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Current Developments in Monetary and Financial Law Volume 3 April 29, 2005 Legal Issues, Governance, and the IMF IMF Seminars, Conferences and Workshops |
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Seminar on Current Developments in Monetary and Financial Law Washington, D.C., May 7-17, 2002 Last Updated: May 12, 2005 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://0-www-imf-org.library.svsu.edu/external/pubs/ft/fandd/2001/03/desoto.htm). |
Program
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| Week 1 | |||
| Tuesday, May 7 |
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| 9:30–9:45 | Opening Remarks Mr. Saleh M. Nsouli, Deputy Director, IMF Institute |
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| I. IMF DEVELOPMENTS Chair: Mr. Sean L. Hagan |
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| 9:45–10:30 | Economic, Social, and Cultural Rights and
the Fund Mr. François Gianviti, General Counsel, IMF |
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| 11:00–11:30 | Publication Policies of the Fund Mr. William E. Holder, Deputy General Counsel, IMF |
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| 11:30–12:00 | Conditionality in the International Monetary Fund
Mr. Ross B. Leckow, Assistant General Counsel, Legal Department, IMF |
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| 12:00–12:30 | Discussion Mr. Gianviti, Mr. Holder, Mr. Leckow |
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| II. KEYNOTE ADDRESS Chair: Mr. François Gianviti |
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| 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) |
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| 3:45–4:30. | Question and Answer Period | ||
| III. GOVERNANCE AND
ACCOUNTABILITY IN THE FUND Chair: Mr. James A. Jones |
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| 5:00–5:30 | An Overview of the Rules on Conduct and Ethics
in the IMF Ms. Joan Powers, Assistant General Counsel, Legal Department, IMF |
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| 5:30–6:00. | Question and answer period Ms. Powers, Mr. Gianviti |
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Wednesday, May 8
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| IV. ADDRESS by First Deputy Managing Director | |||
| 9:30–9:45 | Introduction of First Deputy Managing Director Mr. François Gianviti |
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| 9:45–10:30 | Address by Ms. Anne O. Krueger, First Deputy Managing Director | ||
| III. GOVERNANCE AND
ACCOUNTABILITY IN THE FUND, continued Chair: Mr. William E. Holder |
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| 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 |
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| V. DEVELOPMENTS IN OTHER
INTERNATIONAL FINANCIAL INSTITUTIONS Chair: Mr. William E. Holder |
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| 11:30–12:00 | Latest Developments at the International
Finance Corporation Ms. Carol Mates, Principal Counsel, IFC |
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| 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 Bank |
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| 12:30–1:00 | Recent Developments at the Inter-American
Development Bank Mr. James Spinner, General Counsel, IADB |
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| VI. ARCHITECTURE OF
THE INTERNATIONAL FINANCIAL SYSTEM Chair: Mr. Hector Elizalde |
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| 2:30–3:00 | Sovereign debt restructuring: Overview Mr. Sean L. Hagan, Assistant General Counsel, Legal Department, IMF |
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| 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 |
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| 3:30–4:00 | Collective Action Clauses in International
Sovereign Bonds Ms. Yan Liu, Counsel, Legal Department, IMF |
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| 4:30–5:00 | Sovereign Debt Litigation Mr. Thomas Laryea, Counsel, Legal Department, IMF |
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| 5:00–5:30 | Sovereign Debt Forum--A Proposal Mr. Richard A. Gitlin, Partner, Bingham Dana LLP |
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| 5:30–5:45 | Discussion Mr. Hagan, Mr. Fisher, Ms. Liu, Mr. Laryea, Mr. Gitlin |
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| 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, IMF |
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| 10:00–10:30 | Legal Aspects of the Financial Sector Assessment Program (FSAP) Mr. François Gianviti, General Counsel, IMF |
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| 11:30–12:00 | Assessing Financial Sector Vulnerabilities:
Financial Sector Assessment Program Mr. Udaibir Das, Deputy Division Chief, Financial Systems Surveillance Division II, Monetary and Exchange Affairs Department, IMF |
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| 12:00–12:30 | FSAP Missions--Experience with Legal Issues Ms. Katharine Christopherson, Counsel, Legal Department, IMF |
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| 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, IMF |
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| 2:30–3:15 | 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 University |
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| 3:15–4:00 | The Future Role of the IMF Mr. John Williamson, Senior Fellow, Institute of International Economics |
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| 4:30–5:30 | Discussion Ms. Metzgen, Mr. Gianviti, Mr. Das, Prof. Willett, Mr. Williamson |
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| Friday, May 10
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| VII. MONEY LAUNDERING
AND TERRORISM FINANCING Chair: Mr. Ross S. Delston |
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| 9:30–10:15 | Money Laundering and Financing of Terrorism: An
Overview Judge Jean François Thony, Court of Appeals, Versailles |
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| 10:15–10:30 | Draft AML/CFT Methodology: (I) Introduction Mr. Nadim Kyriakos-Saad, Counsel, Legal Department, IMF |
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| 11:00–11:30 | Draft AML/CFT Methodology: (II) Combating the Financing of Terrorism Mr. Louis Forget, Consulting Counsel, Legal Department, IMF |
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| 11:30–12:00 | Draft AML/CFT Methodology: (III) Financial
Intelligence Units and International Cooperation Mr. Nadim Kyriakos-Saad, Counsel, Legal Department, IMF |
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| 12:00–12:30 | Draft AML/CFT Methodology: (IV) AML-CFT in
the Prudentially-Regulated Financial Sector Mr. Michael Moore, Senior Economist, Monetary and Exchange Affairs Department, IMF |
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| 2:00–2:30 | Discussion Judge Thony, Mr. Kyriakos-Saad, Mr. Forget, Mr. Moore Chair: Judge Jean-François Thony |
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| 2:30–3:00 | 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 Florida |
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| 3:00–3:30 | The Impact of the USA PATRIOT Act on Non-U.S.
Banks Mr. Joseph B. Tompkins, Partner, Sidley Austin Brown & Wood LLP |
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| 4:00–4:30 | Experiences of External Auditors in Examining
Anti-Money Laundering Controls at Financial Institutions Mr. Alan Abel, Global Practice Leader for Money Laundering Compliance Services, PricewaterhouseCoopers |
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| 4:30–5:00 | Discussion Prof. Baldwin, Mr. Tompkins, Mr. Abel, |
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| VIII. CLOSING SESSION—FIRST
WEEK Chair: José Benjamín Escobar |
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| 5:00–5:45 | The Constitutional Position of an Independent
Central Bank Mr. Charles Goodhart, Professor of Banking and Finance, London School of Economics |
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| 5:45–6:15 | 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 |
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| 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 |
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| IX. FINANCIAL AND BANKING
ISSUES Chair: José Benjamín Escobar |
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| 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 IMF |
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| 11:20–11:50 | The Role of Supervisory Authorities in
Connection with Bank Mergers Mr. John V. Austin, Consultant, Legal Department, IMF |
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| 11:50–12:30 | 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, IMF |
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| 2:00–2:45 | Discussion Mr. Delston, Mr. Austin, Mr. Whiting |
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| X. SECURITIES Chair: Tobias M.C. Asser |
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| 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 Law |
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| 3:30–4:00 | 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 & Medernach |
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| 4:30–5:00 | Framework For Standardized Investment Fund
Products For EU-Wide Distribution (UCITS) Ms. Maike Luedersen, Counsel, Legal Department, IMF |
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| 5:00–5:45 | Discussion Mr. Bernasconi, Mr. Potok, Mr. Dupont, Ms. Luedersen |
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| Tuesday, May 14
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| XI. CENTRAL BANK ISSUES Chair: José Benjamín Escobar |
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| 9:30–10:00 | Supervisory Boards in Some Central Banks Mr. Robert Sparve, Secretariat of the Executive Board, Riksbank |
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| 10:00–10:30 | Legal Framework for Central Bank Independence Mr. Bernhard Steinki, Counsel, Legal Department, IMF |
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| 11:00–11:30 | Relative Autonomy of the Central Bank Mr. Tobias M.C. Asser, former Assistant General Counsel, Legal Department, IMF |
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| 11:30–12:00 | Frameworks for the Resolution of Conflicts
Between Central Banks and Government: Issues and Assessments Prof. Pierre L. Siklos, Department of Economics, Wilfrid Laurier University |
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| 12:00–12:30 | Discussion Mr. Sparve, Mr. Steinki, Mr. Asser, Prof. Siklos |
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| 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, IMF |
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| 2:30–3:00 | Financial Integrity, Operational Controls
and Transparency--Auditing in a Central Bank Context Mr. Donald Vangel, Partner, Risk Management Practice, Ernst and Young |
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| 3:00–3:30 | Profits, Dividends and Capital - Considerations for Central Banks Mr. Kenneth Sullivan, Senior Economist, Monetary and Exchange Affairs Department, IMF |
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| XII. INSOLVENCY AND
CREDITORS RIGHTS Chair: Mr. Sean L. Hagan |
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| 4:00–4:30 | Development of Standards for Secured Transactions
and Enforcement of Claims Ms. Pascale De Boeck, Senior Counsel, Legal Department, IMF |
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| 4:30–5:15 | Insolvency Law Reform Judge Burton R. Lifland, U.S. Bankruptcy Court, Southern District of New York |
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| 5:15–5:45 | Discussion Ms. De Boeck, Judge Lifland |
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| Wednesday, May 15
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| XIII. BANK INSOLVENCY
AND REFORM Chair: Ross S. Delston |
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| 9:30–10:00 | Insolvency—Why a Special Regime for Banks?
Ms. Eva Hüpkes, Swiss Federal Banking Commission |
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| 10:00–10:30 | 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 Wales |
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| 11:00–11:30 | 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, IMF |
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| 11:30–12:00 | Controlling Systemic Risk in an Era of Financial
Consolidation Prof. Arthur E. Wilmarth, George Washington University School of Law |
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| 12:00–12:45 | Discussion Ms. Hupkes, Mr. Campbell, Mr. Lindgren, Prof. Wilmarth |
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| XIV. TECHNOLOGY AND
THE FINANCIAL SECTOR Chair: Prof. Benjamin Geva |
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| 2:30–3:00 | Financial Technology and Security in the Age
of Terrorism Mr. Thomas P. Vartanian, Partner, Fried Frank Harris Shriver & Jacobson |
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| 3:00–3:30 | Creating Secure and Enforceable
Electronic Transactions Mr. Thomas J. Smedinghoff, Partner, Baker and McKenzie |
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| 4:00–4:30 | Electronic Compradors and Dragomans: The Relevance
of Cultural Diversity to Global Information Markets Ms. Jane K. Winn, Professor, Dedman School of Law, Southern Methodist University |
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| 4:30–5:00 | Electronic Banking: New Developments and Regulatory
Risks Mr. John D. Wright, Vice-President and Assistant General Counsel, Law Department Regulation and Technology Section, Wells Fargo |
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| 5:00–5:30 | Discussion Mr. Vartanian, Mr. Smedinghoff, Prof. Winn, Mr. Wright |
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| Thursday, May 16
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| XV. WORLD TRADE ORGANIZATION Chair: Mr. Roy Baban |
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| 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, IMF |
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| 10:00–10:30 | Current Developments Regarding the WTO Financial
Services Agreement Mr. Christopher Parlin, Partner, Kaye Scholer LLP |
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| III. GOVERNANCE AND
ACCOUNTABILITY IN THE FUND, continued Chair: Mr. James A. Jones |
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| 11:00–11:30 | Role and Agenda of the IMF Internal Evaluation
Office Mr. Montek Ahluwalia, Director, IEO, IMF |
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| XVI. CORRUPTION AND
INSIDER TRADING Chair: Mr. James A. Jones |
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| 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 University |
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| 12:00–12:30 | Insider Trading—A Comparative Perspective Prof. Marc I. Steinberg, Dedman School of Law, Southern Methodist University |
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| XVII. PAYMENT
SYSTEMS AND SUPPORTING FRAMEWORKS Chair: Mr. Roy Baban |
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| 2:00–2:30 | Risks and Developments in Payment Systems Mr. Tonny Lybek, Economist, Monetary and Exchange Affairs Department, IMF |
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| 2:30–3:00 | Hawala and Other Informal Payments Systems:
An Economic Perspective Mr. John Wilson, Senior Economist, Middle East Department, IMF) |
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| 3:00–3:30 | Reimagining E-Money:
Its Conceptual Unity with other Retail Payment Systems Prof. Geva, Osgoode Hall Law School, York University, Toronto |
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| 4:30–5:00 | The Use of Contractual Structures to Create International Legal Frameworks for Electronic Commerce Mr. Paul Mallon, Director, Legal and Regulatory Affairs, BOLERO.net |
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| 5:00–5:45 | Discussion Mr. Wilson, Prof. Geva, Mr. Mallon |
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| Friday, May 17
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| XVIII. MONETARY ARRANGEMENTS
AND CRISES Chair: Ms. Pascale De Boeck |
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| 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, IMF |
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| 9:30–10:00 | Anticipating Financial Crises Ms. Carmen Reinhart, Senior Policy Advisor, Research Department, IMF |
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| 10:00–10:30 | "Dollarization:" What's in it (or not) for the issuing Country? Mr. Ed Nosal, Economic Advisor, Federal Reserve Bank of Cleveland |
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| 11:00–11:30 | The Use of a Foreign Country's Currency in
International Law Mr. Mario Giovanoli, General Counsel, BIS |
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| 11:30–12:00 | Use of Foreign Currency under the Fund's Articles of Agreement
Mr. François Gianviti, General Counsel, IMF |
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| 12:00–12:30 | Discussion Ms. Gulde-Wolf, Ms. Reinhart, Mr. Nosal, Mr. Giovanoli, Mr. Gianviti |
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| 12:30–2:00 | Farewell Luncheon (IMF Gallery) —Remarks by a Representative of Country Participants —Remarks by Mr. Köhler, Managing Director |
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