Collective Action Clauses and the Restructuring of Sovereign Debt

Published by De Gruyter 2013

Collective Action Clauses and the Restructuring of Sovereign Debt

Edited by: Patrick S. Kenadjian , Klaus-Albert Bauer and Andreas Cahn

Volume 12 in the series Institute for Law and Finance Series

https://doi.org/10.1515/9783110314526

Overview
Contents

About this book

The volume contains articles based on presentations given at a conference hosted by the Institute for Law and Finance of Goethe University 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.

Author / Editor information

Patrick S. Kenadjian, ILF Frankfurt am Main; Andreas Cahn, ILF Frankfurt am Main; Klaus-Albert Bauer, Frankfurt am Main

Supplementary Materials

Contents

Topics

Frontmatter Publicly Available Download PDF	i
Preface Requires Authentication Unlicensed Licensed Download PDF	v
Table of Contents Publicly Available Download PDF	vii
The Authors Requires Authentication Unlicensed Licensed Download PDF	ix
Introduction
The Euro Area’s Collective Action Clause – Some Questions and Answers Klaus-Albert Bauer Requires Authentication Unlicensed Licensed Download PDF	3
Private Sector Involvement in Sovereign Debt Restructuring: Model CACs for Europe
Identical Collective Action Clauses for different Legal Systems: A European Model Antonio Sáinz de Vicuña y Barroso Requires Authentication Unlicensed Licensed Download PDF	15
Towards a Level Playing Field Claus-Michael Happe Requires Authentication Unlicensed Licensed Download PDF	25
An Introduction to the Euro Area’s Model Collective Action Clause David G. Sabel Requires Authentication Unlicensed Licensed Download PDF	29
Enfranchisement and Disenfranchisement in Collective Action Clauses Christian Hofmann Requires Authentication Unlicensed Licensed Download PDF	45
Collective Action Clauses and Litigation
Bondholder Resolutions in the Courtroom Lachlan Burn Requires Authentication Unlicensed Licensed Download PDF	73
Can Collective Action Clauses in Sovereign Bonds Limit Litigation Risks for States? Boris Kasolowsky and Smaranda Miron Requires Authentication Unlicensed Licensed Download PDF	85
The Future of Sovereign Debt in Europe
CACs and the Restructuring of Sovereign Debt – How Would Markets React? Martin Wiesmann Requires Authentication Unlicensed Licensed Download PDF	103
The Aggregation Clause in Euro Area Government Securities: Game Changer or Flavor of the Month? – Background and the Greek Experience Patrick S. Kenadjian Requires Authentication Unlicensed Licensed Download PDF	113
Sovereign Debt Restructuring: Lessons from History Christian Kopf Requires Authentication Unlicensed Licensed Download PDF	149
A Resolvency Proceeding for Defaulting Sovereigns Christoph G. Paulus Requires Authentication Unlicensed Licensed Download PDF	181
Appendices
Appendix 1. Art. 12(3) ESM Treaty Requires Authentication Unlicensed Licensed Download PDF	209
Appendix 2. EFC Sub-Committee on EU Sovereign Debt Markets Model Collective Action Clause Requires Authentication Unlicensed Licensed Download PDF	211
Appendix 3. EFC Sub-Committee on EU Sovereign Debt Markets Supplemental Provisions to Model Collective Action Clause Requires Authentication Unlicensed Licensed Download PDF	225
Appendix 4. EFC Sub-Committee on EU Sovereign Debt Markets Model Collective Action Clause Supplemental Explanatory Note Requires Authentication Unlicensed Licensed Download PDF	227
Appendix 5. EFC Sub-Committee on EU Sovereign Debt Markets Draft Model Collective Action Clause (distributed for Comment in July 2012) Requires Authentication Unlicensed Licensed Download PDF	239
Appendix 6. EFC Sub-Committee on EU Sovereign Debt Markets Collective Action Clause Explanatory Note dated 26 July 2011 Requires Authentication Unlicensed Licensed Download PDF	251

(Deutsch)

Language: English
Publisher: De Gruyter
Audience: Wissenschaftler, Institute, Bibliotheken, Banken, Anwälte, Finanzdienstleister, Ministerien
Pages
- Front matter: 16
- Main content: 262

eBook

Published: August 1, 2013
ISBN: 9783110314526

Hardcover

Published: July 17, 2013
ISBN: 9783110314472