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来源类型Policy Briefs
规范类型简报
来源IDCIGI 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
URLhttps://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.
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PB no.137web.pdf(151KB)智库出版物 限制开放CC BY-NC-SA浏览
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