附件5国际金融法双语课程教学教案.doc

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Does an electronic money is currency ?7What is the electronic payment ?8Would you please describe the foreign exchange defined by the Chinese laws and regulations.9What is a foreign exchange control ? 4What is a foreign exchange rate? What is a foreign exchange market ?10Could you distinct the different kinds of deal among spot transaction, forward, futures and option of foreign exchange ?【本章扩展阅读资料】The Forex MarketTo invest in other countries or to buy foreign products, firms and individuals may first need to acquire the currency of the country with which they intend to deal with. In addition, exporters may demand to be paid for their goods and services either in their own currency or in U.S. dollars, which are accepted worldwide. The Foreign Exchange Market, or Forex market, is where the majority of buying and selling of world currencies takes place. The Forex market is by far the largest financial market in the world with trading volumes surpassing USD 1.5 trillion on some days. The very large commercial banks are the major traders in this marketThe Forex market itself consists of a worldwide network of primarily interbank traders connected by telephone lines and computers. FX traders constantly negotiate prices between one another and the resulting market bid/ask price for a particular currency is then fed into computers and displayed on official quote screens. Forex exchange rates quoted between banks are referred to as Interbank Rates.CH 2：International commercial Loan Agreement: terms and conditions【本章教学时间】 4课时【本章教学目的与要求】 理解国际商业贷款合同的概念，掌握商务事项条款，熟悉提款与提款通知书的基本要求，了解还款与提前还款的差异，了解税费事项条款，包括国际商业贷款利息的组成和计算方式，贷款的费用和税赋，记账货币等，熟悉限制事项条款，包括先决条件、陈述与保证条款等，掌握约定事项条款，包括消极担保条款、比例平等条款、抵销权条款、资产保持条款等，熟悉违约与救济、法律适用和管辖权等法律事项条款。【本章重要术语提示与中英文对照】编号中文术语英文对照1贷款合同loan agreement2提款通知书notice of drawdown3还款repayment4提前还款prepayment5伦敦市场银行间同业拆放利率London Inter-Bank Offered Rate, LIBOR6利差margin7利息interest8先决条件condition precedent9陈述与保证representation10违约事件events of default11约定事项covenants12消极担保negative pledge13比例平等条款passi passu14抵销set-off【本章重点教学内容】 国际商业贷款合同是指发生在不同国家的当事人之间因贷款而签署的法律文件。 提款通知书是借款人就具体的某一笔借款的借款金额、借款期限和提款日期等事项而向贷款人发出的书面文件。提款通知书对借款人具有法律约束力，并且一旦发出借款人不得单方撤销。 LIBOR就是伦敦市场银行间同业拆放利率，它是一个变量。 先决条件是指国际银团贷款合同中规定的贷款开始执行前或在贷款开始执行后在以后每次提款时借款人需要满足的条件。 违约事件是国际商业贷款合同中所界定的一旦发生即视为借款人违反贷款合同的事件和行为。直接违约事件。指借款人不按期支付本金、利息和费用，违反声明与保证等事件。 约定事项是借款人向贷款人保证他应当做什么，不应当做什么，或者保证他对某些事实所做的说明是真实可靠的等内容的条款。. 国际借贷中的消极担保是指借款人向贷款人保证，在其偿清贷款前，不得在其财产上设定有利于其他债权人的法律形式。在国际借贷法律实践中，消极担保可单独运用，其多见于国际金融组织的贷款；消极担保亦也与其他担保方式并用，国际商业贷款担保则属此类情形。【本章思考题】1. what is the international commercial Loan Agreement?2. What are mains clauses of an international commercial loan agreement ?3. What means the term LIBOR for an international commercial loan ?4. Would you please give some example of the clauses contained in Representations and Warranties5. What ware tax matters involved by an international loan ?6. Why the terms regarding default are called the Events of Default ?7. What is a negative pledge ?8. Whats covenants of an international loan agreement ?9. How to enforce directly the balance owed by the borrower to the bank ?10. What are rules of choice of law of an international loan agreement ?【本章扩展英文阅读资料】Structure of AdvancesSometimes companies need additional capital for various reasons such as: starting or expanding business, purchasing or refinancing equipment or restructuring balance sheet.A business loan provides probably the most flexible solution to meet the financial needs. A loan is an agreement in which a lender gives money to a borrower, and the borrower agrees to repay the money with interest, at some future points in time. Loans are very flexible and can be structured to meet your needs. When arranging a loan, consider its effects on your cash flow and assets. 1Structure of Advances The Loan Agreement must clearly describe the nature of the advances made and the conditions precedent to the lenders obligations. The Loan Agreement should provide the procedure for draw-down requests, which usually occur two business days prior to the proposed borrowing advance notice of a draw-down. Further, the Loan Agreement should specify the borrowings form of notice, along with specific details regarding how repayments will occur, including the time (e.g. by 10:00 a.m. New York time), the place, and the currency of the payment.2. Calculation and Payment of InterestLoans may be structured several different ways but the two most important aspects to consider are the interest rate (type and method) and the repayment schedule for the loan. With a fixed rate the interest rate (i.e. the percentage) applied to the outstanding principal remains constant through out a predetermined period that may or may not equal the length of your loan. The interest rate is set at the beginning of your loan by examining the risk involved and the current market rates. The advantage of a fixed rate loan is that your interest rate is fixed and the payments constant and they will not rise if the market rate rises. The disadvantage is that you will not benefit from a decline of the market rate. CH 3：Project Finance: recourse, participants, risks【本章教学时间】 4课时【本章教学目的与要求】 理解国际银团贷款的概念和法律特征，掌握国际银行贷款的两种主要方式，熟悉共同式银团贷款的含义和特点，掌握参与式银团贷款的概念、参与方式和特点，了解银团贷款主体，包括借款人、牵头行、代理行、参与行、担保人及其法律关系，理解银团贷款中涉及的法律文件，包括委托书、借款信息备忘录、银团贷款招募说明书、借款人与牵头行的银团贷款合同、牵头行与银团成员之间的合同、银团成员与代理人之间的合同，了解国际银团贷款的步骤和程序。【本章重要术语提示与中英文对照】编号中文术语英文对照1银团贷款multi-lender financing2辛迪加贷款syndicated loan3共同式银团贷款loan syndication4参与式银团贷款loan participation5转贷款sub-loan6债权让与assignment7牵头行arranger8经理行lead manager9代理行agent 10参加行participant11多数贷款权银行majority bank or banks12委托书mandate13借款信息备忘录information memorandum14银团贷款招募说明书prospectus【本章重点教学内容】 银团贷款，又称为辛迪加贷款，是指由一家或几家银行牵头，由两家或两家以上的银行依据同样的贷款条件并使用一份共同的贷款合同向借款人发放的由一家共同的代理行管理的贷款。 银团贷款的牵头行，有时又称经理行、主干事行等，是银团贷款的组织者。牵头行通常是由借款人根据贷款需要物色的实力雄厚、在金融界享有较高威望、和其他行有广泛联系、与借款人自身关系密切的大银行或大银行的分支机构。在银团贷款的组织阶段，牵头行是沟通借贷双方的桥梁，并由此承担相应的权利和义务。 银团贷款的代理行是全体参加银团贷款银行的代理人，是代表银团负责与借款人的日常业务联系，担任贷款管理人角色的一家银行。在银团贷款合同签订后，按照贷款合同的规定，负责对借款人发放和收回贷款，承担贷款的贷后管理工作；协调贷款人之间、贷款人和借款人之间的关系；负责违约事件的处理等。 委托书是银团贷款的法律文件之一。委托书具有排他性。只能授予一个牵头行，不能同时授予几个银行。在一般情况下，委托书只是作为一项商业建议，除涉及授权内容以外，其他涉及贷款条件的内容只具有信誉上的约束力，没有法律上的约束力。 信息备忘录又称信息备忘录，是由牵头行分发给可能参加银团贷款的银行，邀请其参加银团贷款的一份重要的法律文件。【本章思考题】1What is the multi-lender contract?2What are the two basic forms of the multi-lender contracts?3What is the legal structure of the syndication loan?4What about the syndicate democracy?5What is agent bank? What are the functions of the agent bank?6What is the relationship between the agent bank and other banks in the syndicated loan?7What is the duty of the agent bank to act on occurrence of default?8How to monitoring loan covenants?9Are there any conflicts between the agent bank and other banks in the syndicate banks? How to solve the problems?10What is loan participation? How does it differ from the syndicated loan?【本章扩展英文阅读资料】Legal Opinions for Syndicated LoanLegal opinions play a significant role in international commercial loan. The distinction between domestic and international loans is important because in some small domestic loans, the use of legal opinions has diminished. A lender may not insist upon receiving an opinion in view of the expense and time involved in obtaining one. This is especially true with an unsecured loan in which the lender does not require a perfection opinion. In particular, when the transaction involves syndicated loan, the legal opinion represents an important document. This document provides lenders the comfort to commit millions of dollars to use in places that are often far away and for purposes that often cannot be regularly monitored.One of the first and most important roles of the agent bank in an international syndicated loan agreement will be to certify compliance with conditions precedent by the borrower. These conditions precedent relate to issues like status and capacity of the borrower, compliance with export restrictions and the like to make sure that the agreement entered into will be a legally valid and enforceable contract. Since some of these issues in an international facility will almost invariably have to be determined according to foreign law, the bank may rely on legal opinions, presentation of which will also be made a condition precedent. The borrower will therefore ask his lawyers, who will most likely have also taken part in the planning and structuring of the transaction and the drafting and negotiation of the loan documents, to prepare the demanded legal opinions on the respective issues. The legal opinions will usually take the form of short standardised letter which have to be distinguished from Letters of legal advice or reasoned legal opinions on certain points of law or interpretation (e.g. ranking of debts in insolvency, liability of the lenders etc.), from Legal reports as to the scope and suitability of the terms of a document (more like a commentary on a certain type of project), as well as from Title reports (e.g. as to the title to land which is to be mortgaged as security) CH 4：Multi-lender loan, multi-lender contracts, syndicated loan , agent bank, loan participation 【本章教学时间】 4课时【本章教学目的与要求】 理解国际项目融资的概念与特征，了解国际项目融资的组织形式，熟悉国际项目融资的参与人，了解国际项目融资的系统风险和非系统风险，掌握项目融资的法律文件类别和项目融资合同，理解政府在国际项目融资中的几种作用，了解项目融资及其法律制度在我国的发展，熟悉我国有关境外项目融资的法律规定。【本章重要术语提示与中英文对照】编号中文术语英文对照1国际项目融资international project finance2有限追索权limited recourse3项目公司project company4贷款人lender5项目主办人sponsor6风险防范allocation of risk7政治风险political risks8法律风险legal risks9完工风险completion risk10完工延迟delays in completion11市场和营运风险market and operating risk12投资合同investment agreement13特殊合同concession agreement14完工担保completion guarantees15提货或付款合同take-or-pay agreement16经营管理合同operation and maintenance agreement17购买合同purchase agreement18支付合同production payment agreement19特许合同concession agreement20替代条款substation clause21价格控制或审核条款price control or review clauses【本章重点教学内容】 国际项目融资的组织形式主要有契约式合营方式，股权式合资经营方式和承包经营方式。 项目融资涉及多方面的参与人，包括贷款人、项目借款人（项目公司）、项目主办人、项目使用方或项目产品的购买方、保证方、项目建设的工程承包方、项目设备原材料和能源供应方、中介机构和政府机构等。 国际项目融资的系统风险是与宏观市场环境有关的、超出自己控制范围的风险，它包括政治风险、法律风险和经济风险等。国际项目融资的非系统风险指可自行控制和管理的风险，它包括完工风险、经营维护风险、财务风险等。 国际项目融资的一个重要法律特征在于政府对项目的参与。政府在国际项目融资中起着特殊作用，并主要表现在政府特许、政府承诺、政府推动和政府监管几个方面。 境外项目融资是指以境内的建设项目的名义，在境外筹措外汇资金，并仅以项目自身的预期收入和资产对外承担债务偿还责任的融资方式。【本章思考题】1How many participants are there in a project finance? What are they ?2What are the advantages of the project finance?3How many kinds of risks are there in the project finance? Please describe each of them4How does a project finance allocate all of the risks?5Why an exclusivity clause is needed in the project finance?6What is the price control or review mechanism?7What rights does the creditor own to secure the repayment of the projects debt?8How many kinds of events of default are there in the project finance?9What is the catch-all provision?10What measures does the government take to control the price of the products of the project?【本章扩展英文阅读资料】Tariff Control by Local Government in Project FinanceIn the absence of actual competition and lack of competition law, the risk of price fixing by the only or major provider of service is a real threat. In monopolistic or quasi-monopolistic markets the government negotiates project finance deals, in addition to the previously referenced regulatory boards or pricing committees, employs a cost-sharing approach or a tariff formula, or a combination of both. Under a cost-sharing approach, the government requires the project company to install a cost control accounting system and to open its books for the inspection and verification of the government representatives.Here, the tariff to be charged by the project is determined on the basis of cost plus. The project company agrees that the charged tariff would represent its costs plus a certain return. This situation is normally subject to certain limitations beyond which extra costs are neglected and not taken into consideration when calculating the tariff. These limitations are to discourage projects from inflating their costs or at least acting in reckless disregard of incurred costs.Projects normally resist this costs plus approach, which ties their hands in order to minimize costs for purposes of increasing the profit margins. This concern is a real one and represents the main disadvantage of the cost plus approach. There is no real motivation for a project to reduce its incurred costs since this reduction will not be reflected in its profit margin, but will be reduced from its charged tariff.Ch 5：Securities law and IPO: overseas securities market and law, penny stock and NSDZQ, overseas IPO【本章教学时间】 4课时【本章本章教学目的与要求】 理解广义证券和狭义证券的不同含义，了解股票、债券以及可转换债券的概念，掌握证券信息披露制度，了解国际证券监管委员会组织的职责以及国际间进行证券监管和合作的方式，熟悉网上证券交易的概念和相关法律问题，掌握我国有关证券发行和上市的法律要求，掌握美国存托凭证的概念和种类，了解赴美国纳斯达克上市在法律上应注意的事项。【本章重要术语提示与中英文对照】编号中文术语英文对照1证券securities2股票stock3债券bond4可转换债券convertible bond51933年证券法1933 Securities Act61934年证券交易法1934 Securities Exchange Act7联邦证券法典Federal Securities Code8蓝天法Blue Sky Laws9信息披露disclosure10发行说明书prospectus11内幕交易insider trading12国际证券监管委员会组织International Organization of Securities Commissions , IOSCO13国际执法International Enforcement14网上交易online trading15网络执法办公室Internet Enforcement Office16纽约证券交易所New York Stock Exchange17美国存托凭证American depositary receipt，ADR18纳斯达克National Association of SecuritiesDealers, NASDAQ【本章重点教学内容】 广义的证券就是记载和代表一定权利的文书，即用以证明证券持有人有权按照证券所载的内容享有相应权益的一种凭证，如美国证券法对证券的定义。狭义的证券，主要是指股票和债券两大类。 证券信息披露制度是指证券发行人发行国际证券时，须向公众公布与证券和证券发行人有关的财务状况资料，使证券投资者能够在分析和评价证券风险及利润的基础上作出投资决策的法律制度。证券信息披露制度根本目的是向证券投资者提供有关证券发行人的财务状况，公司经营现状和前景，以及拟发行证券的资料，防止诈欺行为，保护证券投资者的合法权益。 国际证券监管委员会组织是一个常设国际性组织，成立于1974年，总部设在加拿大的蒙特利尔。该组织的宗旨是：通过成员机构的合作，保证在本国及国际范围的有效监管，以维持公正和高效的市场；通过交换信息和交流经验，发展各国的国内市场；共同努力建立国际证券发行与交易的规范和有效监控；互相帮助，通过严格执法和有效稽查来保证市场的公正性。 网上证券交易是一种新兴的无纸化证券交易方式。狭义的网上证券交易是指借助互联网，完成开户、委托、支付、交割和清算等证券交易的全过程。广义的概念则包括部分或完全利用有线或无线网络、内联网或互联网完。成开户、委托、清算、支付、交割等证券交易过程，部分或完全在线获取投资资讯信息，以及建立在此之上的个人理财等其他金融增值服务。【本章思考题】1Does you know Securities Act of 1933 and the Securities exchange Act of 1934 ?2What are functions of the SEC ?3What is an IPO?4What is a securities market ? 5What role does the underwriting team play in the IPO process?6What are the two basic types of underwriting agreements? What are the differences between them?7What are the “overallotment” option and the “green shoe” option?8What is the process of registering with the SEC? How long it will take?9Why do we say that the “road show” is a forum to “test the waters” of market interest?10What is the purpose of “road show”? 【本章扩展英文阅读资料】Insider TradingInsider trading regulations protect the integrity of the securities market by prohibiting material, non-public information from being used to purchase or sell any security in breach of a fiduciar