Spring 2015 Archive
WEEK 14: April 13-17: We will meet this week on Tuesday and Thursday for presentation and discussion of your papers. Please make every effort to attend even if you have already presented your own paper.
The papers are due the last day of the exam period.
WEEK 13: April 6-10: We will meet this week on Tuesday and Thursday for presentation and discussion of your papers.
WEEK 12: March 30-April 3
WEEK 11: March 23-27:
WEEK 10: March 16-20:
I am happy to review your draft outlines and papers (and sections of papers) as you develop them. And I am also available to help with any questions you have as you work on the papers either by email or in person. If you want to meet in person it is best to schedule an appointment by email.
WEEK 9: March 9-13: SPRING BREAK Have a great break.
WEEK 8: March 2-6 We will not meet as a group this week. Our next meeting will be on Tuesday April 7 on that day and the following Thursdays and Tuesdays until the end of the semester we will meet to hear and discuss presentations of the papers. Here is the draft presentation schedule as of February 11, 2015.
Between now and April 7 I am happy to review your draft outlines and papers (and sections of papers) as you develop them. And I am also available to help with any questions you have as you work on the papers either by email or in person. Tuesdays and Thursdays 9-11 will work for me, but other times are possible also. If you want to meet in person it is best to schedule an appointment by email.
WEEK 7: February 23-27 We will not meet as a group this week. Our next meeting will be on Tuesday April 7 on that day and the following Thursdays and Tuesdays until the end of the semester we will meet to hear and discuss presentations of the papers. Here is the draft presentation schedule as of February 11, 2015.
Between now and April 7 I am happy to review your draft outlines and papers (and sections of papers) as you develop them. And I am also available to help with any questions you have as you work on the papers either by email or in person. Tuesdays and Thursdays 9-11 will work for me, but other times are possible also. If you want to meet in person it is best to schedule an appointment by email.
On February 26 at 12.30pm there is a lecture on the FCPA you may be interested in. It will be in Room D201 in the Library at the Law School, and there is lunch.
WEEK 6: February 16-20 We will not meet as a group this week. Our next meeting will be on Tuesday April 7 on that day and the following Thursdays and Tuesdays until the end of the semester we will meet to hear and discuss presentations of the papers. Here is the draft presentation schedule as of February 11, 2015.
Between now and April 7 I am happy to review your draft outlines and papers (and sections of papers) as you develop them. And I am also available to help with any questions you have as you work on the papers either by email or in person. Tuesdays and Thursdays 9-11 will work for me, but other times are possible also. If you want to meet in person it is best to schedule an appointment by email.
On February 26 at 12.30pm there is a lecture on the FCPA you may be interested in. It will be in Room D201 in the Library at the Law School, and there is lunch.
WEEK 5: February 9-13 On Tuesday we will think about another example of non-compliance. Please read:
1. Asset Freezes, Sanctions, Moneylaundering
2. Cease and Desist Order relating to Standard Chartered
3. Settlement Agreement relating to Standard Chartered
4. Cease and Desist Order Relating to RBS
5. Settlement Agreement Relating to RBS
On Thursday we will think about measures to improve compliance. The section on governance in the materials on Libor Manipulation is relevant to this issue. Please also read:
1. Fair and Effective Markets Review, How Fair and Effective are the Fixed Income, Foreign Exchange and Commodities Markets? (Oct. 2014)
2. American Bankers’ Association et al, Comments on Ukraine-Related Sectoral Sanctions (Dec. 2014)
Sunday February 8: Today’s New York Times has an interesting article, Stream of Foreign Wealth Flows to Elite New York Real Estate (discussed here). The article argues that many condo owners in New York are people who are hiding their ownership and whose wealth derives from unsavory sources.
February 10: You may find this paper on derisking interesting: Global Center on Cooperative Security, Understanding Bank De-risking and its Effects on Financial Inclusion (Jan. 2015).
And here is the OFAC compliance representation I mentioned in class (taken from this document):
Neither borrower, nor any of its subsidiaries, nor, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by any individual or entity that is (a) currently the subject or target of any sanctions or (b) located, organized or resident in a designated jurisdiction.
WEEK 4: February 2-6
On Tuesday we will begin with Paul Tucker, Regulatory Reform, Stability and Central Banking, Hutchins Center on Fiscal and Monetary Policy at Brookings (2014)
Please also read: Deloitte and TheCityUK, Welcome Ashore: Establishing a Financial Services Institution in the UK and UK Trade and Investment, UK Excellence in Islamic Finance (Oct. 2014)
On Thursday we will begin with this material on Eurodollars and then go on to consider this material on Libor Manipulation.
WEEK 3: January 26-30
On Tuesday we will begin by discussing IMF, Strengthening the Contractual Framework to Address Collective Action Problems in Sovereign Debt Restructuring (October 2014). Please also read ICMA Standard CACs (August 2014) and ICMA Standard Pari Passu Provision (August 2014).
For Tuesday please also read the IOSCO Task Force on Cross Border Regulation Consultative Report (November 2014).
For Thursday please read:
1. Daniel K. Tarrullo, International Cooperation in Central Banking, 47 Cornell. Int’l L. J. 1 (2014)
2. Annelise Riles, Managing Regulatory Arbitrage: A Conflict of Laws Approach 47 Cornell. Int’l L. J. 63 (2014)
3. Paul Tucker, Regulatory Reform, Stability and Central Banking, Hutchins Center on Fiscal and Monetary Policy at Brookings (2014)
Additional materials you may find interesting:
You can find documents relating to the Argentina litigation here.
Here is a link to material on the SEC Enforcement action against Standard & Poor’s
WEEK 2: January 19-23 The events of the last couple of days suggest to me that we should begin next week by focusing on Switzerland, which is connected to the European sovereign debt crisis. The EU sovereign debt crisis involved a recursive set of problems involving the connections between banks and sovereigns in the eurozone area. EU banks invested in sovereign debt of eurozone countries without distinguishing between the sovereigns with respect to their economic soundness, and EU capital adequacy rules did not differentiate between the debt of different eurozone sovereigns. At the same time some countries were economically much more precarious than others (contrast, for example Greece (which required a bailout and which may end up exiting the eurozone – the Grexit) and Germany). States in the EU bailed out their banks, which put pressure on the countries’ financial positions. And the eurozone took steps to reinforce economic governance to try to hold the eurozone together, and also introduced a new system of banking supervision for the euro area. On Tuesday we will focus on some aspects of this situation. For Tuesday’s session please read:
1. This Note on Switzerland
2. The Opinion of Advocate General Cruz Villalón in Gauweiler v Deutscher Bundestag, Case C-62/14
3. European Central Bank, Guide to Banking Supervision (Nov. 2014)
January 19: Here is a Factsheet on the EU/EUROZONE/EEA. Bentham Europe, an Australian litigation funder is promising to launch more mass claims against large firms in the UK. Christine Lagarde, Head of the IMF, writes about The Right Choices for 2015.
For Thursday please read:
1. International Finance: Sovereigns
2. IMF, Strengthening the Contractual Framework to Address Collective Action Problems in Sovereign Debt Restructuring (October 2014)
You can find documents relating to the Argentina litigation here.
First Class Assignment for Tuesday January 13: We will begin by reading some material that will introduce us to some of the issues in international finance.
1. Steven L. Schwarcz, Banking and Financial Regulation, in Oxford Handbook of Law and Economics (Francesco Parisi, ed. (forthcoming) (for an introduction to issues in banking regulation)
2. Inci Otker-Robe, Global Risks and Collective Action Failures: What Can the International Community Do?, IMF Working Paper No. 14/195 (Oct. 24, 2014) (for an introduction to the collective action problem)
3. Lawrence G. Baxter, Extraterritorial Impacts of Recent Financial Regulation Reforms: A Complex World of Global Finance (2014)
In the session on Tuesday we will begin by discussing the objectives and requirements for the seminar, including the organization of the seminar sessions and the choice of paper topics and development of the papers. We will then discuss the readings listed above.
As of January 7, 2015, I have begun to post some suggestions for thinking about paper topics here. This page is a work in progress and will change over the next few days.
For the Class on Thursday January 15 please read Issues in Transnational Investment in Securities and Samuel Issacharoff & Thad Eagles, The Australian Alternative: A View from Abroad of Recent Developments in Securities Class Actions, University of New South Wales Law Journal (2014)
January 14:
Some further paper topic thoughts:
Metlife challenge to FSOC determination that it is systemically important
JP Morgan compliance issues with respect to foreign exchange
Proposed identity cards for undocumented immigrants in New York to facilitate activities including the opening of bank accounts
According to Advocate General Cruz Villalón, the ECB’s Outright Monetary Transactions programme is
compatible, in principle, with the TFEU (Case C-62/14) (ECB Press release)
Applications for annulment of sanctions measures (e.g. Abdulrahim v Council and Commission (Judgment) [2015] EUECJ T-127/09 (14 January 2015) )
On January 15 the Labor Department will hold a hearing on Credit Suisse’s application to be allowed to continue to manage pension fund investments in the US despite its guilty plea to helping US citizens evade taxes
If you have a disability, or suspect that you may have a disability, the Law School encourages you to contact Iris Morera, Coordinator, Disability Services at the Office of Disability Services for information about available opportunities, resources, and services. Her phone number is 305-284-9907, and her email address is imorera@law.miami.edu . You may also visit the Office of Disability Services website at www.law.miami.edu/disability-services.
In Spring 2015 the class will be taught as a seminar. We will meet twice each week for the first 5 weeks of the semester to discuss the course readings, then not meet as a group to allow you to work on your papers, then meet again to discuss drafts. Materials for the seminar will focus on three sets of issues: Problems in Sovereign Debt, Cross Border Financial Regulation (Shadow Banking, Too Big to Fail, Bank Resolution), and Compliance (Benchmarks (e.g. Libor), Moneylaundering, Asset Freezes). I will provide a list of possible paper topics (you are not required to select a topic from the list although I do need to approve your paper topic).
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