Texas International Law Journal Symposium 2013
The Nation State and Its Banks:
The International Regulation of Financial Institutions,
Financial Products and Sovereign Debt
Thursday February 7th
9:15am Opening remarks from Dean Farnsworth
Panel 1: 9:30-10:45am, SIFIs and Derivatives
Moderator Henry Hu, University of Texas
Douglas Arner, University of Hong Kong
Eric Pan, Cardozo Law
Panel 2: 11am-12:15pm, Sovereign Debt
Moderator Jens Dammann, University of Texas
Anna Gelpern, American University
Christoph Paulus, Humbolt University Berlin
Lunch talk: 12:30pm, Banks and Systemic Risk: A Few Brief
Thoughts on Information
Henry Hu, University of Texas
Panel 3: 2-3:15pm, Derivatives and Sovereign Debt
Moderator Francis Gavin, University of Texas
Charles Mooney, Penn
Stephen Lubben, Seton Hall
Friday February 8th
Panel 4: 9:30-10:45am, SIFIs and the State,
Moderator Yanis Varoufakis, University of Texas
Jay Westbrook, University of Texas
Sean Hagan, General Counsel IMF
Christian Hofmann, Private Universität im Fürstentum
Liechtenstein
Panel 5: 11am-12:15pm, International Bank Regulation
Moderator James Galbraith, University of Texas
Adam Feibelman, Tulane University
Caroline Bradley, University of Miami
Lunch talk: 12:30pm, European Banking Union: Behind the Rhetoric
Yanis Varoufakis, University of Texas
Panel 6: 2-3:15pm, Enforcing Sovereign Debt
Moderator Christoph Paulus, Humbolt University Berlin
John Pottow, Michigan
Roundtable: 3:30-5pm, Praticioner Reactions
Moderator William Stutts, Baker Botts
Michael Krimminger, Cleary Gottlieb Steen & Hamilton LLP
John Podvin, Haynes Boone
Richard Nun, Independent Advisor, Bank Regulation and
Supervision.
Symposium Participants
(by order of appearance)
Professor Douglas Arner, panelist
Douglas Arner is Professor and Head of the Department of Law at the University of Hong Kong. Prior to his appointment as Head of Department, he served as Director of the Asian Institute of International Financial Law from 2006 to 2011. In addition, he is Co-Director of the Duke University-HKU Asia-America Institute in Transnational Law, a Senior Visiting Fellow of Melbourne Law School and a Visiting Research Fellow of the University of New South Wales. Before joining HKU in 2000, Douglas was the Sir John Lubbock Support Fund Fellow at the Cente for Commercial Law Studies (CCLS) at Queen Mary, University of London, and a consultant with the European Bank for Reconstruction and Development (EBRD).
Douglas specialises in economic and financial law, regulation and development. He isauthor, co-author or editor of twelve books, including From Crisis to Crisis: The Global Financial Crisis and Regulatory Failure (Kluwer 2011), Financial Stability, Economic Growth and the Role of Law (Cambridge University Press 2007) and Financial Markets in Hong Kong: Law and Practice (Oxford University Press 2006), and is author or co-author of more than 100 articles, chapters and reports on related subjects.
Douglas is a member of the Hong Kong Financial Services Development Council. He has served as a consultant with, among others, the World Bank, Asian Development Bank, APEC,EBRD, and Development Bank of Southern Africa. He has lectured, co-organised conferences and seminars andbeen involved withfinancial sector reform projects in over 20 economiesin Africa, Asia and Europe, and has been a visiting professor or fellow at the Universities of London, McGill, Melbourne, New South Wales, Singapore and Zurich, as well as the Shanghai University of Finance and Economics and Hong Kong Institute for Monetary Research.
At HKU, his course responsibilities include Regulation of Financial Markets, Law of International Finance, International Securities Law, and International Economic Law. In 2007, he received HKU’s Outstanding Young Researcher Award and served as Convenor of HKU’s HKU’s Law, Policy and Development Strategic Research Theme from 2008-2012. He is currently Project Coordinator of a major research project funded by the Hong Kong Research Grants Council: “Enhancing Hong Kong’s Future as an International Financial Centre”.
Douglas holds a BA from Drury College (where he studied literature, economics and political science), a JD (cum laude) from Southern Methodist University, an LLM (with distinction) in banking and finance law from the University of London (Queen Mary College), and a PhD from the University of London.
Professor Eric Pan, panelist
Eric J. Pan is on leave as an Associate Professor of Law at the Benjamin N. Cardozo School of Law in New York. His research focuses on financial regulation, corporate law, securities law and international law. Prof. Pan currently is serving as the Associate Director of the Office of International Affairs of the U.S. Securities and Exchange Commission in Washington, DC where he oversees the development of international regulatory policy for the Commission. He is also a recipient of the SEC’s Law and Policy Award for his work on implementation of the Dodd-Frank Act.
Before joining the SEC and while serving on the Cardozo faculty, Prof. Pan was the Director of The Samuel and Ronnie Heyman Center on Corporate Governance. He also served as an Associate Fellow in the International Economics and International Law Programmes of the Royal Institute of International Affairs (Chatham House) in London and directed the Chatham House City Series.
Prof. Pan previously practiced corporate, securities and international law in the Washington, DC office of the international law firm Covington & Burling. Before joining Covington, Prof. Pan was a Jean Monnet Lecturer in Law at Warwick University, England, where he served as director of Warwick’s Programme in Law and Business, and a visiting fellow in international law at Cambridge University, England. Prof. Pan is a member of The American Law Institute, an editorial board member of the Journal of Regulation in Paris and an advisory board member of the Centre for Financial Regulation and Economic Development in Hong Kong. He received his J.D. from Harvard Law School, M.Sc. from the University of Edinburgh, and A.B. from Harvard College.
Professor Henry Hu, moderator, lunch talk
Professor Henry T. C. Hu holds the Allan Shivers Chair in the Law of Banking and Finance at the University of Texas Law School. He was the inaugural Director of the SEC's Division of Risk, Strategy, and Financial Innovation (2009-2011). The first new Division in 37 years, "Risk Fin" was created to provide sophisticated, interdisciplinary analysis across the entire spectrum of SEC activities, including policymaking, rulemaking, enforcement, and examinations. Prof. Hu teaches corporate law, modern finance and governance, and securities regulation. He has also taught at Harvard Law School, where he was the Bruce W. Nichols Visiting Professor of Law for the 1997-98 academic year. He has been chair of the Association of American Law Schools' Business Associations Section and a member of the Legal Advisory Board of the NASD (now FINRA), the NASD and NASDAQ Market Regulation Committees, and the Board of Trustees of the Center for American and International Law. He is on the Editorial Board of the Oxford University Press's Capital Markets Law Journal.
Professor Anna Gelpern, panelist
Anna Gelpern is a Professor of Law at American University Washington College of Law. She has published articles on financial integration, government debt, and regulation of financial institutions in law and social science journals, and has co-authored a textbook on International Finance. She has contributed to international initiatives on financial reform and sovereign borrowing, most recently as part of the Second Warwick Commission and as an expert for the United Nations Conference on Trade and Development. Prof. Gelpern is a visiting fellow at the Peter G. Peterson Institute for International Economics and a fellow at the George Washington University School of Law Center for Law, Economics & Finance; she has held visiting appointments at the Georgetown University Law Center and the University of Pennsylvania Law School, and a faculty appointment at the Rutgers School of Law-Newark and the Rutgers University Division of Global Affairs. She was an International Affairs Fellow at the Council on Foreign Relations, served in legal and policy positions at the U.S. Treasury Department, and practiced with Cleary, Gottlieb, Steen & Hamilton in New York and London. Prof. Gelpern earned an A.B. from Princeton University, a J.D. from Harvard Law School, and a M.Sc. from the London School of Economics and Political Science.
Professor Christoph G. Paulus, panelist
Christoph Paulus is professor of law at the Law School of the Humboldt Universität zu Berlin, Germany, a position that he has held since 1994. He wrote his Dissertation (Dr. iur.) and his Habilitation at the University of Munich; and he earned an LL.M. from the University of California at Berkeley in 1984. As a Feodor Lynen Fellow of the Alexander v. Humboldt-Stiftung he had been at UC Berkeley in 1989 and 1990.
Since 1998, he has served several times as a Consultant to the International Monetary Fund in Washington, D.C., thereby inter alia preparing the IMF’s brochure on “Orderly & Effective Insolvency Procedures”. Additionally, in 2006, he has been appointed as a Consultant of World Bank in Washington, D.C., regarding inter alia insolvency laws and legislation. From November 2006 through November 2011, he served as Adviser of the German delegation for the UNCITRAL deliberations on group insolvency law and further topics.
He is member (and currently one of the directors) of the International Insolvency Institute, of the International Association of Procedural Law, of the American College of Bankruptcy, of the International Academy of Commercial and Consumer Law and – as an extraordinary member – of the Instituto Iberoamericano de Derecho Concursal.
He has held guest professorships i. a. in Paris (Panthéon-Assas) / France, Cape Town / South Africa, Fukuoka / Japan, Brooklyn School of Law / USA, University of Sydney and Tongji University in Shanghai / China. Since 2009, he is one of the directors of the Institut für Interdisziplinäre Restrukturierung (Institute for interdisciplinary restructuring) at his university.
Professor Jens Dammann, moderator
Jens Dammann is the William Stamps Farish Professor in Law at the University of Texas. He has also taught at various other universities including the University of Chicago School of Law, the Cornell Law School, and the Fundacao Getulio Vargas (Brazil). His main areas of interest are corporate law, contracts, comparative, and European law.
Charles Mooney, panelist
Charles W. Mooney, Jr. is the Charles A. Heimbold, Jr. Professor of Law at the University of Pennsylvania Law School. He is a graduate of the University of Oklahoma (B.A. (high honors) 1969) and the Harvard Law School (J.D. cum laude 1972). He was Visiting Professor of Law at the Georgetown University Law Center for the Fall 1993 term, and was Visiting Professor of Law at the University of Virginia School of Law for the Fall 2000 term. Prof. Mooney served as Interim Dean (1999-2000) and Associate Dean for Academic Affairs (1998-2000; 2008-09) at the University of Pennsylvania Law School. He was Chair of the University of Pennsylvania Faculty Senate for the 2004-05 academic year.
Until 1986 Prof. Mooney was a partner of Shearman & Sterling in New York City, where he specialized in private financing transactions and banking law. Prior to 1981, Prof. Mooney practiced law in Oklahoma City with the firm of Crowe & Dunlevy. Prof. Mooney is a nationally and internationally recognized scholar in the areas of commercial, debtor-creditor, and bankruptcy law. He is a member of The American Law Institute, a fellow of the American College of Commercial Finance Attorneys, and a fellow of The American College of Bankruptcy. He has served as a Regent and currently serves as a Director of the American College of Bankruptcy. He has been and continues to be involved in many law-reform efforts on the state, federal, and international levels. He was a member of the Securities and Exchange Commission's Federal Advisory Committee on Market Transactions (appointed by the S.E.C., 1991-1997), and was a co-reporter for the Drafting Committee on the Revision of U.C.C. Article 9 (Secured Transactions). Prof. Mooney also served as a United States Delegate and Position Coordinator, International Institute for the Unification of Private International Law (UNIDROIT), Draft Convention on Security Interests in International Mobile Equipment, and also served in those capacities at the Diplomatic Conference in Cape Town, South Africa, that completed the Cape Town Convention on International Interests in Mobile Equipment and the Protocol on Aircraft Equipment. He also served as a member of the United States delegation for the UNIDROIT (Geneva) Convention on Intermediated Securities at governmental experts meetings and at the Diplomatic Conference in Geneva. He teaches in the areas of commercial, debtor-creditor, bankruptcy, international business, and real property law and he is the author of books, chapters, articles, and other materials in the commercial law field.
Professor Stephen J. Lubben, panelist
Stephen J. Lubben, holder of the Harvey Washington Wiley Chair in Corporate Governance & Business Ethics at Seton Hall, is an internationally recognized expert in the field of corporate governance, corporate restructuring, financial distress and debt. He is the author of a forthcoming textbook, to be published by Aspen, on corporate finance, and a contributing author to the new Bloomberg Law on Bankruptcy treatise. He is also the In Debt columnist for the New York Times' Dealbook page.
Professor Lubben grew up in west Los Angeles and attended the University of California, Irvine, where he majored in History and minored in Political Science. Following graduation from law school, Prof. Lubben clerked for Justice John T. Broderick, Jr. of the New Hampshire Supreme Court. He then practiced in the New York and Los Angeles offices of Skadden, Arps, Slate, Meagher & Flom LLP, where he represented parties in chapter 11 cases throughout the country.
Francis J. Gavin, moderator
A historian by training, Francis J. Gavin’s teaching and research interests focus on U.S. foreign policy, global governance, national security affairs, nuclear strategy and arms control, presidential policymaking, and the history of international monetary relations.Gavin is the Director of the Robert S. Strauss Center for International Security and Lawand the first Tom Slick Professor of International Affairs at Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin. Gavin is a member of the Council on Foreign Relations, the Society of Historians of American Foreign Relations, the International Studies Association, the Council for European Studies, and is an advisor to McKinsey & Company.He serves on the Academic Advisory Board for America Abroad Media in Washington, DC and the Advisory Board for the Center for International Business Education and Research at the University of Texas.