Legal Risks: Strengthening Governance and Compliance 2023

Legal Risks: Strengthening Governance and Compliance

Legal Risks: Strengthening Governance and Compliance

March 6-9

 

Live Content sessions held: 8am–12pm (EST) | 1pm–5pm (GMT) | 9pm–1am (SGT) 

Chair: Atilla Arda, senior financial sector expert, International Monetary Fund

  • What impact will the recent freezing of reserves have on the international monetary system?
  • How are CBDCs and climate risk challenging central bank mandates and practices?
  • How is the increasing use of technology changing a central bank’s legal and risk profile?

Recent years have seen the legal risk profile of central banks shift, and the scope of legal challenges widen. Three trends are already clear. First, technology-driven change, notably AI, Fintech, and CBDC are disrupting not just firms that central banks supervise but the activities of central banks themselves. Second, climate risk and ESG responsibilities add new layers of responsibility and legal risks for central banks. Third, several geopolitical developments have raised issues of central bank immunity, in particular around freezing of reserves. These come at a time when central banks are still exploring legal risks of unconventional collateral taking for central bank liquidity support and cross-border frameworks notably around bank resolution. This course is designed to equip central bankers to meet these challenges. Each day will feature three hours of expert-led Live Content to ensure a range of perspectives on key topics.

Legal Risks 2023 Agenda

Two weeks prior to your training course you will be emailed access to our content hub with course materials, including a trial to Central Banking if you are not already subscribed. There will be a combination of articles, reports and presentations that will contribute to two hours of preparation time for the live content. Presentations for the sessions will also be held here subject to the speaker approval.

13:0013:30

Legal Risks 2023: Course introduction + welcome
Course introduction session led by the chair

13:00 - 13:30

  • Introductions and welcome from the chairperson
  • Overview of the training course
  • Discussion of the delegate expectations
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 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.

13:3014:15

The interaction of new mandates, autonomy, and governance: a comparative analysis

13:15 - 14:15

  • Overview of changing central bank function and risk profile
  • Comparative analysis of developments in selected jurisdictions
  • Legal foundations of effective corporate governance
  • Discussion: how are legal department responding to the impact of disruptive forces?
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 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.

14:1514:30

Break

12:45 - 13:00

14:3015:30

Effectively mitigating legal risk to central banks from evolving climate mandates

13:00 - 13:30

  • 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? How do they do it?
Dr Joana Setzer

Assistant Proffessor

London School of Economics and Political Science (LSE)

Dr Joana Setzer is an Assistant Professor at the Grantham Research Institute on Climate Change and the Environment, at the London School of Economics and Political Science. Her research explores the role of courts in climate governance. Since 2013 she has been involved in the Grantham Research Institute’s Climate Change Laws of the World project – the most comprehensive global resource on climate policy, legislation and litigation. She regularly serves as a consultant for a range of international and non-governmental organisations.

Diarmuid Murphy

Central Bank of Ireland (currently on secondment to the EU Commission)

Diarmuid has spent a considerable part of his career working on and writing about financial resilience and the operational aspects of central banking, and he has worked across the globe with many central banks and national supervisory and resolution authorities.  

Diarmuid began his central banking career at the Central Bank of Ireland (CBI) and was part of the team that played a key role in the CBI’s response to the Irish financial crisis. Diarmuid has also worked in the market operations area of the European Central bank and spent several years at the International Monetary Fund (IMF), in both the central banking and crisis management areas, where he participated in the IMF’s technical assistance and Financial Sector Assessment Program (FSAP) work. Having returned to the CBI in 2018, Diarmuid took over responsibility for Brexit and fintech related banking/payment institution/e-money authorisations and banking contingency planning, establishing a new unit. In 2020, Diarmuid undertook a fellowship program with the Financial Stability Institute at the Bank for International Settlements in Basel focusing on crisis management issues.

In late 2021 Diarmuid commenced a secondment to the EU Commission, where he is now part of the Commission’s team responsible for implementing its published Renewed Sustainable Finance Strategy where his focus continues to be on financial resilience issues.

Diarmuid also co-leads the development and delivery of a dedicated comparative central banking module as part of a new online Global Central Banking and Financial Regulation master’s degree course with Warwick Business School (and in partnership with the Bank of England).

15:3015:45

Networking break

15:30 - 16:00

15:4516:30

Managing a system-wide financial crisis–Ghana’s experience

13:00 - 13:30

  • 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
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.

16:3015:15

The design and strategies underpinning cross-border bank resolution

13:00 - 13:30

  • 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?
Eamonn White

Independent Consultant

Ardhill Advisory and former Bank of England and Hong Kong Monetary Authority

Eamonn is Director of Ardhill Advisory LTD, an independent consulting firm focused on advising financial institutions, central banks, national authorities and international organisations, including the International Monetary Fund, on financial stability policy. This includes advising on prudential regulation, bank resolution, central bank liquidity and crisis management.

Between 2020 and 2022, Eamonn was a senior advisor to the Bank of England (BoE), leading a resolution planning team for a large UK bank as part of the BoE's Resolvability Assessment Framework, contributing to UK resolution policy development and cross-border cooperation with international authorities on resolution issues.

From 2016 and 2019, Eamonn was Head of the Resolution Office at the Hong Kong Monetary Authority (HKMA). During this time, he was responsible for leading the development of the domestic statutory/regulatory resolution regime for all Hong Kong banks, leading resolution planning for banks in Hong Kong, often in close cooperation with foreign authorities, and contributing to the international cross-border resolution policy framework and resolution plans for global banks through his work as a member of the Financial Stability Board committees and for the cooperative organization of East Asia-Pacific Central Banks (EMEAP).

Before joining the HKMA, Eamonn worked on financial stability topics, including bank resolution at the Bank of England for 4 years. He was also a senior policy advisor to the Chancellor of the Exchequer at HM Treasury (HMT) for 7 years. At HMT he worked at the centre of the UK’s policy and strategic response to the financial crisis, both managing bank failure and the policy response to the Too-Big-To-Fail problem.

In his early career, Eamonn was a diplomat in Washington DC, covering EU foreign policy and trade issues.

13:0014:00

Towards a legal framework for digital currency and crypto assets

13:00 - 13:30

  • Taxonomy of digital money: CBDCs, stablecoins and crypto assets in focus
  • Key features of – and gaps in – existing legal and regulatory frameworks
  • Value proposition and key risks of digital money
  • Discussion: are these assets legally “money”?

14:0014:15

Break

12:45 - 13:00

14:1515:15

How is fintech challenging and changing legal standards and practices?

16:00 - 17:00

  • 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

Former partner and co-leader of banking and financial services group

Former Nutter McClennan & Fish

Thomas J. Curry is a recently retired partner in Nutter McClennan & Fish’s Corporate and Transactions Department and was a co-leader of the firm’s Banking and Financial Services group. He was a regulatory attorney who advised clients on a wide range of policy, financial services regulation, governance, and other issues.

Tom serves on the board of directors of the Federal Home Loan Bank of Boston (FHLBB) and serves on The Brookings Institution's Center for Regulation and Markets Policy Advisory Council. He also chairs the Milken Institute’s Fintech Advisory Council and is a foundation board member of the Alliance for Innovative Regulation (AIR), which helps regulators integrate technology into financial supervision and regulation.

Prior to joining Nutter, Tom served as the U.S. Comptroller of the Currency until May 2017. He also served as an expert consultant for the International Monetary Fund in 2017-2018 and 2021-2022. 

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, he launched the OCC’s Responsible Innovation Initiative, proposed the Fintech national bank charter, and established the OCC Office of Innovation, a first among federal financial regulators. In this role, 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.

Tom also served as Chairman of the Federal Financial Institutions Examination Council (FFIEC) for a two-year term from April 2013 until April 2015.

Before becoming Comptroller in 2012, Tom served as a member of the Board of Directors of the FDIC. He was nominated by President George W. Bush and confirmed by the U.S. Senate in 2003. He continued to serve on the FDIC Board until May 2017. Tom was a FDIC Board member during the Global Financial Crisis and the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and participated in the adoption and implementation of its post-crisis reform regulations as well as the United States’ adoption of the Basel 3 capital reforms.

Prior to joining the FDIC’s Board of Directors, Tom served five Massachusetts Governors as the Commonwealth’s Commissioner of Banks from 1995 to 2003 and from 1990 to 1991. He was appointed by Governor William F. Weld, a Republican, in 1995 and by Governor Michael S. Dukakis, a Democrat, in 1990.

Tom served as the Chairman of the Conference of State Bank Supervisors from 2000 to 2001 and served two terms on the State Liaison Committee of the FFIEC, including a term as Committee chairperson.

Previously, Tom served as Acting Commissioner of Banks from February 1994 to June 1995. He previously served as First Deputy Commissioner and Assistant General Counsel within the Massachusetts Division of Banks. Tom entered state government in 1982 as an attorney with the Massachusetts’ Secretary of State’s Office.

Tom was a longtime member of the NeighborWorks America Board of Directors (NWA). He twice served as Chairman of the Board of Directors, most recently from March 2014 through June 2016. NWA is a Congressionally chartered non-profit whose mission is to support affordable and sustainable housing and community development.

15:1515:30

Networking break
An opportunity to share experiences with your fellow participants.

15:30 - 16:00

15:3016:30

The legal implications of AI and machine learning in financial services and supervision

13:00 - 13:30

  • High level overview of legal areas impacted by AI and machine learning
  • Implications of AI and machine learning on financial regulation and supervision 
  • Strategies for helping disruptive innovation comply with legal requirements
  • AI and machine learning in regulation and supervision: who is accountable?
Douglas Arner

Kerry Holdings professor in law

University of Hong Kong

Douglas W. Arner is the Kerry Holdings Professor in Law, RGC Senior Fellow in Digital Finance and Sustainable Development and Associate Director of the HKU-Standard Chartered Foundation FinTech Academy at the University of Hong Kong. In addition, he is Associate Dean (Taught Postgraduate and Development) of the Faculty of Law at HKU and co-founder and former Director of HKU’s Asian Institute of International Financial Law, as well as Faculty Director and co-founder of the LLM in Compliance and Regulation, the LLM in Corporate and Financial Law, the Law, Innovation, Technology and Entrepreneurship (LITE), and the East Asian International Economic Law and Policy Programmes. Douglas served as Head of the HKU Department of Law from 2011-2014, as Director of the Duke University-HKU Asia America Institute in Transnational Law from 2005-2016, and as an inaugural member of the Hong Kong Financial Services Development Council from 2013-2019. He is a Visiting Professor and Senior Visiting Fellow of Melbourne Law School of the University of Melbourne, a Visiting Professorial Fellow of the Faculty of Law of UNSW Sydney, a non-executive director of NASDAQ and Euronext listed biotechnology firm Aptorum Group, an Advisory Board Member of the Global Impact FinTech (GIFT) Forum, Policy 4.0 and of the Centre for Finance, Technology and Entrepreneurship (CFTE), and co-founder and an executive board member of the Asia Pacific Structured Finance Association. In 2020 he was awarded an inaugural Hong Kong Research Grants Council Senior Fellowship to study the role of digital finance in financial inclusion and the UN Sustainable Development Goals. Douglas has published eighteen books and more than 200 articles, chapters and reports on international financial law and regulation, including most recently Reconceptualising Global Finance and its Regulation (Cambridge 2016) (with Ross Buckley and Emilios Avgouleas) and The RegTech Book (Wiley 2019 (Janos Barberis and Ross Buckley). His recent papers are available on SSRN at https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=524849 , where he is among the top 50 authors in the world by total downloads, as well as among the top 15 law authors. Douglas led the development of Introduction to FinTech – launched with edX in May 2018 and now with over 100,000 learners spanning almost every country in the world – and the foundation of the edx-HKU Online Professional Certificate in FinTech. In addition, he has served as a consultant with, among others, the World Bank, Asian Development Bank, UN, APEC, Alliance for Financial Inclusion, and European Bank for Reconstruction and Development. He has lectured, co-organised conferences and seminars and been involved with financial sector reform projects around the world. Douglas has been a visiting professor or fellow at Duke, Harvard, the Hong Kong Institute for Monetary Research, IDC Herzliya, McGill, Melbourne, National University of Singapore, University of New South Wales, Shanghai University of Finance and Economics, and Zurich, among others.

13:0014:00

Crisis management, resolution and liquidity facility arrangement

13:00 - 13:30

  • 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
Eamonn White

Independent Consultant

Ardhill Advisory and former Bank of England and Hong Kong Monetary Authority

Eamonn is Director of Ardhill Advisory LTD, an independent consulting firm focused on advising financial institutions, central banks, national authorities and international organisations, including the International Monetary Fund, on financial stability policy. This includes advising on prudential regulation, bank resolution, central bank liquidity and crisis management.

Between 2020 and 2022, Eamonn was a senior advisor to the Bank of England (BoE), leading a resolution planning team for a large UK bank as part of the BoE's Resolvability Assessment Framework, contributing to UK resolution policy development and cross-border cooperation with international authorities on resolution issues.

From 2016 and 2019, Eamonn was Head of the Resolution Office at the Hong Kong Monetary Authority (HKMA). During this time, he was responsible for leading the development of the domestic statutory/regulatory resolution regime for all Hong Kong banks, leading resolution planning for banks in Hong Kong, often in close cooperation with foreign authorities, and contributing to the international cross-border resolution policy framework and resolution plans for global banks through his work as a member of the Financial Stability Board committees and for the cooperative organization of East Asia-Pacific Central Banks (EMEAP).

Before joining the HKMA, Eamonn worked on financial stability topics, including bank resolution at the Bank of England for 4 years. He was also a senior policy advisor to the Chancellor of the Exchequer at HM Treasury (HMT) for 7 years. At HMT he worked at the centre of the UK’s policy and strategic response to the financial crisis, both managing bank failure and the policy response to the Too-Big-To-Fail problem.

In his early career, Eamonn was a diplomat in Washington DC, covering EU foreign policy and trade issues.

Diarmuid Murphy

Central Bank of Ireland (currently on secondment to the EU Commission)

Diarmuid has spent a considerable part of his career working on and writing about financial resilience and the operational aspects of central banking, and he has worked across the globe with many central banks and national supervisory and resolution authorities.  

Diarmuid began his central banking career at the Central Bank of Ireland (CBI) and was part of the team that played a key role in the CBI’s response to the Irish financial crisis. Diarmuid has also worked in the market operations area of the European Central bank and spent several years at the International Monetary Fund (IMF), in both the central banking and crisis management areas, where he participated in the IMF’s technical assistance and Financial Sector Assessment Program (FSAP) work. Having returned to the CBI in 2018, Diarmuid took over responsibility for Brexit and fintech related banking/payment institution/e-money authorisations and banking contingency planning, establishing a new unit. In 2020, Diarmuid undertook a fellowship program with the Financial Stability Institute at the Bank for International Settlements in Basel focusing on crisis management issues.

In late 2021 Diarmuid commenced a secondment to the EU Commission, where he is now part of the Commission’s team responsible for implementing its published Renewed Sustainable Finance Strategy where his focus continues to be on financial resilience issues.

Diarmuid also co-leads the development and delivery of a dedicated comparative central banking module as part of a new online Global Central Banking and Financial Regulation master’s degree course with Warwick Business School (and in partnership with the Bank of England).

14:0014:15

Break

12:45 - 13:00

14:1515:15

Immunity from execution of Central banks assets

13:00 - 13:30

  • 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
Ingrid (Wuerth) Brunk

Helen Strong Curry Professor of International Law

Vanderbilt Law School

Ingrid (Wuerth) Brunk (@WuerthIngrid) holds the Helen Strong Curry Chair in International Law at Vanderbilt Law School where she also directs the Branstetter Litigation and Dispute Resolution Program. From 2012-2018 she served as Co-Reporter for the American Law Institute’s Restatement (Fourth) of Foreign Relations Law. Professor Brunk has served on the board of editors of the American Journal of International Law and on the State Department’s Advisory Committee on Public International Law. She has received numerous honors and fellowships, including many teaching awards, the Morehead Scholarship at the University of North Carolina at Chapel Hill, a Fulbright Senior Scholar award, the German Chancellor’s Fellowship, and election to the German Society of International Law, to the Order of the Coif at the University of Chicago Law School, and to the American Law Institute. She has written extensively on transnational litigation, foreign relations law, and public international law. 

15:1515:30

Networking break

15:30 - 16:00

15:3016:30

Managing legal risks of taking non-traditional collateral

13:00 - 13:30

  • 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
  • Discussion: different collateral risks in home jurisdictions
Joanna Froy

Legal Counsel

Bank of England

Ilektra Rovithi

Bank of England

13:0014:00

Resolution authorities in court

14:00 - 15:00

  • The calculus of credibility: mandate, reputation, independence and accountability
  • Impact on policy, processes and reputation
  • Case study: lessons learnt from court experience and preparations
João Marques

Senior financial expert

IMF

Mr Marques is currently a Senior Financial Sector Expert at the IMF. He was previously Head of Division at the Resolution Department of the Bank of Portugal, responsible for legal, policy and regulatory affairs related with banking resolution and deposit insurance. Before that, between 2004 and 2013, he worked as a legal counsel in the Baking Supervision Department of the Bank of Portugal, mainly advising on regulation and policy issues related with capital requirements, internal governance, licensing and crisis management. He is a Law Graduate from Universidade Nova de Lisboa.

Mr Marques has been an active participant in the European discussions on banking resolution and crisis management since 2009. He represented Portugal as an expert in the negotiations of the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation in the Council of the European Union. He also participated actively in the European Banking Authority’s work on recovery and resolution issues, and chaired several working groups. During the Portuguese Presidency of the European Union he co-chaired the Council Ad-Hoc Working Party on the Establishment of a European Deposit Insurance Scheme.

Finally, Mr Marques has extensive practical experience in the resolution of systemic banks in Portugal. In 2014 he was a senior manager in the resolution process of one of the largest banks in Portugal (Banco Espírito Santo, SA) and in 2015 he chaired the task force at the Bank of Portugal responsible for the resolution of BANIF – Banco Internacional do Funchal, SA.

14:0014:15

Break

12:45 - 13:00

14:1515:00

Financial authorities’ legal liabilities in multilevel regulatory systems

15:15 - 16:15

  • 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.

15:0015:45

Role of lawyers in crisis preparedness and management
This session will be an interactive workshop with the opportunity for participants to interact and engage.

14:15 - 15:15

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 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.

15:4516:15

Legal Risks 2023: closing remarks and delegate action plans
Concluding session led by the chair

13:00 - 13:30

  • 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
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 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.

16:1516:30

Feedback forum
We will send a link in this session to the feedback form and would kindly ask that you help us improve the training product by completing the survey. We would also welcome any verbal feedback in this session.

09:00 - 09:15

Learning outcomes

At the conclusion of the training, participants will be able to:

  • Assess the effect of recent sanctions on international finance
  • Gain insights into the implications of climate risk for central bank law and mandates
  • Understand the impact of CBDCs and stablecoins on legal and regulatory frameworks
  • Analyse the legal implications of AI and machine learning in financial services and supervision
  • Understand how Fintech is challenging and changing legal standards and practices