Legal Risks: Strengthening Governance and Compliance 2023
Legal Risks: Strengthening Governance and Compliance
Legal Risks 2023 Agenda
13:00 – 13:30
Legal Risks 2023: Course introduction + welcome
Course introduction session led by the chair
- Introductions and welcome from the chairperson
- Overview of the training course
- Discussion of the delegate expectations
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 countries as diverse as Egypt, Greece, Indonesia, Ireland, Jamaica, Kosovo, Myanmar, Portugal, Sri Lanka, and Ukraine. Most recently, he was the deputy head for the Switzerland Financial Sector Assessment Program (FSAP), and he led the FSAP crisis readiness teams for the United Kingdom, United States, and euro area. 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 undertook his undergraduate at the Amsterdam Academy of Banking and Finance; he is a graduate of both the Amsterdam Law School and the Amsterdam Graduate School of Law of the University of Amsterdam, where he specialized in international economic and financial law. 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.
13:30 – 14:15
The interaction of new mandates, autonomy, and governance: a comparative analysis
- Overview of changing central bank function and risk profile
- Legal foundations of effective corporate governance
- Comparative analysis of developments in selected jurisdictions
- Discussion: how are legal departments responding to the impact of current disruptive forces?
14:15 – 14:30
Break
14:30 – 15:30
Effectively mitigating legal risk to central banks from evolving climate mandates
- 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? How do they do it?
15:30 – 15:45
Networking break
15:45 – 16:30
Managing a system-wide financial crisis–Ghana’s experience
- The challenges stemming from the concurrent failure of many financial institutions
- An overview of short- and medium-term steps during a crisis and its aftermath
- The role and responsibilities of the legal department
- Discussion: lessons learned for crisis preparedness and about the role of law and lawyers
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.
16:30 – 15:15
The design and strategies underpinning cross-border bank resolution
- Key design elements of effective cross-border resolution frameworks
- Overview of strategies used for cross-border crisis management
- Tips for effective cross jurisdiction co-operation and coordination
- Discussion: how to plan for the resolution of internationally active banks?
13:00 – 14:00
Towards a legal framework for digital currency and crypto assets
- Taxonomy of digital money: CBDCs, crypto assets and e-money
- What are the key legal aspects for e-money framework based on existing good practices?
- How to establish legal certainty of crypto assets and address legal risks?
- How to achieve a solid legal foundation for any CBDC issuance?
14:00 – 14:15
Break
14:15 – 15:15
15:15 – 15:45
15:45 – 16:45
RegTech and Suptech – what are they and how do they work?
- Identifying key technologies in the areas of DLT, Big Data analytics, machine learning and cloud computing
- Evolutionary journey of financial, regulatory, and supervisory technology
- How has RegTech and SupTech impacted the financial services industry?
- Examples of applications in regulatory reporting and compliance risk management
13:00 – 14:00
Crisis management, resolution and liquidity facility arrangement
- Building blocks for emergency liquidity and funding in resolution
- Practical challenges around central bank liquidity support in resolution
- The experience of the Irish banking crisis
- Country developments around the world
14:00 – 14:15
Break
14:15 – 15:15
Immunity from execution of central banks assets
- International legislative and judicial trends in strengthening central bank immunities
- The policy and operational factors behind these trends
- Discussion: expectations for further developments in this are considering current affairs
15:15 – 15:30
Networking break
15:30 – 16:30
Managing legal risks of taking non-traditional collateral
- 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
- Discussion: different collateral risks in home jurisdictions
13:00 – 14:00
14:00 – 14:15
Break
14:15 – 15:00
Financial authorities’ legal liabilities in multilevel regulatory systems
- Multi-level regulatory system of the banking union
- Enforcement of administrative decisions
- Liability of resolution authorities
- The “distribution” of the liability and the degree of discretion
Pier Mario Lupinu
PhD candidate in banking and finance law, faculty of law, economics & finance,
University of Luxembourg – Universitá Degli Studi Roma Tre
Pier Mario Lupinu is a PhD Candidate in Banking and Finance Law jointly at the Universities of Luxembourg and Roma Tre (Italy). He is a Young Researcher at the European Banking Institute and he has been a Visiting Scholar at the Columbia Law School in New York and a DAAD-funded visiting researcher at the Leibniz Institute for Financial Research SAFE at the Goethe University Frankfurt. Currently, he is a visiting researcher in Bank Insolvency at UNIDROIT. Ahead of the PhD, he worked for the European Commission, the European Investment Bank and the Single Resolution Board.
15:00 – 15:45
Role of lawyers in crisis preparedness and management
This session will be an interactive workshop with the opportunity for participants to interact and engage.
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 countries as diverse as Egypt, Greece, Indonesia, Ireland, Jamaica, Kosovo, Myanmar, Portugal, Sri Lanka, and Ukraine. Most recently, he was the deputy head for the Switzerland Financial Sector Assessment Program (FSAP), and he led the FSAP crisis readiness teams for the United Kingdom, United States, and euro area. 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 undertook his undergraduate at the Amsterdam Academy of Banking and Finance; he is a graduate of both the Amsterdam Law School and the Amsterdam Graduate School of Law of the University of Amsterdam, where he specialized in international economic and financial law. 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 is Senior Counsel in the Complex Financial Institutions Section of the FDIC’s Legal Division (Resolution & Receivership Branch). His work focuses on resolution planning and domestic and foreign coordination of crisis management activities. Prior to joining the FDIC, Bruce was a litigator for over a decade with Sullivan & Cromwell, where he represented numerous U.S. and non-U.S. banking organizations. He holds an AB from Princeton, a BA and MSt from Oxford, and a JD from Harvard.
15:45 – 16:15
Legal Risks: closing remarks and delegate action plans
Concluding session led by the chair
- Summary of the course
- Discussion of the observed trends and case studies
- Application of learning points in the delegates’ home organisations
- Preparation of action points
16:15 – 16:30