The Nation State and Its Banks: Sovereign Debt and International Regulation
with Professor Jay Westbrook
February 7-8, 2013
February 7-8, 2013
The Symposium brings together leading academics, officials and practitioners for two days of discussion on the international implications of the evolving regulation of financial institutions. The major topic headings are Sovereign Debt, International Regulation of Financial Companies, Derivatives, and the Inter-relationship among those three challenging topics. While four panels will be traditionally academic, we introduce several Roundtables, which will give practicing attorneys a chance to discuss the practicality, problems, and benefits of implementing ideas from the panels in the real world. We already have confirmations from Sean Hagan, General Counsel of the IMF, Henry Hu, and Dr. Christoph Paulus, former dean of the law faculty at Humboldt and the leading German legal expert on the sovereign debt crisis in Europe—with more great speakers to be announced.
(by order of appearance)
Professor Douglas Arner
Douglas Arner is Professor and Head of the Department of Law at the University of Hong Kong. Prior to his appointment as Head of Department, he served as Director of the Asian Institute of International Financial Law from 2006 to 2011. In addition, he is Co-Director of the Duke University-HKU Asia-America Institute in Transnational Law, a Senior Visiting Fellow of Melbourne Law School and a Visiting Research Fellow of the University of New South Wales. Before joining HKU in 2000, Douglas was the Sir John Lubbock Support Fund Fellow at the Cente for Commercial Law Studies (CCLS) at Queen Mary, University of London, and a consultant with the European Bank for Reconstruction and Development (EBRD). Douglas specialises in economic and financial law, regulation and development. He is author, co-author or editor of twelve books, including From Crisis to Crisis: The Global Financial Crisis and Regulatory Failure (Kluwer 2011), Financial Stability, Economic Growth and the Role of Law (Cambridge University Press 2007) and Financial Markets in Hong Kong: Law and Practice (Oxford University Press 2006), and is author or co-author of more than 100 articles, chapters and reports on related subjects. Douglas is a member of the Hong Kong Financial Services Development Council. He has served as a consultant with, among others, the World Bank, Asian Development Bank, APEC, EBRD, and Development Bank of Southern Africa. He has lectured, co-organised conferences and seminars and been involved with financial sector reform projects in over 20 economies in Africa, Asia and Europe, and has been a visiting professor or fellow at the Universities of London, McGill, Melbourne, New South Wales, Singapore and Zurich, as well as the Shanghai University of Finance and Economics and Hong Kong Institute for Monetary Research. At HKU, his course responsibilities include Regulation of Financial Markets, Law of International Finance, International Securities Law, and International Economic Law. In 2007, he received HKU’s Outstanding Young Researcher Award and served as Convenor of HKU’s HKU’s Law, Policy and Development Strategic Research Theme from 2008-2012. He is currently Project Coordinator of a major research project funded by the Hong Kong Research Grants Council: “Enhancing Hong Kong’s Future as an International Financial Centre”. Douglas holds a BA from Drury College (where he studied literature, economics and political science), a JD (cum laude) from Southern Methodist University, an LLM (with distinction) in banking and finance law from the University of London (Queen Mary College), and a PhD from the University of London.
Professor Eric Pan
Eric J. Pan is on leave as an Associate Professor of Law at the Benjamin N. Cardozo School of Law in New York. His research focuses on financial regulation, corporate law, securities law and international law. Prof. Pan currently is serving as the Associate Director of the Office of International Affairs of the U.S. Securities and Exchange Commission in Washington, DC where he oversees the development of international regulatory policy for the Commission. He is also a recipient of the SEC’s Law and Policy Award for his work on implementation of the Dodd-Frank Act. Before joining the SEC and while serving on the Cardozo faculty, Prof. Pan was the Director of The Samuel and Ronnie Heyman Center on Corporate Governance. He also served as an Associate Fellow in the International Economics and International Law Programmes of the Royal Institute of International Affairs (Chatham House) in London and directed the Chatham House City Series. Prof. Pan previously practiced corporate, securities and international law in the Washington, DC office of the international law firm Covington & Burling. Before joining Covington, Prof. Pan was a Jean Monnet Lecturer in Law at Warwick University, England, where he served as director of Warwick’s Programme in Law and Business, and a visiting fellow in international law at Cambridge University, England. Prof. Pan is a member of The American Law Institute, an editorial board member of the Journal of Regulation in Paris and an advisory board member of the Centre for Financial Regulation and Economic Development in Hong Kong. He received his J.D. from Harvard Law School, M.Sc. from the University of Edinburgh, and A.B. from Harvard College.
Professor Henry Hu
Professor Henry T. C. Hu holds the Allan Shivers Chair in the Law of Banking and Finance at the University of Texas Law School. He was the inaugural Director of the SEC’s Division of Risk, Strategy, and Financial Innovation (2009-2011). The first new Division in 37 years, “Risk Fin” was created to provide sophisticated, interdisciplinary analysis across the entire spectrum of SEC activities, including policymaking, rulemaking, enforcement, and examinations. Professor Hu teaches corporate law, modern finance and governance, and securities regulation. He has also taught at Harvard Law School, where he was the Bruce W. Nichols Visiting Professor of Law for the 1997-98 academic year. He has been chair of the Association of American Law Schools’ Business Associations Section and a member of the Legal Advisory Board of the NASD (now FINRA), the NASD and NASDAQ Market Regulation Committees, and the Board of Trustees of the Center for American and International Law. He is on the Editorial Board of the Oxford University Press’s Capital Markets Law Journal.
Professor Anna Gelpern
Anna Gelpern is a Professor of Law at American University Washington College of Law. She has published articles on financial integration, government debt, and regulation of financial institutions in law and social science journals, and has co-authored a textbook on International Finance. She has contributed to international initiatives on financial reform and sovereign borrowing, most recently as part of the Second Warwick Commission and as an expert for the United Nations Conference on Trade and Development. Prof. Gelpern is a visiting fellow at the Peter G. Peterson Institute for International Economics and a fellow at the George Washington University School of Law Center for Law, Economics & Finance; she has held visiting appointments at the Georgetown University Law Center and the University of Pennsylvania Law School, and a faculty appointment at the Rutgers School of Law-Newark and the Rutgers University Division of Global Affairs. She was an International Affairs Fellow at the Council on Foreign Relations, served in legal and policy positions at the U.S. Treasury Department, and practiced with Cleary, Gottlieb, Steen & Hamilton in New York and London. Prof. Gelpern earned an A.B. from Princeton University, a J.D. from Harvard Law School, and a M.Sc. from the London School of Economics and Political Science.
Professor Christoph G. Paulus
Cristoph G. Paulus is a professor for Civil Law, Procedural Law, Insolvency Law and ancient Legal History at Humboldt University in Berlin. Since 2009 he has been the Director of the Institute for Interdisciplinary Restructuring. He has previously served as Dean of the Law Faculty at Humboldt, Dean of International Affairs of the Law Faculty at Humboldt, Associate Professor for Civil Law and Procedural Law at University of Augsburg, and Interim Professor for Civil Law and Procedural Law at the Universities of Berlin, Heidelberg, and Saarbrücken. Since 2006, he has been an advisor of the German delegation for the United Nations Commission on International Trade Law (UNCITRAL). Professor Paulus Studied law and received a doctorate at Ludwig-Maximilians University in Munich.
Professor Jens Dammann
Jens Dammann is the William Stamps Farish Professor in Law at the University of Texas. He has also taught at various other universities including the University of Chicago School of Law, the Cornell Law School, and the Fundacao Getulio Vargas (Brazil). His main areas of interest are corporate law, contracts, comparative, and European law.
Charles W. Mooney, Jr. is the Charles A. Heimbold, Jr. Professor of Law at the University of Pennsylvania Law School. He is a graduate of the University of Oklahoma (B.A. (high honors) 1969) and the Harvard Law School (J.D. cum laude 1972). He was Visiting Professor of Law at the Georgetown University Law Center for the Fall 1993 term, and was Visiting Professor of Law at the University of Virginia School of Law for the Fall 2000 term. Prof. Mooney served as Interim Dean (1999-2000) and Associate Dean for Academic Affairs (1998-2000; 2008-09) at the University of Pennsylvania Law School. He was Chair of the University of Pennsylvania Faculty Senate for the 2004-05 academic year. Until 1986 Prof. Mooney was a partner of Shearman & Sterling in New York City, where he specialized in private financing transactions and banking law. Prior to 1981, Prof. Mooney practiced law in Oklahoma City with the firm of Crowe & Dunlevy. Prof. Mooney is a nationally and internationally recognized scholar in the areas of commercial, debtor-creditor, and bankruptcy law. He is a member of The American Law Institute, a fellow of the American College of Commercial Finance Attorneys, and a fellow of The American College of Bankruptcy. He has served as a Regent and currently serves as a Director of the American College of Bankruptcy. He has been and continues to be involved in many law-reform efforts on the state, federal, and international levels. He was a member of the Securities and Exchange Commission’s Federal Advisory Committee on Market Transactions (appointed by the S.E.C., 1991-1997), and was a co-reporter for the Drafting Committee on the Revision of U.C.C. Article 9 (Secured Transactions). Prof. Mooney also served as a United States Delegate and Position Coordinator, International Institute for the Unification of Private International Law (UNIDROIT), Draft Convention on Security Interests in International Mobile Equipment, and also served in those capacities at the Diplomatic Conference in Cape Town, South Africa, that completed the Cape Town Convention on International Interests in Mobile Equipment and the Protocol on Aircraft Equipment. He also served as a member of the United States delegation for the UNIDROIT (Geneva) Convention on Intermediated Securities at governmental experts meetings and at the Diplomatic Conference in Geneva. He teaches in the areas of commercial, debtor-creditor, bankruptcy, international business, and real property law and he is the author of books, chapters, articles, and other materials in the commercial law field.
Professor Stephen J. Lubben
Stephen J. Lubben, holder of the Harvey Washington Wiley Chair in Corporate Governance & Business Ethics at Seton Hall, is an internationally recognized expert in the field of corporate governance, corporate restructuring, financial distress and debt. He is the author of a forthcoming textbook, to be published by Aspen, on corporate finance, and a contributing author to the new Bloomberg Law on Bankruptcy treatise. He is also the In Debt columnist for the New York Times’ Dealbook page. Professor Lubben grew up in west Los Angeles and attended the University of California, Irvine, where he majored in History and minored in Political Science. Following graduation from law school, Professor Lubben clerked for Justice John T. Broderick, Jr. of the New Hampshire Supreme Court. He then practiced in the New York and Los Angeles offices of Skadden, Arps, Slate, Meagher & Flom LLP, where he represented parties in chapter 11 cases throughout the country.
Francis J. Gavin
A historian by training, Francis J. Gavin’s teaching and research interests focus on U.S. foreign policy, global governance, national security affairs, nuclear strategy and arms control, presidential policymaking, and the history of international monetary relations. Gavin is the Director of the Robert S. Strauss Center for International Security and Law and the first Tom Slick Professor of International Affairs at Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin. He was also the director of “The Next Generation Project – U.S. Global Policy and the Future of International Institutions,” a multi-year national initiative sponsored by The American Assembly at Columbia University. Previously, he was an Olin National Security Fellow at Harvard University’s Center for International Affairs, an International Security Fellow at Harvard’s Kennedy School of Government, and a Research Fellow at the Miller Center for Public Affairs at the University of Virginia, where he started “The Presidency and Economic Policy Program.” His publications include numerous scholarly articles, book reviews and editorials. His book, Gold, Dollars, and Power: The Politics of International Monetary Relations, 1958-1971, was published in 2004 by the University of North Carolina Press under their New Cold War History series. Gavin is a member of the Council on Foreign Relations, the Society of Historians of American Foreign Relations, the International Studies Association, the Council for European Studies, and is an advisor to McKinsey & Company. He serves on the Academic Advisory Board for America Abroad Media in Washington, DC and the Advisory Board for the Center for International Business Education and Research at the University of Texas.
Professor Jay Westbrook
One of the nation’s most distinguished scholars in the field of bankruptcy and international litigation and regulation; he has been pioneered empirical research and comparative studies in these fields. He practiced in these areas for more than a decade with Surrey & Morse (now part of Jones, Day) in Washington, D.C., where he was a partner, before joining the UT Law faculty in 1980. In addition to many articles, he is co-author of As We Forgive Our Debtors: Bankruptcy and Consumer Credit in America (Oxford, 1989), The Fragile Middle Class (Yale, 2000), The Law of Debtors and Creditors (Aspen, 6th ed., 2009), and A Global View of Business Insolvency Systems (Martinus Nijhoff 2010). He has been a Visiting Professor at Harvard Law School and the University of London, and is a member of the American Law Institute, the National Bankruptcy Conference, and the American College of Bankruptcy. He was the United States Reporter for the ALI’s Transnational Insolvency Project and co-head of the United States delegation to the UN (UNCITRAL) conference on cross-border insolvency. He serves as a consultant to the International Monetary Fund and the World Bank. He has also served as a director of the International Insolvency Institute and as President of the International Academy of Commercial and Consumer Law. He has twice been named the Outstanding Teacher at the UT Law School.
Sean Hagan is General Counsel and Director of the Legal Department at the International Monetary Fund. In this capacity, Mr. Hagan advises the Fund’s management, Executive Board and membership on all legal aspects of the Fund’s operations, including its regulatory, advisory and lending functions. Mr. Hagan has published extensively on both the law of the Fund and a broad range of legal issues relating to the prevention and resolution of financial crisis, with a particular emphasis on insolvency and the restructuring of debt, including sovereign debt. Prior to beginning work at the IMF, Mr. Hagan was in private practice, first in New York and subsequently in Tokyo. Mr. Hagan received his Juris Doctor from the Georgetown University Law Center and also received a Masters of Science in International Political Economy from the London School of Economics and Political Science.
Professor Christian Hofmann
Professor Hofmann received his law degrees (J.D. equivalent, Dr. iur. and post-doctorate) from German universities (Freiburg, Halle-Wittenberg and Berlin). He was a judicial clerk for two years and interned for the European Commission. He lived in the US twice, first as a visiting scholar and Humboldt Fellow at UC Berkeley (Boalt Hall), then as a Global Research Fellow at NYU School of Law. His main research interests are in Company and Banking Law, fields in which he has published substantially.
Professor Yanis Varoufakis
Born in Athens, 1961, Varoufakis moved to England to read Mathematical Economics (Essex), Mathematical Statistics (Birmingham) and to complete a PhD in Economics (Essex). His academic appointments began at the University of Essex and then took him to the Universities of East Anglia, Cambridge, Glasgow, the Université Catholique de Louvain and the University of Sydney – before returning to his native Greece to take up an appointment at the University of Athens as Professor of Economic Theory and director of the Political Economy Program, as well as to found UADPhilEcon, an international doctorate program in economics. He now holds a Visiting Professorship at the Lyndon B. Johnson Graduate School of Public Affairs of the University of Texas at Austin. Since the Global and Euro Crises began in 2008, Varoufakis has been an active participant in the debates occasioned by these events. Together with Stuart Holland, he is the author of A Modest Proposal for Resolving the Euro Crisis. His books include: The Global Minotaur: The True Origins of the Financial Crisis and the Future of the World Economy, London and New York: Zed Books, 2011 (Second edition due in December 2012); Modern Political Economics: Making sense of the post-2008 world, London and New York: Routledge, (with J. Halevi and N. Theocarakis) 2011; Game Theory: A Critical Text, London and New York: Routledge, (with S. Hargreaves-Heap), 2004; Foundations of Economics: A beginner’s companion, London and New York: Routledge, 1998; and Rational Conflict, Oxford: Blackwell Publishers, 1991.
Professor Adam Feibelman
After graduating from law school, Professor Feibelman clerked for Judge Gilbert S. Merritt of the US Court of Appeals for the Sixth Circuit. He then served as a Bigelow Fellow at the University of Chicago Law School before joining the faculty of the University of Cincinnati College of Law. Prior to coming to Tulane, he was on the faculty of the University of North Carolina School of Law. His primary teaching and research interests include contracts, consumer financial transactions, banking law, bankruptcy, law and development, and sovereign debt.
Professor Caroline Bradley
Caroline Bradley, Professor of Law, began her academic career in 1986, serving as a lecturer in law at the London School of Economics and Political Science. She obtained her LL.M. (first class) from Jesus College, Cambridge, in 1984, and qualified as a solicitor before joining the LSE faculty. Prof. Bradley, who joined the Law School faculty in 1992, has written widely on matters of British and European financial law. At the University of Miami, she teaches courses in European Community law, United States securities regulation, international finance and business associations.
Professor John A.E. Pottow
John A. E. Pottow is an internationally recognized expert in the field of bankruptcy and commercial law. His award-winning scholarship concentrates on the issues involved in the regulation of cross-border insolvencies as well as consumer financial distress. He has published in prominent legal journals in the United States and Canada and testified before Congress. An oft-invited lecturer, he has presented his works at academic conferences around the world and frequently provides commentary for national and international media outlets such as NPR, CNBC, CNN, C-SPAN, and the BBC. Prof. Pottow joined the faculty in 2003. Prior to coming to Michigan, he worked at several bankruptcy firms, including Weil, Gotshal and Manges of New York and the former Hill & Barlow of Boston. His practice focused on debtor representation in complex Chapter 11 restructurings. He was also an active litigator whose cases included representing a gender-based asylum seeker from Afghanistan in U.S. Immigration Court and a small bankruptcy party before the U.S. Supreme Court. He holds an AB in psychology, summa cum laude, from Harvard College and a JD, magna cum laude, from Harvard Law School, where he served as treasurer of the Harvard Law Review. Prof. Pottow clerked for the Rt. Hon. Beverley McLachlin, Chief Justice of Canada, and the Hon. Guido Calabresi, U.S. Court of Appeals for the Second Circuit. He is licensed as a barrister and solicitor in Ontario and as an attorney in Massachusetts. In 2005, he was presented the L. Hart Wright Award for Excellence in Teaching. In 2010, he was elected a member of the International Insolvency Institute.
Michael H. Krimminger is a partner based in the Washington, D.C. office Cleary Gottlieb Steen & Hamilton LLP. Mr. Krimminger’s practice focuses on domestic and international banking and financial institutions. In particular, he advises on the challengers and opportunities stemming from statutory and regulatory reforms in the United States and internationally, as well as a variety of restructuring and insolvency- related matters. Mr. Krimminger joined Cleary Gottlieb in 2012 after serving for more than two decades in numerous leadership positions with the Federal Deposit Insurance Corporation (FDIC), including most recently as its General Counsel. As General Counsel, Mr. Krimminger served as the principal legal and policy advisor to the Chairman and Board of Directors regarding the legislative development and alter implementation of regulatory and policy components of the Dodd-Frank Act, including its SIFI resolution, living wills, capital markets and structured finance requirements. Mr. Krimminger also played a major role in the FDIC and U.S. efforts to enhance resolution planning and cross-border cooperation among G-20 countries. He was also responsible for all legal policy, litigation, corporate issues, and operations for the 730 attorney and non-attorney members of the Legal Division. Prior to serving as General Counsel, Mr. Krimminger served as Special Advisor for Policy to the Chairman and Deputy to the Chairman for Policy. He played a central role in the FDIC’s response to the financial crisis and the development of Dodd-Frank Act provisions addressing capital markets, capital requirements, creation of the Financial Stability Oversight Council, living wills, enhanced prudential supervisions, risk retention, resolution authority, and other provisions of the Act. He also directed the strategy development, analysis and implementation of initiatives on corporate legal policy, capital policy, systemic stabilization, SIFIs, domestic and international resolutions, mortgage policy and housing finance, and derivatives, securitization, and other structured finance transactions. Mr Krimminger’s international experience including serving as the co-chair of the Basel Committee’s Cross Border Resolutions Group and representing the FDIC on the Financial Stability Board’s Resolution Steering Group and other bodies. He has played a central role in bilateral and multilateral discussions with regulators around the world on legal reform, resolution planning, capital and liquidity requirements, and strategies for implementation of financial market reforms for derivatives and other financial market contracts. Mr. Krimminger received a J.D., with Distinction, from Duke University School of Law in 1982, where he served on the Editorial Board of the Duke Law Journal. He received an undergraduate degree, Phi Beta Kappa, from the University of North Carolina in 1979. Mr. Krimminger is a member of the Bars in California, Virginia and the District of Columbia.
John Podvin, Of Counsel at the Dallas office of Haynes Boone, has more than 20 years of regulatory agency, law firm and corporate experience. He advises corporate boards, board committees, and members of management on federal and state banking laws and government investigations, and has served as primary liaison to federal bank regulators. He led a team of lawyers in summarizing the Dodd-Frank Wall Street Reform and Consumer Protection Act and was invited to testify before the Texas House of Representatives Pensions, Investments and Financial Services Committee and the Texas Senate Business and Commerce Committee concerning the implementation of the Act. Currently, he is advising clients on the implementation of the Dodd-Frank Act. During his corporate career with an NYSE-listed parent company to a $16 billion bank, he advised the board and management on compliance with applicable law, with specific emphasis on compliance management, government relations, fair lending, insider lending, affiliate transactions, legal lending limits, privacy, ethics, and other regulatory issues. In addition, in his role as deputy general counsel and chief compliance officer he actively participated in the formulation and support of enterprise-wide policies and strategic initiatives. He supervised and coordinated investigations triggered by consumer complaints and calls to the ethics hotline required by Sarbanes-Oxley. He coordinated and acted as primary liaison for all examinations with federal bank regulators. Finally, he served as a member of the parent company’s disclosure committee. As an outside counsel, John has assisted financial institutions with regulatory compliance, mergers and acquisitions, government investigations, enforcement actions and litigation. He works closely with financial institutions in developing new products and services, including electronic banking services, Internet services and other forms of information technology.
Mr. Nun has almost 40 years’ experience as a senior bank regulator and an international advisor/consultant for banking/financial sector supervision and regulation. He has worked in all aspects of bank regulation including licensing and regulation of financial institutions, drafting and implementing legal frameworks and prudential rules/policies, resolution and rehabilitation of troubled banks, systemic banking issues, deposit protection and staff development. Working both independently and as a member of multi-disciplinary teams, he has advised banking authorities in numerous countries, assessing their supervisory systems and legal frameworks, recommending strategies for attaining international standards, and initiating practical solutions tailored to local circumstances. He has lectured frequently at seminars and has conducted training for both senior level officials and staff of sovereign regulatory agencies. Mr. Nun holds a degree in mathematics and physics from Concordia University and a degree from the American Bankers Association’s Stonier Graduate School of Banking where his thesis “Bank Failures: the Management Factor” received highest honors.
Bill Stutts is a partner in Baker Botts L.L.P. His practice involves the regulation of banks and other credit institutions, corporate insolvency and reorganization, and derivatives. He has re-roofed his own house.
He is member of the American Law Institute. He works on several committees and task forces of the American Bar Association, and served on the Texas Banking Department’s Banking Code Revision Task Force and Interstate Branching Task Force. He is also an adjunct professor at the University of Texas Law School, where he teaches regulation of financial markets. Mr. Stutts received his undergraduate degree at The University of Texas, where he was a Junior Fellow, and his law degree from the University of Virginia. After graduation, he clerked for Judge Homer Thornberry, Fifth Circuit Court of Appeals. His published works include pieces on administrative procedure, bank regulation and resolution, derivatives, foreign exchange, foreclosure, and loan documentation.