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P.R.I.M.E. Finance P anel of R ecognized I nternational M arket E xperts in Finance

P.R.I.M.E. Finance P anel of R ecognized I nternational M arket E xperts in Finance. Russian Derivatives Market 2011:  P.R.I.M.E. Finance project on dispute resolution Presentation by Professor Jeffrey Golden, Moscow, 8 September 2011.

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P.R.I.M.E. Finance P anel of R ecognized I nternational M arket E xperts in Finance

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  1. P.R.I.M.E. Finance Panel of Recognized International Market Experts in Finance Russian Derivatives Market 2011:  P.R.I.M.E. Finance project on dispute resolution Presentation by Professor Jeffrey Golden, Moscow, 8 September 2011

  2. The Future of Financial Regulation: The Role of the Courts Concerns: • A lot at stake • Unsatisfactory results to date • Phenomenon of standardisation • We need a settled body of law • International dimension • Special subject court for finance missing Moscow – EBRD/NFEA/ISDA - 110908 02

  3. Institutionalised dispute settlement • Panel of Recognized International Market Experts (PRIME) ………..but not SUBPRIME!!! Moscow – EBRD/NFEA/ISDA - 110908 03

  4. Standardisation • Legal certainty • Huge cost efficiencies • Risk of contagion Moscow – EBRD/NFEA/ISDA - 110908 04

  5. Conclusion: Key Features of P.R.I.M.E. Finance • High level expertise and reputation (individuals) • Multi-cultural • World wide reach • Speedy decisions, especially in the pre bankruptcy phase or crisis resolution • Mediation and Arbitration • Centre of Expertise, including valuation experts, legal experts, regulatory experts, tax experts and accounting experts, including experts from end users on the “buy side” • Decisions should be enforceable • Decisions should meet justified market expectations • Decisions should be publicly available (subject to protections for proprietary information) • Neutrality • A preemptive role in identifying legal uncertainties • Confidentiality • Education and training of judges, regulators and other participants • Persuasive advisory opinions • Competitive pricing • Access to justice for developing economies Moscow – EBRD/NFEA/ISDA - 110908 05

  6. Conclusion: Type of Cases The Roundtable participants spent considerable time discussing what type of cases would be best served by P.R.I.M.E. Finance: • Cases dealing with contract interpretation, especially standard terms, market practice • Cases dealing with more general contract law (ultra vires, misrepresentation) • Cases where crisis resolution bodies are involved (pre bankruptcy) • Expert opinions • Structured transactions: what are the structures, what are the cash flows of transactions • Cases dealing with the economics of the transaction • Cases dealing with valuation issues • Developing market cases • “Foreign” language (non-English) cases Partiesinvolved, includingbutnotlimited to: • Financial Institutions (commercial and investment) • Funds and other ”buy side” market participants • Development Banks • Multinationals • Exchanges • Clearing Houses • Microfinance (MFIs) • Central Banks and Regulatory Bodies (advisory only) • Referrals from National Courts (advisory only) Moscow – EBRD/NFEA/ISDA - 110908 06

  7. Conclusion Resounding vote from Roundtable participants to move ahead with PRIME Finance! Resoundingvotefrom the participants of the Roundtable Conference to move aheadwith P.R.I.M.E. Finance! 07

  8. The P.R.I.M.E. Finance Experts list The inaugural P.R.I.M.E. Finance Expert list has been created. The experts list composed of over 70 financial and dispute resolution experts includes the following expertise: • Market Experts 30% • Legal Experts 30% • Academics and Specialty Consultants 10% • Former Judges 15% • Specialized Arbitrators and Mediators 15% The full P.R.I.M.E. Finance Expert list can be viewed at: www.primefinancedisputes.org Moscow – EBRD/NFEA/ISDA - 110908 08

  9. Experts - relevant qualifications taken into consideration (cont.) • Proven significant experience related to international commercial arbitration and the field of expertise (financial markets/financial instruments). • Educational degree(s) and/or professional license(s) appropriate to the field of expertise. • Honors, awards and citations indicating leadership in your field. • Training and substantial experience in arbitration, mediation and/or other forms of out-of- court dispute resolution (if appropriate). • Other relevant experience or accomplishments (e.g. published articles). Moscow – EBRD/NFEA/ISDA - 110908 09

  10. Advisory Board of P.R.I.M.E. Finance The Advisory Board of P.R.I.M.E. Finance consists of: • Lord Woolf of Barnes, former Lord Chief Justice of England andWales; Barrister at Blackstone Chambers • Mr. NoutWellink, former President, Dutch Central Bank; former Chairman, Basel Committee on Banking Supervision • Mr. Antonio Sáinz de Vicuña, General Counsel, European Central Bank • Mr. Thomas Jasper, Managing Partner at Manursing Partners LLC; Founder Chairman of ISDA; Risk Hall of Fame member in recognition of his profound contributions to risk management (USA) • Mr. Thierry Porté, Operating Partner, J.C. Flowers & Co.; former President and CEO, Shinsei Bank, Japan Moscow – EBRD/NFEA/ISDA - 110908 10

  11. Management Board of P.R.I.M.E. Finance The Management Board of P.R.I.M.E. Finance consists of: • Mr. Paul Arlman, Board Member of The World Legal Forum foundation; Chair of the Dutch branch of Transparency International; formerly Director of the World Bank and of the European Investment Bank • HE the Honourable Sir David Baragwanath KNZM, QC,Appeal judge of the United Nations Special Tribunal for Lebanon; the presiding judge of the Court of Appeal of Samoa; retired Judge of the High Court of New Zealand • Mr. Willem Calkoen, NautaDutilh, the Netherlands • Mr. Daniel Cunningham, Partner at Quinn Emanuel Urquhart & Sullivan LLP, New York, US • Ms. Gay Huey Evans, Vice Chairman, Consultant and Non-Executive Chairman of ISDA Europe; Non-Executive Director of the London Stock Exchange Group plc; formerly Director of Markets at the Financial Services Authority • Prof. Jeffrey Golden, Visiting Professor, London School of Economics and Political Science; Founder Partner, US Law Practice, Allen & Overy LLP • Ms. Sandie Okoro, General Counsel of the Barings Asset Management; formerly Head of Legal for Corporate Services at Schroders • Mr. Lucien Wong,Managing Partner at Allen & Gledhill LLP; Board Member of the Monetary Authority of Singapore; Member of the Board of Directors of Singapore Airlines Ltd Moscow – EBRD/NFEA/ISDA - 110908 11

  12. Next Steps 2011 The next steps include: • Finalizing P.R.I.M.E. Finance Arbitration and Mediation rules (June 2011 – January2012) • Marketing • Arranging Funding P.R.I.M.E. Finance 2011 – 2013 (May – November 2011) • Expanding the Experts List • NIAS Research of Sir David Baragwanath (September – November 2011) • Official opening of P.R.I.M.E. Finance (16 January 2012) • Launching P.R.I.M.E. Finance judicial training services • Launching P.R.I.M.E. Finance library Moscow – EBRD/NFEA/ISDA - 110908 12

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