Legal risks: governance, compliance and an evolving legal environment

Legal risks: governance, compliance and an evolving legal environment

Legal Risks: Governance, Compliance and an Evolving Legal Environment

September 28 - 29

Disruptive forces of fintech, rise of digital money and climate risk present unprecedented challenges to central bank responsibilities, mandates and legal frameworks.

This course, ‘Legal Risks: Governance, Compliance and an Evolving Legal Environment’ is designed to equip delegates with the skills to create new approaches to legal and regulatory frameworks on the local and cross jurisditional level

 

Agenda

Participants will have access to pre-recorded presentations two weeks before the course

00:0000:00

Climate change: new risk to central banks
Pre-recorded presentation

00:00 - 00:30

  • Impact of climate change on central banks’ mandates and responsibilities
  • Understanding the legal implications of climate change policies  
  • Examples of national and cross-jurisdictional initiatives
  • Discussion: do central banks have sufficient legal powers to effectively contribute to the greening of the financial system?
Legal risks of collateral taking
Pre-recorded presentation

00:00 - 00:30

  • Overview of the legal risks associated with collateral taking
  • Strategies for the due diligence process of collateral taking
  • Dealing with the legal risks in taking raw loans
  • Implementing enforcement process  
Randip Bains

Legal Counsel

Bank of England

Randip is Legal Counsel in the Bank of England’s Central Banking division of the Legal Directorate at the Bank of England. This team works on a variety of matters, including providing legal advice in respect of the Bank’s Sterling markets and banking operations and financial and funding arrangements. She advises on legal risks in respect of the provision of collateral in the Bank’s liquidity insurance operations under the Sterling Monetary Framework. She also advises on the Bank’s annual bond issuance and Corporate Bond Purchase Scheme.

Prior to joining the Bank of England, Randip was an associate at Freshfields Bruckhaus Deringer LLP in London, working within the Global Transactions team. She worked on international capital markets transactions, including medium term note programmes, bond issuances and liability management exercises. She has experience of working with both corporates and banks to assist them with their capital raising requirements.

Ginny Galloway

Legal Counsel

Bank of England

Effective bank resolution regimes: building blocks in focus
Pre-recorded presentation

00:00 - 00:30

  • Key features of effective resolution regimes
  • Examples of resolution plans, resolvability assessments and evidential decision making
  • Emerging challenges for central bank lawyers for removing barriers to resolvability
  • Case study: key features of the Bank of England’s revised resolvability assessment framework
Clare Merrifield

Senior Legal Counsel

Bank of England

Clare Merrifield is the senior legal counsel and manager in the Resolution Division of the Legal Directorate at the Bank of England. She joined the Bank from Linklaters LLP, where she specialised in restructuring and insolvency law. She was involved in developing responses to the recommendations made by the Bloxham report into the investment bank special administration regime. Her experience includes advising the administrators of Lehman Brothers International Europe, primarily on the return of trust assets to the bank’s clients, and advising financial institutions on resolution planning.

Towards a legal framework for CBDCs, stablecoins and crypto assets
Pre-recorded presentation

13:00 - 14:00

  • Taxonomy of digital money: CBDCs, stablecoins and crypto assets in focus
  • Key features of – and gaps in – existing legal are regulatory frameworks
  • Value proposition and key risks of digital money
  • Case study: Overview of necessary legislative and regulatory amendments for a systematic e-krona issuance

Timings are subject to change as we evaluate geographic limitations of participants

12:0013:00

Standards for AI and machine learning in financial services: work in progress
Presentation followed by Q&A

00:00 - 00:30

  • Overview of AI and machine learning’s impact on finance to date
  • Examples of AI driven transformation of regulatory processes and supervisory cycles
  • Implications for national and cross-jurisdictional legal frameworks
  • Key benefits related to the developments of international standards for the use of AI and machine learning
Nikita Aggarwal

Research Associate, Oxford Internet Institute

University of Oxford

Nikita Aggarwal is a lawyer and researcher at the Oxford Internet Institute and Faculty of Law, University of Oxford. Her research examines changes to the regulatory landscape occasioned by the proliferation of data-driven technology, with a particular focus on the implications of machine learning ('artificial intelligence') applications in consumer credit markets. Previously, as the Research and Course Design Fellow in Law and Technology at the Faculty of Law, she researched the educational skills gaps in legal education and training created by technological growth, and helped to design and deliver a more interdisciplinary approach to law and technology education at the University. Prior to entering academia, Nikita was an attorney in the legal department of the International Monetary Fund, where she advised on financial sector law reform in the Euro area and worked extensively on initiatives to reform the legal and policy frameworks for sovereign debt restructuring. She previously practiced as an associate solicitor with Clifford Chance LLP, where she specialized in EU financial regulation and sovereign debt restructuring. She earned an LLB (Hons) from the London School of Economics and Political Science. 

13:0013:15

Break

12:00 - 12:15

13:1514:15

How is fintech challenging and changing legal standards and practices?
Presentation followed by Q&A

00:00 - 00:30

  • Impact of disruptive innovation on financial services industry
  • Tips for creating a legal framework that best manages the development of fintech
  • Strategies for balancing innovation with financial stability and consumer protection
  • Discussion: what are the legal issues presented by fintech in delegates’ home jurisdictions?
Thomas Curry

Partner

Nutter McClennen & Fish LLP

Thomas J. Curry is a partner in Nutter’s Corporate and Transactions Department and a co-leader of the firm’s Banking and Financial Services group. He advises clients in a wide range of policy, regulatory, governance, and other matters. He chairs the Milken Institute’s Fintech Advisory Committee and is a member of the Massachusetts Securities Division Fintech Working Group. Prior to joining Nutter, Tom served as the U.S. Comptroller of the Currency until May 2017. He most recently served as an expert consultant for the International Monetary Fund.

In 2012, Tom was nominated by President Obama and confirmed by the U.S. Senate to serve as Comptroller of the Currency – the head of the Office of the Comptroller of the Currency, the federal agency that charters, regulates, and supervises national banks and federal savings banks. As Comptroller, Tom served as an ex-officio member of the Board of Directors of the Federal Deposit Insurance Corporation and the Financial Stability Oversight Council. He was also a member of the Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision.

14:1514:30

Break

13:15 - 13:30

14:3015:30

The updated transparency code for central banks
Presentation followed by Q&A

15:00 - 16:00

Workshop outline to be announced

Atilla Arda

Senior Financial Sector Expert

International Monetary Fund

Atilla Arda is a Senior Financial Sector Expert in the International Monetary Fund’s (IMF) Monetary and Capital Markets Department; prior to this, he was a Senior Counsel in the IMF’s Financial & Fiscal Law Unit. Mr. Arda joined the IMF in February 2007 from the central bank of the Netherlands where he held a Senior Counsel position and was Substitute Secretary to the Board; he also contributed to the workings of the Legal Committee of the European System of Central Banks. Mr. Arda has consulted for over 70 countries, half of which on-site, including for the central banks of countries as diverse as Myanmar, Indonesia, Jamaica, Ukraine, Greece, Ireland, Portugal, Kosovo, and Egypt. In recent years, he was the deputy mission chief for the IMF Financial Sector Assessment Program (FSAP) for Switzerland and he led the crisis management workstream for the Euro Area FSAP; currently, he is leading the crisis management workstream for the USA FSAP. Mr. Arda is specialized in central bank governance and law, financial law, institutional frameworks for macroprudential policy and crisis management, financial safety net arrangements, crisis preparedness, and bank resolution regimes. Mr. Arda is a contributor for ‘Smit & Herzog on The Law of the European Union.’ He is a regular speaker at international conferences and has been chairing Central Banking Publications’ course on ‘Central Bank Governance and Legal Risks’ since 2014.

Ashraf Khan

Senior Financial Expert

International Monetary Fund

Ashraf Khan is a senior financial sector expert at the Monetary and Capital Markets (MCM) Department at the International Monetary Fund (IMF). He leads MCM’s work on central bank governance, risk management, and currency management. He also contributes to the Fund’s work on fintech, and Islamic Finance, and coordinates the IMF’s Central Bank Legislation Database. Before joining the IMF, Mr. Khan worked as head of the Governance and Accounting Department at the Central Bank of the Netherlands, as a trade policy advisor at the world trade organization (WTO), and as a corporate lawyer with CMS Derks Star Busmann. He holds a Master of Dutch Private Law, and a Master of International Law from the Vrije Universiteit of Amsterdam, as well as a Master of Philosophy from Jawaharhal Nehru University, New Delhi.

Timings are subject to change as we evaluate geographic limitations of participants

12:0013:00

Arrangements for financial support for banks in resolution
Presentation followed by Q&A

13:00 - 14:00

Presentation outline to be announced

Diarmuid Murphy

Head of Function

Central Bank of Ireland

13:0013:15

Break

12:00 - 12:15

13:1514:15

The simultaneous resolution of several banks: the experience in Ghana
Presentation followed by Q&A

14:00 - 15:00

  • Challenge of resolution: theory, practice and realities
  • Ghana case study: simultaneous bank resolution of several banks
  • The role and responsibilities of the legal department
  • Discussion: what is the role of the central bank in building confidence and resilience?
Elsie Addo Awadzi

Second Deputy Governor

Bank of Ghana

Mrs. Elsie Addo Awadzi was appointed 2nd Deputy Governor of the Bank of Ghana in February 2018, with responsibility for financial supervision, financial stability, and financial integrity, among others. She is the second woman to be appointed Deputy Governor in the Bank’s 62-year history. 

Before her appointment as Deputy Governor, she was Senior Counsel of the Financial and Fiscal Law Unit of the International Monetary Fund (IMF)’s Legal Department, based in Washington, D.C. In that role, she helped to assess the stability of financial systems in a number of G-20 member countries, and provided technical assistance to help strengthen financial systems and manage financial crises in a variety of IMF member countries. She also advised on legal and institutional aspects of public financial management, public debt management, and fiscal responsibility frameworks.

14:1514:30

Break

13:15 - 13:30

14:3015:30

Crisis Preparedness & management: role and responsibilities of central bank lawyers
Interactive workshop with delegate participation

15:00 - 16:00

Workshop outline to be announced

Atilla Arda

Senior Financial Sector Expert

International Monetary Fund

Atilla Arda is a Senior Financial Sector Expert in the International Monetary Fund’s (IMF) Monetary and Capital Markets Department; prior to this, he was a Senior Counsel in the IMF’s Financial & Fiscal Law Unit. Mr. Arda joined the IMF in February 2007 from the central bank of the Netherlands where he held a Senior Counsel position and was Substitute Secretary to the Board; he also contributed to the workings of the Legal Committee of the European System of Central Banks. Mr. Arda has consulted for over 70 countries, half of which on-site, including for the central banks of countries as diverse as Myanmar, Indonesia, Jamaica, Ukraine, Greece, Ireland, Portugal, Kosovo, and Egypt. In recent years, he was the deputy mission chief for the IMF Financial Sector Assessment Program (FSAP) for Switzerland and he led the crisis management workstream for the Euro Area FSAP; currently, he is leading the crisis management workstream for the USA FSAP. Mr. Arda is specialized in central bank governance and law, financial law, institutional frameworks for macroprudential policy and crisis management, financial safety net arrangements, crisis preparedness, and bank resolution regimes. Mr. Arda is a contributor for ‘Smit & Herzog on The Law of the European Union.’ He is a regular speaker at international conferences and has been chairing Central Banking Publications’ course on ‘Central Bank Governance and Legal Risks’ since 2014.

Bruce Hickey

Senior Counsel

Federal Deposit Insurance Corporation

15:3015:45

Break

12:00 - 12:15

15:4516:15

Delegate action points and course conclusion
Course conclusion

14:45 - 15:15

  • Summary of the training course
  • Discussion of the observed trends and case studies
  • Application of learning points in the delegates’ home organisations
  • Preparation of action points

Participants will continue their learning post-event

00:0000:00

Post training survey and feedback

00:00 - 00:30

Course alumni group

00:00 - 00:30

CPE/CPD certificate

00:00 - 00:30

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Atilla Arda

Senior financial sector expert

International Monetary Fund

Atilla Arda is a Senior Financial Sector Expert in the International Monetary Fund’s (IMF) Monetary and Capital Markets Department; prior to this, he was a Senior Counsel in the IMF’s Financial & Fiscal Law Unit. Mr. Arda joined the IMF in February 2007 from the central bank of the Netherlands where he held a Senior Counsel position and was Substitute Secretary to the Board; he also contributed to the workings of the Legal Committee of the European System of Central Banks. Mr. Arda has consulted for over 70 countries, half of which on-site, including for the central banks of countries as diverse as Myanmar, Indonesia, Jamaica, Ukraine, Greece, Ireland, Portugal, Kosovo, and Egypt. In recent years, he was the deputy mission chief for the IMF Financial Sector Assessment Program (FSAP) for Switzerland and he led the crisis management workstream for the Euro Area FSAP; currently, he is leading the crisis management workstream for the USA FSAP. Mr. Arda is specialized in central bank governance and law, financial law, institutional frameworks for macroprudential policy and crisis management, financial safety net arrangements, crisis preparedness, and bank resolution regimes. Mr. Arda is a contributor for ‘Smit & Herzog on The Law of the European Union.’ He is a regular speaker at international conferences and has been chairing Central Banking Publications’ course on ‘Central Bank Governance and Legal Risks’ since 2014.

Learning outcomes

By the end of the training course, participants will have gained new knowledge and a more comprehensive understanding of:

  • Implications of climate risk for central banks – a lawyer’s guide
  • Key features of legal framework for CBDCs and stablecoins 
  • Opportunities and risks in legal tech and fintech 
  • Legal ramifications of AI and machine learning 
  • Benchmark rates: what next after Libor? 
  • Cross-border resolution – interactive workshop
  • Legal risks of collateral taking – a practical guide
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What to do next?

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