“Business Law and Foreign Investments in Cuba: Challenges and Perspectives”

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Presidency

Rafael La Porta Florencio López de Silanes

Executive Directors

Aurelio Gurrea Martínez Cristina Jiménez Savurido

Natacha Mesa Tejada

Scientific Committee

Jesús Alfaro Guillermo Cabanellas Manuel Castilla Manuel Conthe Rodolfo Dávalos Fernández Javier García de Enterría José Manuel García Collantes Francisco Garcimartín Fernando Gómez Pomar Ana Fernández-Tresguerres Robert J. Jackson, Jr. Rosa María Lastra José Miguel Mendoza Cándido Paz-Ares Francisco Reyes Villamizar Sergio Rodríguez Azuero Adolfo Rouillon Mauricio Rosillo Rojas Bruno Salama Francisco Satiro

Richard Squire Adrián Thery

Ibero-American Institute for Law and

Finance (2nd Annual Conference)

Congreso Anual del Instituto

Iberoamericano de Derecho y Finanzas

La Habana (Cuba). December 8-9, 2016

Presentation

After the successful launch conference of the Ibero-American Institute for Law and Finance held in Madrid (Spain) on October 1-2 2015 under the honorary presidency of His Royal Highness Felipe VI, the Ibero-American Institute of Law and Finance is delighted to announce the celebration of the 2nd Annual Conference, organized in collaboration with FIDE. The conference will be held in La Habana (Cuba) on December 8-9, 2016. This year’s conference will be held in Cuba due to the increasing interest of many investors, academics and policy-makers in the future of the country after the reestablishment of diplomatic relations with the United States. This event seeks to analyze, from a policy perspective, the current law of business organizations and foreign investments existing in Cuba, and how this regulatory framework can be improved to promote economic growth in the country. For this purpose, and following the structure and methodology of the Institute, we have created various panels of experts from all over the world. These experts include several scholars from Cuba, Europe and Latin America; many speakers with professional experience in international organizations such as the World Bank, the International Monetary Fund and the United Nation Commission for International Trade Law (UNCITRAL); various judges, regulators, and policy-makers from Latin America and Europe; and leading practitioners from Cuba, Latin America and Europe.

Program

Thursday, December 8, 2016 9.00 a 9.30h. Welcome Distinguished lecture: ‘Foreign investments in Cuba: regulation, guarantees, and type of foreign investments’ (Rodolfo Dávalos Fernández) Panel 1. Business law in Cuba (10.30-11.30h)

- Corporate law in Cuba (Natacha Mesa) - Tax law in Cuba (Carlos Pérez Inclán) - Creditor protection: secured transactions and bankruptcy law in Cuba (Michele

Abdo) - Cuban banking system (Marlié León Simón)

Moderator: Narciso Cobo Roura Panel 2. Corporate law (12.00-14.00h)

- Business organizations: the corporate form and the success of ‘hybrid’ entities around the world (Guillermo Cabanellas)

- The governance system: distribution of powers between the board of directors and the shareholders’ meeting (Javier García de Enterría)

- The duty of care and the business judgment rule (Robert Jackson) - The duty of loyalty and the regulation of related-party transactions (Luca

Enriques) - Corporate governance in emerging markets (To be announced) - State ownership and corporate governance (Francisco Satiro)

Moderator: Francisco Reyes Villamizar Lunch (14-15.30h) Panel 3. Bankruptcy law (15.30-17.30h)

- The impact of bankruptcy law in the promotion of economic growth (Aurelio Gurrea Martínez)

- Directors’ duty and liability in insolvency (Felix Steffek) - The solution of the debtor´s insolvency: reorganization, liquidation and sale of

assets (Richard Squire) - The treatment of contracts and security interest in bankruptcy (Adrián Thery) - Overindebtedness, consumer bankruptcy and the regulation of a fresh start

policy for individual entrepreneurs (Juan Luis Goldenberg) - Cross-border insolvencies (Adolfo Rouillon)

Moderator: To be announced

Discussion about lawyering and law firms in Cuba (17.30-18.30h)

- Hermegildo Altozano (Bird & Bird) - Lourdes Dávalos (Uría Menéndez) - Pere Kirchner (Cuatrecasas) - Sönke Lund (Monereo, Meller, Marinel-lo) - Javier Santos (DLA Piper)

Friday, December 9, 2016

Panel 4. Commercial law and Secured Transactions (9.00-11.00h).

- Mortgages and pledges: a comparative approach (Amadeu Blasco) - The reform of the law of secured transactions in Latin America (Daniel

Rodríguez) - New tendencies in financial contracts (Fernando Zunzunegui) - International commercial law and electronic trade (Sönke Lund) - Business trusts: role and functions (Sergio Rodríguez Azuero) - The protection of foreign investments in international commercial law (Javier

Santos)

Moderador: Vicente García Gil Coffee break (11.00 a 11.30h) Panel 5. Institutions and enforcement (11.30-13.30)

- Enforcement in corporate law: the importance of specialized courts (José Miguel Mendoza)

- The rationale and coordination of preventive institutions to promote legal certainty: notaries and registries (Alfonso Cavalle)

- The intervention of public notaries in International Commercial Law (Ana Fernández-Tresguerres)

- The enforcement of legal decisions and the intervention of a procurador (Ignacio Argos Linares)

- The enforcement of international arbitration awards (Laurent Cohen-Tamugi)

- The impact of the judiciary and the design of the legal system in the promotion

of economic growth (Pilar Ponce)

Moderator: Manuel García Pérez

Lunch (13.30 a 15.00) Panel 6. Financial regulation, corporate finance and entrepreneurship (15.00-17.00h)

- Sources of finance: a comparative perspective (Elena Daly) - Creation and supervision of the financial system (Bank of Spain/Eurosystem) - The use of the so-called ‘social economy’ as a way to form and finance a

business enterprise (José María Dutilh) - Enterpreneurship and financing of companies through the public sector

(Concepción Ordiz) - Creation and development of Stock Markets (Manuel Conthe)

Moderator: To be announced

Formal Dinner (20.00h)

Organizers

Gold sponsor

Silver sponsors

Collaborators

G R U P O C L A R I D A

General Information

Date and place The conference will take place at the University of La Habana Law School (Facultad de Derecho de la Universidad de La Habana), on December 8-9, 2016. Registration The registration will be made at FIDE (Phone: 914359239 or fidefundacion@fidefundacion.es). The conference fee is €280 (€230 for members of the Ibero-American Institute for Law and Finance and FIDE), and it includes lunches and coffee breaks. Attendance to the annual dinner of the Institute is optional and it should be paid separately (€40 per person). The registration deadline is November 15, 2016. Attendees registering by October 15, 2016, will enjoy a 10% discount on the registration fee. Methodology The conference will be divided into 6 panels. For two days, several experts from Latin America, Europe and the United States will discuss the most efficient way to reform the law of business organizations and foreign investments in Cuba with the aim of promoting economic growth in the country. The conference will be held in Spanish and English (depending on the speaker´s nationality). Certificates All the attendees will receive a certificate of attendance. Contact If you would like to register in the event, or you need any further information about it, please feel free to contact us: Mrs. Carmen Hermida Díaz Dirección y Coordinación de FIDE T: +34 91 435 92 39

Biographies

Jesús Alfaro is a Professor of Corporate Law at Universidad Autónoma of Madrid. He holds

an LLB and a Ph. D. in law from the Universidad Autónoma of Madrid. He also pursued

postgraduate studies at Heidelberg University and the University of Chicago. He is a well-

known expert in Corporate Law, Contract Law, Competition Law and in Economic Analysis

of Law. He has published several articles in Spanish and foreign journals, as well as two

books. He is also Of Coursel at Linklater’s Madrid office

Ignacio Argos es Procurador de los Tribunales. Tesorero del Ilustre Colegio de Procuradores

de Madrid. Colaborador habitual como articulista, con la revista del Ilustre Colegio de

Procuradores de Madrid. Ponente en la jornada sobre Derechos del Procurador en el

Concurso de Acreedores celebrada en el Tribunal Superior de Justicia de Madrid.

Ponente en diversas aulas de formación celebradas por el Iltre. Colegio de Procuradores

de Madrid. Integrante durante 10 años de la Comisión de Aranceles y Deontología del

Iltre. Colegio de Procuradores de Madrid. Licenciado en Derecho por la Universidad

Complutense de Madrid (Colegio Universitario San Pablo C.E.U.)

Guillermo Cabanellas holds law and economics degrees from the University of Buenos

Aires. He also has a Master in Comparative Law (MCL) from the University of Illinois, where

he also obtained his Doctor of the Science of Law (JSD) degree. He is a member of the Bar

Association of San Isidro, province of Buenos Aires. Senior partner at Cabanellas,

Etchebarne y Kelly Abogados (CEK). He has broad experience in Corporate Law,

Corporate Taxation, Capital Markets and Intellectual Property. He has been a research

fellow at the Max Plank Institute in Munich. Professor Cabanellas is the Director of the

Masters in Business Law at San Andrés University and professor of law at several universities,

including the University of Buenos Aires (Argentina) and the University of Illinois (USA). He

was the General Director of Economic Legislation at the Ministry of Economy and the

director of the Foreign Trade Commission of the Republic of Argentina. Professor

Cabanellas has authored more than 30 books and 100 articles published in law journals in

Argentina, Europe and the United States.

Manuel Castilla is a Professor of Corporate at the University of Granada. He holds a law

degree from the University of Granada and a PhD in Law from University degli Studi di

Bologna (Italy). He also holds a Master of Laws (LLM) from Chicago University (Fulbright

Scholar), focusing his studies on corporate law, capital markets and corporate finance. He

has been the director of Center on Family Businesses at the University of Granada and

visiting researcher at several institutions including Havard University and the University of

California at Berkeley. His main areas of research include corporate law, financial

regulation, and capital markets law.

Manuel Conthe is the Chairman of the Advisory Board of Expansión –the leading

economic newspaper in Spain. He is also an international independent arbitrator. He has

been the Chairman of the Spanish Stock and Exchanges Commission, and Vice-President

for the Financial Sector at the World Bank. He studied law at the Autonomous University of

Madrid, and he attended several courses in economics at the Complutense University of

Madrid. He joined the body of Spanish Public Economists in 1978. He has been an Of

Counsel for the international law firm Bird & Bird, and he has held several positions in the

Spanish Ministry of Economy, including Director of Foreign Transactions(1986-1987), Director

of Treasury and Financial Policy(1988-1995), Secretary of State of Economy (1995-1996) and

Representative of the Spanish Government before the European Union.

Rodolfo Dávalos Fernández es Doctor en Derecho, Profesor Titular de Derecho

Internacional Privado de la Facultad de Derecho de la Universidad de La Habana,

Presidente de la Sociedad Cubana de Derecho Mercantil y Presidente de la Corte

Cubana de Arbitraje Comercial Internacional. Árbitro de la Corte Internacional de

Arbitraje de la CCI en París. Árbitro de la Corte de Arbitraje Civil y Mercantil de Madrid,

Autor de 13 libros de Derecho y 27 monografías. Ha publicado más de 50 artículos en

Revistas cubanas y extranjeras, y más de un centenar de artículo de opinión en la prensa

nacional. Profesor invitado de varias universidades extranjeras. Ha impartido conferencias

en 27 universidades extranjeras, y atendido negocios o asuntos jurídicos en 30 países.

Coordinador de los estudios y Ponente de los trabajos sobre Arbitraje Comercial

Internacional y Sociedades Mercantiles, aprobados por la “Organización para la

Armonización del Derecho Mercantil en el Caribe” (OHADAC), en octubre de 2015.

Miembro de Número del Instituto Hispano Luso Americano de Derecho Internacional,

Miembro Honorario de la Asociación Americana de Derecho Internacional Privado.

Premio Nacional de Derecho 2012.

José María Dutilh Carvajal es Socio Director de LeQuid Abogados, una firma

especializada en Economía social y Derecho de los negocios. Licenciado en Derecho y

Diplomado en Empresariales por Universidad Pontificia de Comillas. Experto en

Asesoramiento Integral de Empresas de Economía Social por el Ilustre Colegio de

Abogados de Madrid. Master Universitario en Insolvencia Empresarial por la Universidad

CEU San Pablo de Madrid. Master en Asesoría Jurídica de Empresas y Master en Asesoría

Fiscal de Empresas por el Instituto de Empresa. Master en Dirección General de Empresas

por ESDEN. Su actividad profesional se orienta al asesoramiento de empresas sociales,

derecho societario, gobierno corporativo, reestructuraciones, refinanciaciones y

emprendimiento social responsable y sostenible.

Luca Enriques is the Allen & Overy Professor of Corporate Law at the University of Oxford.

He studied law at the University of Bologna before completing his LLM at Harvard Law

School and working at the Bank of Italy while at the same time earning a Doctorate

degree in Business Law at Bocconi University. He then became a member of the University

of Bologna Faculty of Law (1999-2007). During that period, he was a consultant to Cleary

Gottlieb Steen & Hamilton and an adviser to the Italian Ministry of the Economy and

Finance on matters relating to corporate, banking and securities law with a special focus

on European Union policy initiatives. He was a Commissioner at Consob, the Italian

Securities and Exchange Commission between 2007 and 2012 and Professor of Business

Law at LUISS University, Department of Law, in Rome in 2013-14. He has held visiting posts at

various academic institutions including Harvard Law School, where he was Nomura Visiting

Professor of International Financial Systems (2012-13), Cornell Law School (1999 and 2000),

the Instituto de Impresa in Madrid (2005), the Radzyner School of Law at the

Interdisciplinary Center Herzliya (2013-14) and the University of Cambridge Faculty of Law

(2014-15). He has published widely in the fields of company law, corporate governance,

and financial regulation. He is the Editor of the European Corporate Governance Institute

(ECGI) Working Paper Series in Law, ECGI Research Fellow and one of the coeditors of the

Oxford Business Law Blog.

Ana Fernández-Tresguerres es Notaria de Madrid. Registradora de la propiedad y

mercantil excedente. Doctora en derecho. Letrada Adscrita a la Dirección General de los

Registros y del Notariado. Delegada del Ministerio de Justicia en el Comité de Derecho

Civil de la Unión Europea.

José Manuel García Collantes es Notario de Madrid y Presidente del Consejo General del

Notariado en España. Doctor en Derecho por la Universidad Complutense de Madrid y

Profesor Asociado de Derecho Mercantil en la misma Universidad. Fue delegado del

Notariado español para la Unión Europea, delegado de Asuntos Internacionales del

Consejo General del Notariado, Presidente de la Comisión de Asuntos Europeos de la

Unión Internacional del Notariado, Presidente del Congreso Mundial del Notariado de

2007 y es consejero de la Unión Internacional del Notariado.

Javier García de Enterría is Professor of Business Law (currently on leave). He holds a law

degree (with honors) from the Complutense University of Madrid (Spain), a PhD in Law

from the University of Bolognia (Italy), and a Master of Laws (LL.M.) from Harvard Law

School (USA), where he has also been a Visiting Scholar. He teaches at Centro

Universititario de Estudios Finanieros (CUNEF) and IE University. He has written extensively in

the field of corporate law and capital markets law, and he is the autor of "Le obbligazioni

convertibili in azioni" (1989), "Contrato de factoring y cesión de créditos" (1995), "La OPA

obligatoria" (1996), "Los delitos societarios. Un enfoque mercantil" (1996), "Mercado de

control, medidas defensivas y ofertas competidoras. Estudios sobre OPAs" (1999),

"Limitación del voto, actuación concertada y ofertas condicionales. Estudios sobre OPAs"

(II) (2002), "Sociedades cotizadas, aumentos de capital y derecho de suscripción

preferente. Una consideración económica" (2003). He is a member of the managment

team of several law journals, and he has been a member of a Group of Experts apointed

by the Spanish Stock Exchange (CNMV) to amend the law regarding proxy advisors and

debt issuances. He is also a partner and head of the corporte/M&A area at Clifford

Chance´s offices in Spain.

Vicente García Gil es Profesor Asociado del Área de Derecho Mercantil y Procesal de la

Universidad de Alicante desde 2001, donde también es profesor del Máster de Acceso a

la Abogacía. Asimismo, es profesor del Máster de Acceso a la Abogacía de la

Universidad CEU San Pablo y ha sido Colaborador Honorífico por Acuerdo de la Junta de

Gobierno de la Universidad de Alicante y Profesor de la Escuela de Práctica Jurídica de

Alicante. Es socio y consejero delegado de Dictum Abogados. Es un reconocido

especialista en Derecho Mercantil, Derecho Civil Patrimonial y Derecho Procesal.

Asimismo, es experto en contratación mercantil y Derecho de seguros, materias en las

que ha asesorado a numerosas sociedades mercantiles, entidades financieras, y

compañías aseguradoras, y sobre las que ha escrito diversos artículos en revistas

científicas y obras colectivas de reconocido prestigio como el Anuario Mercantil para

Abogados publicado por la editorial La Ley.

Francisco Garcimartín es Catedrático de Derecho Internacional Privado en la Universidad

Autónoma de Madrid. Es autor de numerosas publicaciones nacionales y extranjeras en

revistas científicas de reconocido prestigio en materia de litigación internacional,

insolvencia transfronteriza y otras disciplinas relacionadas con el Derecho internacional

privado. El profesor Garcimartín ha sido autor, junto al profesor Virgós, de la obra "The

European Insolvency Regulation: Law and Practice (The Hague, Kluwer, 2004), que está

considerada una de las principales referencias bibliográficas en materia de insolvencia en

Europa. Asimismo, también ha escrito otras obras de relevancia internacional como

"Derecho de sociedades y conflicto de leyes" (Edersa, 2002) o "Derecho internacional

privado" (Thomson Reuters-Civitas, 2014). El profesor Garcimartín ha representado al

Gobierno de España como experto nacional en diferentes organizaciones internacionales

tales como UNIDROIT, UNCITRAL, la Conferencia de la Haya o el Consejo de la Unión

Europea. Ha sido miembro del Grupo de Expertos designados por la Comisión Nacional

del Mercado de Valores para trabajar en la Reforma del Sistema de Compensación,

Liquidación y Registro (2010-2011), así como, más recientemente, del Grupo de Expertos

designados por la Comisión Europea para la Reforma del Reglamento Europeo de

insolvencia. En la actualidad, el profesor Garcimartín también actúa como consultor

externo de la firma Linklaters en su oficina de Madrid.

Juan Luis Goldenberg es Profesor de Derecho Privado en la Pontificia Universidad Católica

de Chile. Licenciado en Derecho por la Pontificia Universidad Católica de Chile y Doctor

en Derecho por la Universidad de Salamanca. Es director de la Revista Chilena de

Derecho y miembro del Instituto Iberoamericano de Derecho Concursal. Ha sido

investigador visitante en la Universidad de Columbia de Nueva York, y ha participado

como ponente en numeras conferencias nacionales e internacionales. Está especializado

en Derecho de obligaciones de contratos y Derecho concursal, materias en las que ha

escrito numerosas publicaciones, incluyendo “La subordinación voluntaria de créditos”

(Estudios de Derecho Concursal, Civitas, 2014) y otros artículos publicados en revistas

científicas chilenas y extranjeras especializadas en Derecho concursal.

Fernando Gómez Pomar is Professor of Civil Law at Pompeu Fabra University. He holds a

law degree from Complutense University of Madrid (Spain) and a PhD in Law from the

University of Bologna (Italy). He is counsel at Uría Menéndez’s Madrid and Barcelona

offices. Prior to joining Uría Menéndez in 2014 he was frequently called as an expert witness

on aspects of Spanish law in corporate matters before courts in various jurisdictions, such

as Delaware Chancery Court, the US Federal Court and the High Court of England and

Wales (Queen's Bench Division), as well as arbitration institutions such as the International

Chamber of Commerce (ICC), where he has also acted as arbitrator, the Vienna

International Arbitral Centre and the American Arbitration Association (AAA). He has also

consulted extensively on complex commercial and civil transactions and litigation. In 2010

Fernando was appointed by the European Commission to its Expert Group on a Common

Frame of Reference in the area of European contract law. He is an expert in tort law,

contract law, commercial law and economic analysis of law.

Aurelio Gurrea Martínez is a Visting Fellow at Harvard Law School. He studied Law and

Business Administration at the University of Granada, before completing his PhD in Business

Law at CEU San Pablo University (Spain). He holds a Master of Science in Law and Finance

from the University of Oxford (Talentia Scholar) and a Master of the Science of Law from

Stanford Law School (USA), where he focused his studies on corporate law, corporate

finance and bankruptcy law. He is a partner at Dictum Lawyers and a Lecturer in Law and

Director of International Programs at the Centro de Estudios Garrigues. He has been an

Advisor to the Ministry of Justice, Lecturer in Business Law at CEU San Pablo University

(Spain), Visiting Lecturer in Comparative Corporate Law at the University of Los Andes

(Colombia), and Academic Director of the Program of Accounting for Lawyers at the

Madrid Bar Association (Spain). He is an Academic Member of the European Corporate

Governance Institute, a member of the American Law and Economics Association, and

he has been a visiting researcher at several institutions, including Columbia Law School,

Yale Law School, and the Max Planck Institute for Comparative and International Private

Law. His main areas of research include Corporate Law, Bankruptcy Law, Corporate

Finance and Accounting Law.

Robert J. Jackson, Jr. is Professor of Law, Milton Handler Fellow, and Co-Director of the Ira

M. Millstein Center for Global Markets and Corporate Ownership at Columbia Law School,

where his research emphasizes empirical study of executive compensation and corporate

governance matters. Professor Jackson received his Juris Doctor from Harvard Law School

and a Master´s degree from the Kennedy School of Government (Harvard University).

Likewise, he also holds an MBA and a BS in Economics from the Wharton School, as well as

a BA in Philosophy from the University of Pennsylvania and Pembroke College (Oxford

University). Before joining the academia, Professor Jackson served as an advisor to senior

officials at the Department of the Treasury and in the Office of the Special Master for TARP

Executive Compensation. Likewise, Professor Jackson practiced law in New York City in the

Executive Compensation Department of Wachtell, Lipton, Rosen and Katz.

Cristina Jiménez Savurido es Licenciada en Derecho por la Universidad Complutense de

Madrid (1981- 1986). Accede a Carrera Judicial por oposición de turno libre en 1989. Juez

de Primera Instancia e Instrucción (1990-1992). Magistrada (1992- 1999). Destinos en la

jurisdicción civil y penal. Abogada en ejercicio por el Ilustre Colegio de Abogados de

Madrid desde 2000. Ejerce como Administradora Concursal. Socia fundadora del Centro

de Estudios Superiores Jurídico Empresariales (1996), que ha dirigido hasta junio 2007.

Directora y coordinadora de diferentes cursos y actividades formativas dirigidas a Jueces,

Magistrados y otros profesionales del ámbito judicial. Ponente de diversas conferencias y

seminarios y autora de artículos en diferentes revistas. Vicepresidenta del Instituto de

Estudios Concursales. Vocal del Consejo de Defensa del Contribuyente durante los años

2005 a 2007. Presidente de la Fundación para la Investigación sobre el Derecho y la

Empresa de la que fue Patrono Fundador.

Rosa María Lastra is Professor of International Financial and Monetary Law at the Centre for

Commercial Law Studies (CCLS), Queen Mary University of London. She is a member of

Monetary Committee of the International Law Association (MOCOMILA), a founding

member of the European Shadow Financial Regulatory Committee (ESFRC), an associate

of the Financial Markets Group of the London School of Economics and Political Science,

and an affiliated scholar of the Centre for the Study of Central Banks at New York

University School of Law. From 2008 to 2010 she was Visiting Professor of the University of

Stockholm. She has served as a consultant to the International Monetary Fund, the

European Central Bank, the World Bank, the Asian Development Bank and the Federal

Reserve Bank of New York. From November 2008 to June 2009 she acted as Specialist

Adviser to the European Union Committee [Sub-Committee A] of the House of Lords

regarding its Inquiry into EU Financial Regulation and responses to the financial crisis. Prior

to coming to London, she was an Assistant Professor of International Banking at Columbia

University School of International and Public Affairs in the City of New York (1993-1996).

From January 1992 to September 1993 she was a consultant in the Legal Department of

the International Monetary Fund in Washington D.C. She studied at Valladolid University

(where she also read a Master in Law and Economics), Madrid University, London School of

Economics and Political Science and Harvard Law School (Fulbright Fellow).

Florencio López de Silanes is Professor of Finance and Law, and Director of the Family

Business Center at EDHEC Business School in France. His research interests and main

publications are in corporate governance, law and finance, comparative institutions,

regulation, and legal reform. According to Essential Science Indicators, he is the most

frequently cited researcher in economics and business in Europe and one of the top three

in the world in the last ten years. His lifetime academic citations also place him among five

most widely cited economists in the world according to the Social Science Research

Network (SSRN) and Thomson Scientific’s Essential Science indicators, and among the top

twenty according to Research Papers in Economics (REPEC). Before coming to France, he

was a professor at the universities of Harvard, Yale, Amsterdam, and the Ecole Normale

Superieur in Paris. He has received Harvard's Wells Prize for the Best Dissertation in

Economics (1995), the Brattle Prize for distinguished paper in the Journal of Finance of the

American Finance Association (1999), the Jensen Prize for the best paper published in the

Journal of Financial Economics in the areas of corporate finance and organizations (2000),

and the All Star Paper prize from the Journal of Financial Economics for achieving a high

number of citations (2007). His academic work has also been recognized by the World

Economic Forum, which named him one of the “100 Global Leaders of Tomorrow” in 2003,

and his recent membership of Academia Europaea in 2010. In 2009, he was made

Chevalier de la Légion d'Honneur by the President of France. He has been directly

involved in reform in the areas of financial sector restructuring, foreign investment,

securities law, corporate law and bankruptcy law reform in several nations including:

Argentina, Brazil, China, Colombia, Costa Rica, Egypt, Malaysia, Mexico, Peru, the

Philippines, Russia, Spain, the United States, Uruguay, Venezuela, and Yemen. His work has

also been influential in such organizations as the United Nations, the International

Monetary Fund, the World Bank, the Inter-American Development Bank, and the World

Economic Forum.

José Miguel Mendoza holds a law degree from Universidad Javeriana and an LLM from

Tilburg University. He also holds a DPhil in Law and Finance from the University of Oxford.

He is a lecturer in Corporate Law and Legal Aspects in Business at Universidad de los

Andes (Colombia). He has been a lecturer at several universities, including the University of

Oxford, Colegio de Estudios Superiores en Administración (CESA) and Tilburg Univesity. He

was the recipient of the Santander Abbey scholarship granted by the University of Oxford.

He has been a visiting researcher of several foreign universities, including Columbia

University and London School of Economics and Political Science. He worked in the law

firm Reyes & Asociados and in the M&A department in Philips Electronics in the

Netherlands. He specializes in Corporate Law, Financial Regulation and Capital Markets,

topics in which Dr. Mendoza has authored several articles that have been published in

domestic and foreign law journals.

Natacha Mesa Tejada es Licenciada en Derecho por la Universidad de Oriente, Santiago

de Cuba. Máster en Sociedades analizadas desde la perspectiva del Derecho Mercantil,

Civil, Fiscal, Laboral, Penal, Contabilidad y Auditoría por la Universidad de Barcelona,

España. Doctora en Ciencias Jurídicas por la Facultad de Derecho de la Universidad de la

Habana, Cuba. Profesora de Derecho Mercantil de la Facultad de Derecho de la

Universidad de la Habana. Ha impartido numerosos cursos de postgrados nacionales e

internacionales. Profesora en la Universidad Nacional de la Plata, Argentina, de un

postgrado sobre Derecho Societario comparado. Visiting Professor en la Università degli

Studi di Sassari, Italia. Ponente en numerosos eventos internacionales. Desarrolla sus

investigaciones en el ámbito del Derecho de Sociedades y Cooperativas. Es autora de

diversas publicaciones de reconocido prestigio tanto nacionales como internacionales.

Colabora con la Corte cubana de Arbitraje Comercial Internacional. Miembro de la

comisión de experto designada por la Asamblea Nacional, órgano legislativo de la

República de Cuba, para el análisis y dictamen del Proyecto de Ley de Inversión

Extranjera en Cuba.

Ricardo J. Palomo is a Professor of Finance at the Universidad CEU San Pablo, where he

has been the Dean of the Faculty of Economics and Business Studies. He holds a BA In

Econonomics and a PhD in Economics and Business Studies (with merits) from the

Universidad Complutense de Madrid. He is the Academic Director of the the Master in

Auditing, Masters in Financial Markets and the Master in Corporate Insolvency Law, all at

CEU San Pablo University. Researcher at the School of Corporative Studies (Escuela de

Estudios Cooperativos) at the Universidad Complutense de Madrid. He has been member

and financial adviser in several companies, financial entities and corporate groups. He

collaborates at the International Centre for Financial Education, at the Financial Studies

Foundation and at the Capital Markets Studies Institute. He has participated in various

national and international conferences and directed numerous doctoral theses. He has

been awarded several prizes to the excellence and innovation in teaching. He specializes

in financial economics, corporate finance, financial regulation and corporate social

responsibility.

Cándido Paz-Ares is a Professor of Corporate and Commercial Law at the Universidad

Autónoma of Madrid. He obtained a Law Degree from the Universidad Complutense de

Madrid in 1977 (National Graduation Prize) and a Ph.D in Law, summa cum laude from the

Università degli Studi di Bologna in 1980. He was the Director General of Registries and

Notaries from 1988 to 1990). He became a partner of Uría Menéndez in 2001 and has

extensive experience in business law, company law, financial law and the securities

market and has participated in preparing numerous bills in Spain. In addition, Cándido is

considered an authority in the field of corporate governance by his peers both at home

and abroad. His credentials speak for themselves. He was a member of the "Olivencia

Committee" entrusted by the Spanish Government with drafting the Code of Good

Governance and subsequently became a member of the Aldama Commission, created

to promote security and transparency in the markets and listed companies. Cándido is

also a permanent member of the General Commission of Codification ('Comisión General

de Codificación'), the advisory body to the Spanish Ministry of Justice. Furthermore, since

September 2005, he has formed part of the Commission Conthe which the Government

established to review and update the Code of Good Governance. His academic works

include several books and numerous articles pertaining to his fields of expertise, particularly

in the areas of company law and of law and economics. Cándido is regarded as a

leading lawyer by the main international legal directories, such as Chambers & Partners,

IFLR 1000, Euromoney, among others.

Manuel Pérez García es Licenciado y Doctor en Derecho por la Universidad Pompeo

Fabra (Barcelona, España). Ex-Letrado del Tribunal Supremo. Asesor Técnico del Tribunal

de Cuentas. Es Académico correspondiente de la Real Academia de Jurisprudencia y

Legislación. Ha recibido diversos premios y condecoraciones, entre las que se encuentra

la Cruz de la Orden de San Raimundo de Peñafort otorgada por el Ministerio de justicia.

Ha realizado diversas estancias y cursos de posgrado en diversas instituciones en Estados

Unidos, incluyendo la Universidad de Harvard y la Universidad de Columbia.

Carlos Alejandro Pérez Inclán es Licenciado en Derecho por la Universidad de La

Habana. Máster en Derecho Púbico y Doctor en Derecho por la Universidad de Valencia.

Se ha desempeñado como asesor legal de empresas y asesor legal en los ministerios de

Finanzas y Precios, Inversión Extranjera y Colaboración Económica, y Comercio Exterior y

la Inversión Extranjera. Entre otras, sus principales actividades profesionales resultan:

asesoría legal; participación en la elaboración de normas legales sobre el sistema

tributario y otras; participación en la revisión de Tratados Internacionales, anteproyectos

de Leyes, Decretos-Leyes, Decretos y otras disposiciones legales sobre asuntos varios; y

Negociación de Convenios para Evitar la Doble Imposición Internacional en Impuestos

sobre la Renta y el Patrimonio y para Evitar la Evasión Fiscal y para la Promoción y

Protección Recíproca de Inversiones. Ha cursado diferentes postgrados en materia

financiera, tributaria, mercantil y societaria, así como cursos organizados e impartidos por

el Instituto de Formación y Cooperación Técnica de la Organización Mundial del

Comercio. Ha participado en diferentes eventos profesionales nacionales e

internacionales, como invitado y ponente. Es Profesor Adjunto de pregrado y postgrado

de la Facultad de Derecho de la Universidad de La Habana desde el año 1997 ,así como

autor de diversos libros y artículos en revistas nacionales y extranjeras en materia de

Derecho Financiero y Tributario.

Francisco Reyes Villamizar is Superintendent of Companies in Colombia. He has recently

been the Chairman of the United Nation Commission for International Trade Law

(UNCITRAL). He is a Member of the International Academy of Commercial and Consumer

Law (IACCL). He was an active participant and draftsman of several comprehensive

legislative reforms to the Colombian laws of Corporations and Bankruptcy, including the

successful law on Simplified Stock Corporations enacted in 2008. He also presided over the

governmental commissions for the amendment of the Colombian Bankruptcy Law and the

new Law on Secured Transactions. Dr. Reyes Villamizar’s experience in the public sector

spans over a period of more than twenty years. In 1995, he was appointed Superintendent

of Companies for the first time. His background in the area of Business Law also allowed

him to participate as the Ministry of Justice’s Coordinator for the reform of the Colombian

Commercial Code, which was eventually enacted on December 1995. He holds an LLB

from Javeriana University in Bogotá, LLM from the University of Miami School of Law and

PhD in Law from the University of Tilburg. He also holds a diploma in Portuguese Culture

from the University of Lisbon (Portugal). Dr. Reyes Villamizar has been a Visiting Professor at

the Paul M. Hebert Law Center of Louisiana State University (Baton Rouge, LA), Stetson

College of Law (Gulfport, FL), Université de Lyon Jean Moulin (France), University of

Fribourg (Switzerland), University of Tilburg (The Netherlands), Instituto Tecnológico

Autónomo de México, Universidade Agostinho Neto (Angola), and Universidad Católica

Argentina.

Sergio Rodríguez Azuero holds a PhD in JLaw from the Mayor School of Law "Nuestra

Señora del Rosario". Professor Emeritus an Honorary, Postgraduate Director of Financial

Law, Honorary Collegial, and Ex – Counsellor of the same University, Professor in the

Commercial Law Specialization at the Externado University, Professor of Trust Transactions

at the Javeriana University and ex professor of Trust Management at Los Andes University.

Guest lecturerof Financial Law assignments in the Universities of PHANTEON-ASSAS, Paris II,

Carlos III, PontificiaComillas of Madrid, and theSwiss Institute of Comparative Law.

Founding Partner of the firm “Rodriguez – Azuero Abogados” He was Manager of the Bank

Association of Colombia, Vice-president of Colpatria Bank, and worked in Paris, under the

auspices of the Finance Ministry, with the Sudameris, Paris National, and France banks.

Author of the books “ContratosBancarios" (Banking Agreements), "La Responsabilidad del

Fiduciario" (Trustee Liability) and “NegociosFiduciarios – Su Significación en América

Latina” (Trust Businesses – Their meaning in Latin America) coauthor of “Contrato de

Arbitraje” (Arbitration Agreement) publishedby Rosario University and Legis, and of the

book “Temas de DerechoFinancieroContemporáneo” (Financial Contemporary Law

Matters), and also author of several Finacial Law essays, has also participates as guest

speaker in numerous international forums in Asunción, Bogotá, Buenos Aires, Cancún,

Caracas, Cartagena, Guatemala, Guayaquil, La Paz, Lausana, Lima, Madrid, México,

Medellín, Montevideo, Panamá, Paris, Punta Cana, Punta del Este, Quito, Rosario,

Santiago de Chile, Santa Fe, San José, Santa Marta, San Pedro Sula y San Salvador.

Belonged to the Commission designates by the National Government in 1982 to prepare

the draft Law of Financial Reform and was main member of the Banco de Colombia

Board of Directors in 1984. Directed the Study Commission of the Financial Sector for the

President Gaviria’s campaign. He was Chairman of the Colombo – French Chamber of

Commerce, Chairman of the Trust Association, Associate Judge of the Constitutional

Court, member of the Code of Commerce Revising Commission, and arbitrator of the G-3

Convention (Colombia, Mexico, and Venezuela). Honorary Professor of the Universidad

Católica Santiago de Guayaquil. Belongs to the arbitrators list of the Chamber of

Commerce of Bogota, of the Italian Chamber of Commerce for Colombia, of the British

Columbia International Commercial Arbitration Centre and of the London Court of

International Arbitration. He is “Knight of the Honorable French Legion” and President of

the Association in Colombia, member of the Board of Directors of the International

Academy of Estate and Trust Law, and member of the Colombian Jurisprudence

Academy. It’s Visiting Scholar in Columbia University at New York. (2013 – 2014).

Daniel Rodríguez Bravo is a Lecturer in Commercial law at the University of Los Andes and

the University of El Rosario in Bogotá (Colombia). He is an expert in secured transactions.

Partner at Rodríguez Azuero Contexto Legal Abogados, where he focuses his practice on

infrastructure, compliance, structured finance, secured transactions and project finance.

He holds Law Degree from the University of El Rosario (Colombia), and an LLM in

Corporate Law and International Business from the University of California in Los Angeles

(US), where he was awarded with the dean grant based on his academic performance.

He is a qualified lawyer in Colombia, New York and California. Prior to join Rodríguez

Azuero Contexto Legal, he worked at the Bank of Bogotá (Grupo Aval) and various law

firms in Colombia and the United States.

Mauricio Rosillo Rojas is the Legal Vice President and General Counsel of Grupo

Bancolombia. Mr. Rosillo Rojas has held several positions in the public and private sectors

including, secretary general of Fedeleasing, Interim Colombian Superintendent of Banking

Cooperatives (“Superintendente de Economia Solidaria (encargado)”), director of

financial regulation of the Colombian Ministry of Finance, supervisor of the securities

market of the Colombian Stock Exchange, and president of Autoregulador del Mercado

de Valores (a Colombian self-regulatory organization). He has been member of board at

several financial institutions such as La Previsora Compañía de Seguros, Leasing

Bancoldex, BCH, Fiduestado, Valores Bancolombia, Banca de Inversión Bancolombia,

Fiduciaria Bancolombia, Renting Perú, among others. Mr. Rosillo Rojas graduated from

Pontificia Universidad Javeriana, obtained a post graduate degree in financial law from

Universidad de Los Andes, and a master’s degree in commercial and economic law from

the University of Georgia in the United States, diploma in community law from the Free

University of Brussels, and several seminars at the IMG, World Bank, IOSCO, CFTC, SEC, and

postgraduate courses at Yale, Harvard, NYU, Northwestern, Wharton and IESE. Mr Rosillo is

a lecturer in financial law at both Los Andes University and Pontificia Universidad Javeriana

and director of the postgraduate course at the later university. He writes at Ámbito

Jurídico (Colombia’s legal journal), speaker at local and foreign conferences and author

of various articles related to the financial sector and capital markets.

Adolfo Rouillon is Senior Legal Consultant at the Finance and Market Groupf of the World

Bank, after spending several years as a Legal Consultat at the World Bank's Legal Vice

Presidency. He studied law at the University of Rosario (Argentina), graduating in 1969. He

obtained his PhD in Law and Social Sciences from the Catholic University of Argentina in

1982; his doctoral thesis on bankruptcy proceedings received the highest of distinctions

(summa cum laudae). Since that time, Mr. Rouillon has served more than 25 years as a civil

and commercial judge in Rosario, Argentina, presiding over the Court of Appeal in 1992.

He was also President of the Santa Fe Judges' Association and member of the Board of

Directors of the Argentine Judiciary Federation. In the academic field, Mr. Rouillon taught

insolvency and commercial law in various universities in Argentina, and was Director of the

Law Department of the Faculty of Business Studies in the Austral University. He is the author

of seven books on bankruptcy law, and has published 150 articles on bankruptcy and

commercial law in legal journals and websites in Argentina, Canada, Ecuador, Italy,

United Kingdom, USA, Venezuela. He has attended over 200 conferences and seminars, in

most of which he has delivered papers or served on panels. Mr. Rouillon is the Editor-in-

Chief of two Argentine law journals, La Ley Litoral and Derecho y Empresa. In 1993, he was

elected a member of the Argentine National Academy of Law and Social Sciences in

Buenos Aires.

Javier Santos es abogado, socio de DLA Piper y miembro de su Comité de Dirección. Está

especializado en temas de energía, financiación y fusiones y adquisiciones de empresas.

Posee una amplia experiencia representando a inversores nacionales y extranjeros. Su

experiencia incluye trabajos de financiación de proyectos en el sector de la energía, así

como fusiones y adquisiciones y privatizaciones de compañías de energía en

Latinoamérica, África y Europa del Este.

Francisco Satiro is Professor of Law at the University of San Paulo, where he teaches in the

undergraduate and graduate courses. He is also a Professor of Law at FGV Law School in

Sao Paulo. He holds a Bachelor of Laws and a PhD in Business Law from the University of

Sao Paolo. He is a member of the editorial board of Revista de Direito Mercantil Industrial,

Econômico e Financeiro (0102-8049). From 2009 to 2010, he was professor of Capital

Markets Regulation at the Centre for Transnational Legal Studies (CTLS) in London,

coordinated by the Georgetown University (USA) and connected to the Kings College,

University of London. He has experience in law with emphasis on business law. He is an

expert in corporate law, bankruptcy law, corporate reorganizations and capital markets.

Richard Squire is Professor of Law at Fordham Law School. He received his Juris Doctor from

Harvard Law School, an MBA from Harvard Business School and a BA from Bowdoin

College. Professor Squire publishes primarily on the subjects of Corporate Law and

Corporate Bankruptcy, and he has also written articles on Antitrust and Securities

Regulation. He has twice been elected Fordham Law School's Teacher of the Year, in 2010

and 2011. He previously taught at Harvard College, where he won the Allyn Young Award

for excellence in teaching principles of economics. From 2001 to 2002 he clerked for

Judge Robert D. Sack on the U.S. Court of Appeals for the Second Circuit, and between

2002 and 2005 he was an associate with Wachtell, Lipton, Rosen and Katz in New York City.

During the fall semester of 2013, he was the Joseph F. Cunningham Visiting Professor of

Commercial & Insurance Law at Columbia Law School. Likewise, during the 2012-13 school

year, he was a Florence Rogatz Visiting Professor of Law at Yale Law School.

Felix Steffek is University Lecturer in Comparative Commercial Law at the University of

Cambridge. He is the Deputy Director of the LLM at Cambridge University. He holds studied

law and economics at the University of Heildelberg, before completing his LLM at the

University of Cambridge. He also holds a PhD In law from the University of Heidelberg (PhD)

and he obtained his habilitation in Hamburg (Habilitation). He has been a Senior Research

Fellow at the Max Planck Institute for Comparative and International Private Law.

Research Fellow at the Centre for European Economic Law of the University of Bonn (2005–

2006), Research Fellow at the Institute for German and European Corporate and

Commercial Law of the University of Heidelberg (1998–2004), and he has been a visiting

researcher at several institutions, including the University of Oxford and Harvard Law

School. His main areas of research are corporate law, bankruptcy law, commercial law,

and dispute resolution.

Adrián Thery is a partner at Garrigues, where he specialized in business restructuring, out-

of-courts agreements and national and cross-border insolvency proceedings. He studied

law at CEU San Pablo University (Spain), before completing a Master’s Degree in Business

and Finance from Centro de Estudios Garrigues (Spain) and an LL.M. in European Business

Law from CEU San Pablo University. Adrian´s professional performances has been singled

out of praise at a European level at the Financial Times Innovative Lawyers Awards in 2009

edition (“Industrial lease in an insolvency”) and 2011 edition (“Accelerating a company-

saving approval”). Likewise, 2013 edition of the FT Innovative Lawyers Awards has stood

out his innovative legal approach for the resolution of the leading case “Jugueteria Poly”.

This innovation has been subsequently introduced in article 146 bis of the Spanish

Insolvency Act through Royal-Decree 11/2014, of September 5. He is also a Lecturer on the

Master’s Degree in Corporate Insolvency (MIE) at Universidad San Pablo CEU. He is a

contributing member in Spain to the World Bank panel of experts and Founding member

and President of the Spanish Chapter of the Turnaround Management Association (TMA).

In december 2015, Adrian has been appointed as a member of the Group of Experts

established to assist the European Commission in the creation of a legislative proposal

about restructuring and insolvency law in the European Union. Furthermore, he is a regular

speaker at seminars and conferences in bankruptcy law, and he has written several topics

about corporate reorganizations and business restructuring in Spanish and foreign journals.

Fernando Zunzunegui is is an independent lawyer and consultant, specialized in Financial

Law, recommended by Chambers & Partners “as leader in their field”. He has been

Chairman of European Union’s financial services expert group FIN-USE. He has been

advisor to the Ombudsman of Spain on financial regulation. He has also worked as

international advisor, participating in projects for the Word Bank and Inter-American

Development Bank. He is a Professor of Banking and Securities Law at the Universidad

Carlos III of Madrid, with excellent evaluations (2013, 2014) . He holds a Ph.D. in Banking

Law, a master in Company and Bankruptcy Law, and degrees in Law and Economics.

Previously, he was the legal advisor of the Spanish Central Securities Depository

(SCLV/Iberclear). He is the author of the reference book for professionals and students,

Financial Market Law (Derecho del Mercado Financiero), and other books and articles on

financial regulation, and furthermore he is frequent contributor and columnist in the

economic press in Spain.