LAW & FINANCE IN EMERGING MARKETS

PIFS responds to the growing demand for legal skills to develop financial and other markets in various parts of the world. The legal dimension of the Program's work grew in importance as people recognize the link between its technical assistance in business law and its research in finance. For example, in order for financial markets to flourish in developing countries, Eastern Europe, and the NIS, banks need effective security for loans, financial regulations such as capital adequacy rules need to be tailored to the needs of the markets, and existing financial laws need to be enforced.

2001

Trained judges, prosecutors, and lawyers about the enforcement of securities laws, with the Cairo and Alexandria Stock Exchange (Dr. Sameh El-Torgoman, Chairman (LL.M. HLS), Judge Jed Rakoff, and Olivier Raynaud).

1999

Analysis of the legal impediments to financial reform in Vietnam, for Vinstar and the Asian Development Bank.

1997

Aided the government of Nepal in drafting legislation for a financial center for international banks.

1996

Hosted 16 Indonesian attorneys, and provided instruction in English-language legal terminology, a special weekly seminar on teaching law, opportunities to audit HLS courses, and guidance in preparing syllabi for a wide range of law courses. With PriceWaterhouse, examined the impediments to integration of stock markets in Southern Africa. With IMCC, advised the finance ministry in Kazakstan about draft laws to regulate the country's external debt.

1995

PIFS resident adviser in Kazakstan worked on corporate governance and shareholders' rights, with KPMG as prime contractor for a U.S. Agency for International Development (USAID) project to develop capital markets. Reviewed trends in world capital markets and Malaysia's role in them for Malaysia's Securities Commission. With Coopers and Lybrand, helped USAID review its activities in law, finance, and commerce in Eastern Europe. With HIID, created manual on how the legal system impedes financial reform uses examples from Asia, Africa, and Latin America.

1994

Sponsored a conference on Czech pension law and reform with the Foundation for Partnerships.

1992

Review of Vietnam's financial markets for The Asia Foundation.

1989-1992

Provided the governments of Laos PDR and Bulgaria with resident legal advisers to help draft business laws. The Laos PDR project was funded by the U.N. Development Program through the World Bank. The Bulgarian project was funded by a World Bank loan.

1991

Worked with the International Development Law Institute to help the European Bank for Reconstruction and Development design and hold a conference about technical assistance and training to reform economic law and legal institutions in Central and Eastern Europe.

1987-1990

Through HIID, helped Indonesia revise its laws governing the financial sector and company law.

1988

Evaluation for the Korea Development Institute of ways the government could remedy problem assets of Korean banks.