduction
Mr. Nadim Kyriakos-Saad, Counsel, Legal Department, IMF11:00–11:30 Draft AML/CFT Methodology: (II) Combating the Financing of Terrorism
Mr. Louis Forget, Consulting Counsel, Legal Department, IMF11:30–12:00 Draft AML/CFT Methodology: (III) Financial Intelligence Units and International Cooperation
Mr. Nadim Kyriakos-Saad, Counsel, Legal Department, IMF12:00–12:30 Draft AML/CFT Methodology: (IV) AML-CFT in the Prudentially-Regulated Financial Sector
Mr. Michael Moore, Senior Economist, Monetary and Exchange Affairs Department, IMF2:00–2:30 Discussion
Judge Thony, Mr. Kyriakos-Saad, Mr. Forget, Mr. Moore
                  Chair: Judge Jean-François Thony2:30–3:00 Money Laundering Countermeasures with Primary Focus Upon Terrorism and the USA Patriot Act 2001
Prof. Baldwin, Director, Center for International Financial Crime Studies, University of Florida3:00–3:30 The Impact of the USA PATRIOT Act on Non-U.S. Banks
Mr. Joseph B. Tompkins, Partner, Sidley Austin Brown & Wood LLP4:00–4:30 Experiences of External Auditors in Examining Anti-Money Laundering Controls at Financial Institutions
Mr. Alan Abel, Global Practice Leader for Money Laundering Compliance Services, PricewaterhouseCoopers4:30–5:00 Discussion
Prof. Baldwin, Mr. Tompkins, Mr. Abel, VIII. CLOSING SESSION—FIRST WEEK
Chair: José Benjamín Escobar   5:00–5:45 The Constitutional Position of an Independent Central Bank
Mr. Charles Goodhart, Professor of Banking and Finance, London School of Economics5:45–6:15 Question and Answer Period Saturday, May 11

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  Week 2
Monday, May 13

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 VII. MONEY LAUNDERING AND TERRORISM FINANCING, continued
Chair: José Benjamín Escobar   9:30–10:10 Money Laundering and Terrorism Post--9/11: The Industry's Obligations
Mr. Byrne, Senior Counsel and Compliance Manager, American Bankers Association IX. FINANCIAL AND BANKING ISSUES
Chair: José Benjamín Escobar   10:10–10:50 Central Bank Emergency Liquidity Financing: Systemic Protection or Bank Bailout?
Mr. Ross S. Delston, Consulting Counsel, Legal Department, IMF and Mr. Andrew Campbell, Faculty of Law, University of Wales, Aberystwyth, U.K. and Consulting Counsel to the IMF11:20–11:50 The Role of Supervisory Authorities in Connection with Bank Mergers
Mr. John V. Austin, Consultant, Legal Department, IMF11:50–12:30 The Post Gramm-Leach-Bliley Financial Services Industry
Mr. Richard Whiting, General Counsel, Financial Roundtable
Restoring and Transforming Payments and Banking Systems in Post-Conflict Economies
Ake Lönnberg, Senior Economist, Monetary and Exchange Affairs Department, IMF2:00–2:45 Discussion
Mr. Delston, Mr. Austin, Mr. Whiting X. SECURITIES
Chair: Tobias M.C. Asser   2:45–3:30 Principles of the Convention on Law on Indirectly Held Securities
Mr. Christophe Bernasconi, First Secretary, Permanent Bureau, Hague Conference of Private International Law, and Mr. Potok, Legal Expert, Hague Conference of Private International Law3:30–4:00 Regulatory Aspects of the draft Hague Convention on the Law Applicable to Certain Rights in Respect of Securities held with an Intermediary
Mr. Phillipe Dupont, Arendt & Medernach4:30–5:00 Framework For Standardized Investment Fund Products For EU-Wide Distribution (UCITS)
Ms. Maike Luedersen, Counsel, Legal Department, IMF5:00–5:45 Discussion
Mr. Bernasconi, Mr. Potok, Mr. Dupont, Ms. Luedersen Tuesday, May 14

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 XI. CENTRAL BANK ISSUES
Chair: José Benjamín Escobar   9:30–10:00 Supervisory Boards in Some Central Banks
Mr. Robert Sparve, Secretariat of the Executive Board, Riksbank10:00–10:30 Legal Framework for Central Bank Independence
Mr. Bernhard Steinki, Counsel, Legal Department, IMF11:00–11:30 Relative Autonomy of the Central Bank
Mr. Tobias M.C. Asser, former Assistant General Counsel, Legal Department, IMF11:30–12:00 Frameworks for the Resolution of Conflicts Between Central Banks and Government: Issues and Assessments
Prof. Pierre L. Siklos, Department of Economics, Wilfrid Laurier University12:00–12:30 Discussion
Mr. Sparve, Mr. Steinki, Mr. Asser, Prof. Siklos Chair: Mr. Robert Sparve   2:00–2:30 Safeguards Assessments and Central Bank Legislation
Mr. Thanos Catsambas, Division Chief, Safeguards Assessment Division, Treasurer's Department, IMF2:30–3:00 Financial Integrity, Operational Controls and Transparency--Auditing in a Central Bank Context
Mr. Donald Vangel, Partner, Risk Management Practice, Ernst and Young3:00–3:30 Profits, Dividends and Capital - Considerations for Central Banks
Mr. Kenneth Sullivan, Senior Economist, Monetary and Exchange Affairs Department, IMF XII. INSOLVENCY AND CREDITORS RIGHTS
Chair: Mr. Sean L. Hagan   4:00–4:30 Development of Standards for Secured Transactions and Enforcement of Claims
Ms. Pascale De Boeck, Senior Counsel, Legal Department, IMF4:30–5:15 Insolvency Law Reform
Judge Burton R. Lifland, U.S. Bankruptcy Court, Southern District of New York5:15–5:45 Discussion
Ms. De Boeck, Judge Lifland Wednesday, May 15

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 XIII. BANK INSOLVENCY AND REFORM
Chair: Ross S. Delston   9:30–10:00 Insolvency—Why a Special Regime for Banks?
Ms. Eva Hüpkes, Swiss Federal Banking Commission10:00–10:30 Issues in Cross-Border Bank Insolvency: The European Community Directive on the Reorganization and Winding-Up of Credit Institutions
Mr. Andrew Campbell, Department of Law, University of Wales11:00–11:30 Some Key Issues in Systemic Bank Restructuring: Experiences from Recent Crises Cases
Mr. Carl-Johan Lindgren, Senior Consultant and ex-Deputy Director, Monetary and Exchange Affairs Department, IMF11:30–12:00 Controlling Systemic Risk in an Era of Financial Consolidation
Prof. Arthur E. Wilmarth, George Washington University School of Law12:00–12:45 Discussion
Ms. Hupkes, Mr. Campbell, Mr. Lindgren, Prof. Wilmarth XIV. TECHNOLOGY AND THE FINANCIAL SECTOR
Chair: Prof. Benjamin Geva   2:30–3:00 Financial Technology and Security in the Age of Terrorism
Mr. Thomas P. Vartanian, Partner, Fried Frank Harris Shriver & Jacobson3:00–3:30 Creating Secure and Enforceable Electronic Transactions
Mr. Thomas J. Smedinghoff, Partner, Baker and McKenzie4:00–4:30 Electronic Compradors and Dragomans: The Relevance of Cultural Diversity to Global Information Markets
Ms. Jane K. Winn, Professor, Dedman School of Law, Southern Methodist University4:30–5:00 Electronic Banking: New Developments and Regulatory Risks
Mr. John D. Wright, Vice-President and Assistant General Counsel, Law Department Regulation and Technology Section, Wells Fargo5:00–5:30 Discussion
Mr. Vartanian, Mr. Smedinghoff, Prof. Winn, Mr. Wright Thursday, May 16

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 XV. WORLD TRADE ORGANIZATION
Chair: Mr. Roy Baban   9:30–10:00 Legal Aspects of the IMF/WTO Relationship: The Fund’s Articles of Agreement and the WTO Agreements
Ms. Deborah E. Siegel, Senior Counsel, Legal Department, IMF10:00–10:30 Current Developments Regarding the WTO Financial Services Agreement
Mr. Christopher Parlin, Partner, Kaye Scholer LLP III. GOVERNANCE AND ACCOUNTABILITY IN THE FUND, continued
Chair: Mr. James A. Jones   11:00–11:30 Role and Agenda of the IMF Internal Evaluation Office
Mr. Montek Ahluwalia, Director, IEO, IMF XVI. CORRUPTION AND INSIDER TRADING
Chair: Mr. James A. Jones   11:30–12:00 Conceptual Framework for Analyzing and Combating Corruption of Public Officials
Mr. Ethan S. Burger, Project Director for Transnational Crime and Corruption Center and Associate Research Professor, School of International Service, American University12:00–12:30 Insider Trading—A Comparative Perspective
Prof. Marc I. Steinberg, Dedman School of Law, Southern Methodist University XVII. PAYMENT SYSTEMS AND SUPPORTING FRAMEWORKS
Chair: Mr. Roy Baban   2:00–2:30 Risks and Developments in Payment Systems
Mr. Tonny Lybek, Economist, Monetary and Exchange Affairs Department, IMF2:30–3:00 Hawala and Other Informal Payments Systems: An Economic Perspective
Mr. John Wilson, Senior Economist, Middle East Department, IMF)3:00–3:30 Reimagining E-Money: Its Conceptual Unity with other Retail Payment Systems
Prof. Geva, Osgoode Hall Law School, York University, Toronto4:30–5:00 The Use of Contractual Structures to Create International Legal Frameworks for Electronic Commerce
Mr. Paul Mallon, Director, Legal and Regulatory Affairs, BOLERO.net5:00–5:45 Discussion
Mr. Wilson, Prof. Geva, Mr. Mallon Friday, May 17

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 XVIII. MONETARY ARRANGEMENTS AND CRISES
Chair: Ms. Pascale De Boeck   9:00–9:30 Currency Boards: Exit Strategies
Ms. Anne-Marie Gulde-Wolf, Chief, Monetary And Exchange Policy
Analysis Division, Monetary and Exchange Affairs Department, IMF9:30–10:00 Anticipating Financial Crises
Ms. Carmen Reinhart, Senior Policy Advisor, Research Department, IMF10:00–10:30 "Dollarization:" What's in it (or not) for the issuing Country?
Mr. Ed Nosal, Economic Advisor, Federal Reserve Bank of Cleveland11:00–11:30 The Use of a Foreign Country's Currency in International Law
Mr. Mario Giovanoli, General Counsel, BIS11:30–12:00 Use of Foreign Currency under the Fund's Articles of Agreement
Mr. François Gianviti, General Counsel, IMF12:00–12:30 Discussion
Ms. Gulde-Wolf, Ms. Reinhart, Mr. Nosal, Mr. Giovanoli, Mr. Gianviti12:30–2:00 Farewell Luncheon (IMF Gallery)
—Remarks by a Representative of Country Participants
—Remarks by Mr. Köhler, Managing Director