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来源类型 | Policy Briefs |
规范类型 | 简报 |
来源ID | CIGI Policy Brief No. 137 |
Making Enhanced CACs the Rule: A Proposed Amendment of the Foreign Sovereign Immunities Act | |
Gregory Makoff | |
发表日期 | 2018-09-10 |
出版年 | 2018 |
语种 | 英语 |
摘要 | The recent rise in sovereign debt litigation in the US Federal Court System is an unintended consequence of the US Foreign Sovereign Immunities Act of 1976 related to an unanticipated shift of the international sovereign debt market from a narrow loan market to a global bond market. Collective action clauses (CACs) — developed in 2003 and “enhanced” in 2014 — are, in theory, an effective contract-based tool to facilitate orderly debt restructurings and control the holdout creditor problem. However, compliance by countries is voluntary and may not be sustained. To assure sustained compliance and to reduce the future incidence of holdout creditor litigation, the US Foreign Sovereign Immunities Act should be amended to provide that only bonds with enhanced CACs will be subject to suit and enforcement in the US courts. |
主题 | Trade & Finance |
子主题 | Central Banking & International Finance ; Management of Severe Sovereign Debt Crises |
URL | https://www.cigionline.org/publications/making-enhanced-cacs-rule-proposed-amendment-foreign-sovereign-immunities-act |
来源智库 | Centre for International Governance Innovation (Canada) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/180240 |
推荐引用方式 GB/T 7714 | Gregory Makoff. Making Enhanced CACs the Rule: A Proposed Amendment of the Foreign Sovereign Immunities Act. 2018. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
PB no.137web.pdf(151KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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