legal workshop: gmra adoption strategy, key business issues, case studies of other jurisdictions and...
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Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey . Paul Landless and Emir Nurmansyah. 22 November 2011. Indonesian GMRA Annex. Overview. PART I – OVERVIEW OF THE REPO MARKET Introduction on Repos - PowerPoint PPT PresentationTRANSCRIPT
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey
22 November 2011
Indonesian GMRA Annex
Paul Landless and Emir Nurmansyah
Overview
PART I – OVERVIEW OF THE REPO MARKET Introduction on Repos International Master Agreements
PART II – PRACTICAL CONSIDERATIONS FOR THE INDONESIAN GMRA ANNEX
Risk Issues in Repo Markets Output of Initial Legal Survey
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 2
PART I: OVERVIEW OF THE REPO MARKET
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 3
Introduction on Repos
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 4
What is a repo?
“Repo” is short for sale and repurchase transaction
Under a "classic" repo, the owner of securities (the seller) will sell the securities or shares (the repoed securities)
to a bank or other financial provider (the buyer) for $X and
agree to buy the repoed securities back (or equivalent securities) at a specified future date for $Y
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 5
What is a repo?
Start of Transaction - Purchase Date
During life of Transaction – Margin Transfer
End of Transaction – Repurchase Date
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Seller Buyerrepurchase price
transfer of equivalent securities
Seller Buyerpurchase price
transfer of securities
Seller Buyermanufactured income on securities margin interest on cash margin
margin transfers
manufactured income on securities interest on cash margin
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Why are repos used?
Seller: to raise cash on a short term basis from longer term assets
Buyer: to make money from the interest charge
To support other money-making transactionsTo fund "long" positions in securitiesTo take "short" positions in securitiesCentral banks: monetary policy instruments
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 7
Repo marketThe players and the securities
The Players
Dealers in securities Central banks Banks Insurance companies Pension funds Mutual funds
The Securities
Government Bonds Corporate Bonds Structured finance
bonds Equities
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 8
Types of Repo
Classic repoFixed term
– Overnight to one year“on demand” or “open” repo
Reverse repo Buy-sell back Tri-party repo “Special” or “GC” Synthetic repo
Total return swap Forward-start repo
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 9
Distinguishing repos from similar transactionsRepos are similar to
Secured loansBuy/sell-backsStock loans or securities lending transactions
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 10
Similarities and differencesRepos and secured loans
SimilaritiesSimilar economic terms
DifferencesSecured loans
– Outright title transfer– No security interest granted
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 11
Similarities and difference Repo and Secured Loans
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Loan
Seller Buyertransfer of securities
Purchase Priceoutright transfer – no security interest
Seller Buyersecurities collateral
Cash Loan
security interest
Repo
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Development of the international repo markets Originated in the US
Introduced by the US Federal Reserve in 1918 Developed in Europe during 1980 and 1990s Increasingly global
Latin AmericaEastern EuropeSoutheast Asia
InnovationsElectronic trading
CCPRepoclear
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 13
Repo market trends
Rapid expansion in overall repo volumesEuropean Repo survey (September 2010): 25%
increase in the size of the European repo market since December 2009
higher than the previous highest figure in June 2007 (pre financial crisis)
Growing market concentrationBroader underlying shift towards CCPMarket share of electronic repo trading falling
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 14
International Master Agreements
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 15
Introduction to Master Agreements
What are Master Agreements?The standard contractual terms apply
Why are they used?Repo contracts in most jurisdictions can be created
without formality i.e. orallyMost transactions agreed orally over the telephoneThis can lead to uncertainty about what has been
agreed – a written contract removes this uncertaintyEntire agreement clauses
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Common Architecture
Documentation ArchitectureMaster Agreement produced by trade associationAnnexConfirmations for each tradeCustomised for particular markets or products by
annexes which form part of the master agreementForms a single agreement
No cherry pickingForms the basis for close-out netting
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 17
REPO MARKETS MASTER AGREEMENTS
INDUSTRY BODIES AND MARKET PARTICIPANTS
•ICMA/SIFMA•Trade Association representing participants active in the international capital markets•Approximately 350 members globally•Members include: investment banks, banks, exchanges, central banks, law firms, professional bodies
MARKET DOCUMENTATION
•GMRA 2011*•GMRA 2000*•PSA/ISMA Global Master Repurchase Agreement (1995)*•Various country/product annexes•TBMA Master Repurchase Agreement (US)•Local market agreements e.g. China, France, Germany•MRA (US)
•*Guidance Notes available
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 18
Market Guidance and Best Practice
ICMA (International Capital Market Association) statements of best practice for repos
Not a contractual commitment Guidelines or recommendations aimed at improving
efficiency or liquidity in the repo marketsRepo Trading Practice Guidelines of August 20, 2003Best Practice Guide to Repo Margining of September 15,
2005 Available from the ICMA website
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 19
PART II: PRACTICAL CONSIDERATIONS FOR THE INDONESIAN GMRA
ANNEX
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 20
Risks Issues in Repo Markets
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 21
Myriad of risks
Settlement Risk
Operational risk Credit Risk
Liquidity risk Market Risk Collateral
risk
Regulatory risk Legal risk
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 22
Settlement Risk
Repo transactions are structured as sales of securities
Inherent risk that the sale does not settle as agreed between the parties
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 23
Simple legal analysis of a sale of a security
Simple ScenarioAssume physical certificatesAssume simultaneous transfer of fundsSale is complete – title to the security passes
– upon physical delivery of the security to the buyer and money to the seller
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey
Seller BuyerTransfer of Securities
Transfer of Funds
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The Settlement Process – Settlement RiskRisk to buyer/seller inherent in settlement
system in process of transferring titleDelay in reconciling settlement system
register with definitive register of title for registered securities
Aim to minimise delay between payment and transfer of ownership
Delivery versus Payment (DvP) is the ideal
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 25
Documentation Risk
Are there any rules in a particular jurisdiction that require particular formalitiesRules requiring writing, signatures, notorisation or
other formalities?
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 26
Liquidity Risk
The risk that a firm will not be able to meet its obligations as they fall dueLehman Brothers collapse 2008Northern Rock collapse 2007
Liquidity risk has two aspectsFunding liquidityMarket liquidity
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 27
Market Risk
Market risk: the exposure to adverse movement in the prices of securities lent
Market risk mostly arises due to counterparty default, inappropriate margin or reinvestment of cash collateral
ISLA guidance on pricing securities for securities lending transactions
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 28
Credit Risk
Risk that a counterparty will fail to meet its obligations
Collateralisation is an effective way to reduce credit exposurereduces the exposure of the lender to borrower by
the amount of collateral heldImportant that the collateral management process
is robust– Operational risk
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 29
Output of Initial Legal Survey
(Conducted by Ali Budiardjo, Nugroho, Reksodiputro)
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 30
Key Legal Issues
Capacity and authority Tax Issues Recharacterisation
riskEnforceability of
set-off
Automatic Early Termination Language Issue Recognition of
English law
Enforcement of judgments and arbitral awards
Agency transactions
Formalities of transfer of Indonesian Securities
FX-related issuesTreatment of flawed asset
provision
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey 31
Capacity and Authority
Special considerations apply for Indonesian parties to the GMRA
Classification of local counterparties– Government authorities - Corporates / Companies– State-owned enterprises - Financial institutions– Banks - Insurance companies
Ultra vires issues Verification of capacity and authority
– Documents to be requested from counterparty
Sovereign immunity
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 32
Tax issues
Stamp dutyWitholding taxTreatment of the “repo rate”
Whether “profit” or for the purpose of capital gains tax
Filing of tax returns
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 33
Recharacterisation risk (1)
Recharacterisation risk
Consequence of recharacterisation – GMRA transaction deemed void and unenforceable
Circumstances under which a GMRA transaction may be recharacterisedRights as owner of underlying assets/securitiesTreatment of manufactured dividends/coupon
payments
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 34
Recharacterisation risk (2)
Recharacterisation risk in IndonesiaViews from the Indonesian repo marketAcademic views
Recharacterisation risk in other Western jurisdictions
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 35
Enforceability of set-off (1)
An Indonesian entity party to GMRA has rights of set-off and netting upon EOD or insolvency, subject to any preferential transactions
Preferential transactions (actio pauliana) – may be subject to cancellation by Indonesian court under the:Indonesian Bankruptcy LawIndonesian Civil Code
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 36
Enforceability of set-off (2)
Set-off and netting in IndonesiaMargin issues - criteria for mutuality in the
context of Equivalent Margin Securities?Requirement for creditor to act in good faith?Formalities required?
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 37
Automatic Early Termination
General position
Automatic Early Termination
It is necessary for Indonesian GMRAs to apply AET to preserve the other part’s right to set-off and net under the GMRA.
22 November 2011 38Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey
Language
Documentation to be executed in Indonesian language if contracting party is an Indonesian individual/entity
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 39
Recognition of English law
Recognition of English law as governing law of the GMRAValid and binding subject to:
– public policy– any mandatory rules of laws of another jurisdiction– there being a connection between at least one of the parties or the
transaction and the chosen governing law
Effect of application of Indonesian law to the GMRA
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 40
Enforcement of judgements and arbitral awards
Enforcement of foreign judgmentsForeign judgments unenforceable – territorial
sovereigntyException - Foreign countries with convention with
IndonesiaEnforcement of arbitral awards
Arbitral awards enforceable – 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (i.e. New York Convention)
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 41
Agency transactions
Treatment for transactions entered into by party as Principal or as Agent in respect of a PrincipalTerms and extent of any agency disclosed?
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 42
Formalities for transfer of Indonesian Securities
General PositionTrue sale without any conditionsOwnership transferred after “juridische levering”
BondsSecuritiesOther registered receivables
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 43
FX-related issues
Foreign exchange restrictions in respect of Indonesian Rupiah?Generally no FX restrictions but subject to:
– Reporting obligations which apply to certain Indonesian entities (and failure to report renders such entities liable to relevant criminal or administrative sanctions)
– Restrictions on payment or remittance of sales proceeds in Rupiah apply to Indonesian banks
Foreign exchange events involving settlement of Indonesian Rupiah
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 44
Treatment of flawed asset provision
Anti-deprivation principleRule to invalidate a contract that has the effect of
transferring one’s property to another (and removing it from the estate) on insolvency, contrary to the pari passu principle of distribution
“Flawed asset” provision under Paragraph 6(j) of the GMRA in respect of an Indonesian entity which has become insolvent
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 45
Questions?
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 46
Your Contacts
22 November 2011Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey 47
Paget Dare BryanPartner28th FloorJardine HouseOne Connaught PlaceCentralHong Kong SAR
T +852 2826 2459F +852 2825 8800E [email protected]
Paul LandlessConsultantClifford ChanceOne George Street19th FloorSingapore 049145Singapore
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Terry YangSenior Associate28th FloorJardine HouseOne Connaught PlaceCentralHong Kong SAR
T +852 2825 8863F +852 2825 8800E [email protected]
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Philip Payne Foreign Of CounselGraha CIMB Niaga 24th FloorJl. Jend. Sudirman Kav. 58Jakarta 12190
T +62 21 2505125F +62 21 2505001, 5121, 5122,5392E [email protected]
Emir NurmansyahPartnerGraha CIMB Niaga 24th FloorJl. Jend. Sudirman Kav. 58Jakarta 12190
T +62 21 2505125F +62 21 2505001, 5121, 5122,5392E [email protected]
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Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other Jurisdictions and Output of Initial Legal Survey