LEGAL ISSUES AND CHOICES FOR SOVEREIGN ISSUERS
Transcript of LEGAL ISSUES AND CHOICES FOR SOVEREIGN ISSUERS
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LEGAL ISSUES AND CHOICES FOR
SOVEREIGN ISSUERS
December 4, 2014
Presentation by
Whitney Debevoise
at
World Bank
Sovereign Debt
Management Forum
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Legal Issues and Choices for Sovereign Issuers
Local Law Foundation
Choosing the Market
Selecting Governing Law
Dispute Resolution
Conclusion
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Local Law Foundation
Institutional Structure
Legal Authorization Process
Procurement of Services
Organization of Disclosure
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Institutional Structure
Constitution
Public Credit Legislation
Fiscal Responsibility Legislation
Role of Executive Branch
Role of Legislative Branch
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Legal Authorization Process
Issuance Authorization
Use of Proceeds
Tax Exemption
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Procurement of Services
Rating Agencies
Financial Advisers
Investment Banks
Legal Advisers
Fiscal Agent/Trustee
Listing Agent
Clearing System
International Exchange for Listing
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Organization of Disclosure
Government Statistics
Due Diligence Questionnaire
Legal Due Diligence
Litigation Disclosure
Coordination Mechanism
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Choosing the Market
Regulation S
Rule 144A
SEC Registered
Shelf Registration/MTN
GDNs
Guaranties
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Selecting Governing Law
Target Market
Location of Financial Advisers/Underwriters
Medium-Term Planning
Representations
Covenants
Events of Default
Indemnity
Prescription
AML/CTF/Anti-Corruption/Economic Sanctions
Third Party Rights
Restructuring
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Dispute Resolution
Submission to Jurisdiction
Arbitration
Hybrid
Local Dispute Resolution
Service of Process
Waiver of Immunity
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Conclusion
Your Lawyers Are an Integral Part of Your Team
Embrace Your Lawyers
Engage Your Lawyers Early in the Process
Develop Institutional Knowledge
– Efficiency
– Wise Counsel as Well as Technical Knowledge
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Legal Issues and Choices for Sovereign Issuers
THANK YOU
QUESTIONS:
Whitney Debevoise
Arnold & Porter LLP
+1 202 942 5042
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