http://www.degruyter.com/view/supplement/9783110314526_Contents.pdf
Table of Contents
Preface V
The Authors IX
Introduction
Klaus-Albert Bauer
The Euro Area’s Collective Action Clause – Some Questions
and Answers 3
Private Sector Involvement in Sovereign Debt Restructuring: Model CACs
for Europe
Antonio Sáinz de Vicuña y Barroso
Identical Collective Action Clauses for different Legal Systems:
A European Model 15
Claus-Michael Happe
Towards a Level Playing Field 25
David G. Sabel
An Introduction to the Euro Area’s Model Collective Action Clause 29
Christian Hofmann
Enfranchisement and Disenfranchisement in Collective
Action Clauses 45
Collective Action Clauses and Litigation
Lachlan Burn
Bondholder Resolutions in the Courtroom 73
Boris Kasolowsky / Smaranda Miron
Can Collective Action Clauses in Sovereign Bonds Limit Litigation Risks
for States? 85
The Future of Sovereign Debt in Europe
Martin Wiesmann
CACs and the Restructuring of Sovereign Debt – How Would Markets
React? 103
Patrick S. Kenadjian
The Aggregation Clause in Euro Area Government Securities: Game Changer
or Flavor of the Month? – Background and the Greek Experience 113
Christian Kopf
Sovereign Debt Restructuring: Lessons from History 149
Christoph G. Paulus
A Resolvency Proceeding for Defaulting Sovereigns 181
Appendices
Appendix 1
Art. 12(3) ESM Treaty 209
Appendix 2
EFC Sub-Committee on EU Sovereign Debt Markets
Model Collective Action Clause 211
Appendix 3
EFC Sub-Committee on EU Sovereign Debt Markets
Supplemental Provisions to Model Collective Action Clause 225
Appendix 4
EFC Sub-Committee on EU Sovereign Debt Markets
Model Collective Action Clause
Supplemental Explanatory Note 227
Appendix 5
EFC Sub-Committee on EU Sovereign Debt Markets
Draft Model Collective Action Clause
(distributed for Comment in July 2012) 239
Appendix 6
EFC Sub-Committee on EU Sovereign Debt Markets
Collective Action Clause
Explanatory Note dated 26 July 2011 251
Collective Action Clauses and the Restructuring of Sovereign Debt
Hrsg. v. Kenadjian, Patrick S. / Bauer, Klaus-Albert / Cahn, Andreas
Reihe:Institute for Law and Finance Series 12
Produktinfo
The volume contains articles based on presentations given at a conference hosted by the Institute for Law and Finance of GoetheUniversity
on October 27, 2011. Collective action clauses are an example of the typical dichotomy of financial regulation: While the problems are economic in nature, the solutions need to be implemented by law. The Institute for Law and Finance strives to bring together law and finance in order to foster a better mutual understanding of both disciplines and to improve the regulation of financial markets. Thus, the organizers are particularly pleased that eminent experts from the fields of law and finance agreed to participate in the event and to share their views on and experiences with collective action clauses. The presentations given at the conference have been updated in 2012 to reflect recent developments.
on October 27, 2011. Collective action clauses are an example of the typical dichotomy of financial regulation: While the problems are economic in nature, the solutions need to be implemented by law. The Institute for Law and Finance strives to bring together law and finance in order to foster a better mutual understanding of both disciplines and to improve the regulation of financial markets. Thus, the organizers are particularly pleased that eminent experts from the fields of law and finance agreed to participate in the event and to share their views on and experiences with collective action clauses. The presentations given at the conference have been updated in 2012 to reflect recent developments.
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