Legal Workshop: GMRA Adoption Strategy, Key
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Transcript Legal Workshop: GMRA Adoption Strategy, Key
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
International Master Agreements
PART II – PRACTICAL CONSIDERATIONS FOR THE
INDONESIAN GMRA ANNEX
Risk Issues in Repo Markets
Output of Initial Legal Survey
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
2
PART I: OVERVIEW OF THE
REPO MARKET
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
3
Introduction on Repos
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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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
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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What is a repo?
Start of Transaction - Purchase Date
transfer of securities
Seller
Buyer
purchase price
During life of Transaction – Margin Transfer
manufactured income on securities
interest on cash margin
Seller
margin transfers
Buyer
manufactured income on securities margin
interest on cash margin
End of Transaction – Repurchase Date
transfer of equivalent securities
Seller
Buyer
repurchase price
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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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 transactions
To fund "long" positions in securities
To take "short" positions in securities
Central banks: monetary policy instruments
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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Repo market
The 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
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
8
Types of Repo
Classic repo
Fixed 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
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
9
Distinguishing repos from similar
transactions
Repos are similar to
Secured loans
Buy/sell-backs
Stock loans or securities lending transactions
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
10
Similarities and differences
Repos and secured loans
Similarities
Similar economic terms
Differences
Secured loans
– Outright title transfer
– No security interest granted
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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Similarities and difference
Repo and Secured Loans
Repo
transfer of securities
Seller
Buyer
Purchase Price
outright transfer – no security interest
Loan
securities collateral
Seller
Buyer
Cash Loan
security interest
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
12
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 America
Eastern Europe
Southeast Asia
Innovations
Electronic trading
CCP
Repoclear
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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Repo market trends
Rapid expansion in overall repo volumes
European 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 concentration
Broader underlying shift towards CCP
Market share of electronic repo trading falling
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
14
International Master
Agreements
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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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. orally
Most transactions agreed orally over the telephone
This can lead to uncertainty about what has been
agreed – a written contract removes this uncertainty
Entire agreement clauses
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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Common Architecture
Documentation Architecture
Master Agreement produced by trade association
Annex
Confirmations for each trade
Customised for particular markets or products by
annexes which form part of the master agreement
Forms a single agreement
No cherry picking
Forms the basis for close-out netting
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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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
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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 markets
Repo Trading Practice Guidelines of August 20, 2003
Best Practice Guide to Repo Margining of September 15,
2005
Available from the ICMA website
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
19
PART II: PRACTICAL
CONSIDERATIONS FOR
THE INDONESIAN GMRA
ANNEX
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
20
Risks Issues in Repo
Markets
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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Myriad of risks
Settlement
Risk
Liquidity
risk
Operational
risk
Credit Risk
Market Risk
Collateral
risk
Regulatory
risk
Legal risk
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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Settlement Risk
Repo transactions are structured as sales of
securities
Inherent risk that the sale does not settle as
agreed between the parties
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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Simple legal analysis of a sale of a security
Seller
Transfer of
Securities
Transfer of Funds
Buyer
Simple Scenario
Assume physical certificates
Assume simultaneous transfer of funds
Sale is complete – title to the security passes
– upon physical delivery of the security to the
buyer and money to the seller
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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The Settlement Process – Settlement Risk
Risk to buyer/seller inherent in settlement
system in process of transferring title
Delay 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
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
25
Documentation Risk
Are there any rules in a particular jurisdiction
that require particular formalities
Rules requiring writing, signatures, notorisation or
other formalities?
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
26
Liquidity Risk
The risk that a firm will not be able to meet its
obligations as they fall due
Lehman Brothers collapse 2008
Northern Rock collapse 2007
Liquidity risk has two aspects
Funding liquidity
Market liquidity
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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Credit Risk
Risk that a counterparty will fail to meet its
obligations
Collateralisation is an effective way to reduce
credit exposure
reduces the exposure of the lender to borrower by
the amount of collateral held
Important that the collateral management process
is robust
– Operational risk
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
29
Output of Initial Legal
Survey
(Conducted by Ali Budiardjo, Nugroho, Reksodiputro)
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
30
Key Legal Issues
Tax Issues
Recharacterisation
risk
Enforceability 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 issues
Treatment of
flawed asset
provision
Capacity and
authority
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
31
Capacity and Authority
Special considerations apply for Indonesian
parties to the GMRA
Classification of local counterparties
– Government authorities
– State-owned enterprises
– Banks
- Corporates / Companies
- Financial institutions
- Insurance companies
Ultra vires issues
Verification of capacity and authority
– Documents to be requested from counterparty
Sovereign immunity
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
32
Tax issues
Stamp duty
Witholding tax
Treatment of the “repo rate”
Whether “profit” or for the purpose of capital gains
tax
Filing of tax returns
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
33
Recharacterisation risk (1)
Recharacterisation risk
Consequence of recharacterisation – GMRA
transaction deemed void and unenforceable
Circumstances under which a GMRA
transaction may be recharacterised
Rights as owner of underlying assets/securities
Treatment of manufactured dividends/coupon
payments
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
34
Recharacterisation risk (2)
Recharacterisation risk in Indonesia
Views from the Indonesian repo market
Academic views
Recharacterisation risk in other Western
jurisdictions
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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 Law
Indonesian Civil Code
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
36
Enforceability of set-off (2)
Set-off and netting in Indonesia
Margin issues - criteria for mutuality in the
context of Equivalent Margin Securities?
Requirement for creditor to act in good faith?
Formalities required?
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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.
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
38
Language
Documentation to be executed in Indonesian
language if contracting party is an Indonesian
individual/entity
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
39
Recognition of English law
Recognition of English law as governing law
of the GMRA
Valid 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
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
40
Enforcement of judgements and arbitral awards
Enforcement of foreign judgments
Foreign judgments unenforceable – territorial
sovereignty
Exception - Foreign countries with convention with
Indonesia
Enforcement of arbitral awards
Arbitral awards enforceable – 1958 Convention on
the Recognition and Enforcement of Foreign
Arbitral Awards (i.e. New York Convention)
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
41
Agency transactions
Treatment for transactions entered into by
party as Principal or as Agent in respect of a
Principal
Terms and extent of any agency disclosed?
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
42
Formalities for transfer of Indonesian Securities
General Position
True sale without any conditions
Ownership transferred after “juridische levering”
Bonds
Securities
Other registered receivables
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
44
Treatment of flawed asset provision
Anti-deprivation principle
Rule 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
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
45
Questions?
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
46
Your Contacts
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Paul Landless
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Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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Your Contacts
Philip Payne
Emir Nurmansyah
Foreign Of Counsel
Graha CIMB Niaga 24th Floor
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Partner
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T +62 21 2505125
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F +62 21 2505001, 5121, 5122,5392
E [email protected]
E [email protected]
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
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Jurisdictions and Output of Initial Legal Survey
22 November 2011
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Legal Workshop: GMRA
Adoption Strategy, Key
Business Issues, Case
Studies of Other
Jurisdictions and Output of
Initial Legal Survey
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