Untitled - Institute For Law And Finance

ILF-Conference
ColectiveActionClausesand
theRestructuringof
SovereignDebt
Thursday,27October2011,9:00-17:30
Goethe-UniversityFrankfurtam Main,
CampusWestend,HouseofFinance
Grüneburgplatz1
60323Frankfurtam Main

Program
Collective Action Clauses and the Restructuring of Sovereign Debt
9.00 Welcome
Prof. Dr. Andreas Cahn, Director, Institute for Law and
Finance, Frankfurt
9.15 Warm-up – Crisis Update
9.30 Session I – Private Sector Contribution and
the Restructuring of Sovereign Debt
Legal Limits to State Solidarity in Europe
Prof. Dr. Dr. h.c. Helmut Siekmann,
Institute for Monetary and Financial Stability, Frankfurt
Mandatory CACs – Governance Rules for
Eurozone Debt
Dr. Klaus-Albert Bauer, Freshfields Bruckhaus Deringer
LLP, Frankfurt
Towards a Level Playing Field
Dr. Claus-Michael Happe, Ministry of Finance, Berlin
10.45 C O F F E E B R E A K
11.15 Session II – European Model CACs (Part 1)
The Challenge: Identical Clauses in
Different Legal Systems
Antonio Sáinz de Vicuna, General Counsel, European
Central Bank, Frankfurt
The Proposal
David G. Sabel, Cleary Gottlieb Steen & Hamilton LLP,
London
Responses to the Proposal
N.N. Speaker from France
Deborah Nache-Zandstra, Clifford Chance LLP, London
14.00 Session III – European Model CACs (Part 2)
Aggregation
Dr. Hendrik Haag, Hengeler Mueller, Frankfurt
Disenfranchisement
Priv.-Doz. Dr. Christian Hofmann, Deutsche Bundesbank,
Frankfurt
CACs and German Bond Law
Matthias Freiherr von Tiesenhausen, Director, Deutsche Bank
AG, Frankfurt
Bondholder Resolutions in the Courtroom
Dr. Gunnar Schuster, Freshfields Bruckhaus Deringer LLP, Frankfurt
Lachlan Burn, Linklaters LLP, London
15.45 C O F F E E B R E A K
16.15 Session IV – Default of Ruritania in the Year 20XX –
How will CACs work? Or will they?
Sovereign Debt Restructuring Without CACs –
Lessons from History
Christian Kopf, Spinnaker Capital Ltd., London
How will Markets React?
Martin Wiesmann, JP Morgan Chase Bank, N.A., Frankfurt
Consequences of Private Sector Participation for the
Financial System
Prof. Dr. Jan-Pieter Krahnen, Goethe University, Frankfurt
Do we Need a State Insolvency Regime?
Prof. Dr. Christoph Paulus, Humboldt University Berlin
CACs: Game Changer or Merely the Latest "Flavor of
the Month"?
Patrick Kenadjian, Davis Polk & Wardwell LLP, London
12.45 L U N C H
REGISTRATION
(via email: braune@ilf.uni-frankfurt.de or by fax: +49 (69) 7 98-33929)
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Terms & Conditions:
Upon receipt of your registration you will receive an invoice for the registration fee of EUR 320 (ILF Sponsors: EUR 220). VAT is not applicable. Payment must
be received prior to the Conference. Registration fees include lunch and coffee breaks. In case of cancellation, a replacement can be appointed. The ILF
reserves the right to make changes to the program or cancel the Conference. In case of cancellation by the ILF there will be a full refund.