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P.R.I.M.E. Finance Panel of Recognized International Market Experts in Finance Russian Derivatives Market 2011: P.R.I.M.E. Finance project on dispute resolution.

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Presentation on theme: "P.R.I.M.E. Finance Panel of Recognized International Market Experts in Finance Russian Derivatives Market 2011: P.R.I.M.E. Finance project on dispute resolution."— Presentation transcript:

1 P.R.I.M.E. Finance Panel of Recognized International Market Experts in Finance Russian Derivatives Market 2011: P.R.I.M.E. Finance project on dispute resolution Presentation by Professor Jeffrey Golden, Moscow, 8 September 2011

2 The Future of Financial Regulation: The Role of the Courts Concerns: A lot at stake Unsatisfactory results to date Phenomenon of standardisation We need a settled body of law International dimension Special subject court for finance missing 02Moscow – EBRD/NFEA/ISDA - 110908

3 Institutionalised dispute settlement Panel of Recognized International Market Experts (PRIME) ………..but not SUBPRIME!!! 03Moscow – EBRD/NFEA/ISDA - 110908

4 Standardisation Legal certainty Huge cost efficiencies Risk of contagion 04Moscow – EBRD/NFEA/ISDA - 110908

5 Conclusion: Key Features of P.R.I.M.E. Finance 1.High level expertise and reputation (individuals) 2.Multi-cultural 3.World wide reach 4.Speedy decisions, especially in the pre bankruptcy phase or crisis resolution 5.Mediation and Arbitration 6.Centre of Expertise, including valuation experts, legal experts, regulatory experts, tax experts and accounting experts, including experts from end users on the “buy side” 7.Decisions should be enforceable 8.Decisions should meet justified market expectations 9.Decisions should be publicly available (subject to protections for proprietary information) 10.Neutrality 11.A preemptive role in identifying legal uncertainties 12.Confidentiality 13.Education and training of judges, regulators and other participants 14.Persuasive advisory opinions 15.Competitive pricing 16.Access to justice for developing economies 05Moscow – EBRD/NFEA/ISDA - 110908

6 Conclusion: Type of Cases The Roundtable participants spent considerable time discussing what type of cases would be best served by P.R.I.M.E. Finance: 1.Cases dealing with contract interpretation, especially standard terms, market practice 2.Cases dealing with more general contract law (ultra vires, misrepresentation) 3.Cases where crisis resolution bodies are involved (pre bankruptcy) 4.Expert opinions 5.Structured transactions: what are the structures, what are the cash flows of transactions 6.Cases dealing with the economics of the transaction 7.Cases dealing with valuation issues 8.Developing market cases 9.“Foreign” language (non-English) cases Parties involved, including but not limited to: 1.Financial Institutions (commercial and investment) 2.Funds and other ”buy side” market participants 3.Development Banks 4.Multinationals 5.Exchanges 6.Clearing Houses 7.Microfinance (MFIs) 8.Central Banks and Regulatory Bodies (advisory only) 9.Referrals from National Courts (advisory only) 06Moscow – EBRD/NFEA/ISDA - 110908

7 Conclusion Resounding vote from Roundtable participants to move ahead with PRIME Finance! Resounding vote from the participants of the Roundtable Conference to move ahead with P.R.I.M.E. Finance! 07

8 The P.R.I.M.E. Finance Experts list The inaugural P.R.I.M.E. Finance Expert list has been created. The experts list composed of over 70 financial and dispute resolution experts includes the following expertise: o Market Experts30% o Legal Experts30% o Academics and Specialty Consultants10% o Former Judges15% o Specialized Arbitrators and Mediators15% 08Moscow – EBRD/NFEA/ISDA - 110908 The full P.R.I.M.E. Finance Expert list can be viewed at:

9 Experts - relevant qualifications taken into consideration (cont.) o Proven significant experience related to international commercial arbitration and the field of expertise (financial markets/financial instruments). o Educational degree(s) and/or professional license(s) appropriate to the field of expertise. o Honors, awards and citations indicating leadership in your field. o Training and substantial experience in arbitration, mediation and/or other forms of out-of- court dispute resolution (if appropriate). o Other relevant experience or accomplishments (e.g. published articles). 09Moscow – EBRD/NFEA/ISDA - 110908

10 Advisory Board of P.R.I.M.E. Finance The Advisory Board of P.R.I.M.E. Finance consists of: o Lord Woolf of Barnes, former Lord Chief Justice of England and Wales; Barrister at Blackstone Chambers o Mr. Nout Wellink, former President, Dutch Central Bank; former Chairman, Basel Committee on Banking Supervision o Mr. Antonio Sáinz de Vicuña, General Counsel, European Central Bank o Mr. Thomas Jasper, Managing Partner at Manursing Partners LLC; Founder Chairman of ISDA; Risk Hall of Fame member in recognition of his profound contributions to risk management (USA) o Mr. Thierry Porté, Operating Partner, J.C. Flowers & Co.; former President and CEO, Shinsei Bank, Japan 10Moscow – EBRD/NFEA/ISDA - 110908

11 Management Board of P.R.I.M.E. Finance The Management Board of P.R.I.M.E. Finance consists of: o Mr. Paul Arlman, Board Member of The World Legal Forum foundation; Chair of the Dutch branch of Transparency International; formerly Director of the World Bank and of the European Investment Bank o HE the Honourable Sir David Baragwanath KNZM, QC, Appeal judge of the United Nations Special Tribunal for Lebanon; the presiding judge of the Court of Appeal of Samoa; retired Judge of the High Court of New Zealand o Mr. Willem Calkoen, NautaDutilh, the Netherlands o Mr. Daniel Cunningham, Partner at Quinn Emanuel Urquhart & Sullivan LLP, New York, US o Ms. Gay Huey Evans, Vice Chairman, Consultant and Non-Executive Chairman of ISDA Europe; Non-Executive Director of the London Stock Exchange Group plc; formerly Director of Markets at the Financial Services Authority o Prof. Jeffrey Golden, Visiting Professor, London School of Economics and Political Science; Founder Partner, US Law Practice, Allen & Overy LLP o Ms. Sandie Okoro, General Counsel of the Barings Asset Management; formerly Head of Legal for Corporate Services at Schroders o Mr. Lucien Wong, Managing Partner at Allen & Gledhill LLP; Board Member of the Monetary Authority of Singapore; Member of the Board of Directors of Singapore Airlines Ltd 11Moscow – EBRD/NFEA/ISDA - 110908

12 Next Steps 2011 The next steps include: o Finalizing P.R.I.M.E. Finance Arbitration and Mediation rules (June 2011 – January2012) o Marketing o Arranging Funding P.R.I.M.E. Finance 2011 – 2013 (May – November 2011) o Expanding the Experts List o NIAS Research of Sir David Baragwanath (September – November 2011) o Official opening of P.R.I.M.E. Finance (16 January 2012) o Launching P.R.I.M.E. Finance judicial training services o Launching P.R.I.M.E. Finance library 12Moscow – EBRD/NFEA/ISDA - 110908

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