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YEARBOOK 2004/2005 Institute for Law and Finance • Johann Wolfgang Goethe-Universität Frankfurt A Note ofWelcome! Dear Students, Members and Friends, Another successful year has passed. The academic year 2004/2005 has been extremely active and eventful in more ways than one. Most importantly, we are honored by the fact that Mr. Jean-Claude Trichet, President of the European Central Bank, has accepted the Chair of the ILF Academic Advisory Board. This reflects the pan-European importance of the ILF. Our continuous efforts to increase the international prestige of the ILF were also happily rewarded with the official signing of a cooperation agreement between the ILF and Columbia Law School this Prof. Dr. Theodor Baums year. This new and exciting partnership consists of an exchange program for top students of both institutions and forges a close link between the ILF and one of the world’s leading universities. On a similar international note, the ILF was pleased to welcome a great number of leading ILF Executive Board academics and corporate experts from all over the world. They contributed to life at the ILF in many ways, either as visiting professors or faculty members, or guest lecturers and speakers at the annual ILF conferences. Their contributions at these ILF lectures and special activities have A Note of Welcome 03 definitely enriched the minds and experiences of the faculty and students alike. The ILF is grateful The ILF Completes its Third Year 04 for the time they have taken to be with us as well as their genial input at these events. Exchange Program with Columbia Law School 05 It goes without saying that one great source of internationality and inspiration has been the Class Visiting Professors and Guest Lecturers 06 of 2005 itself, as well as the increasing size of our alumni worldwide. It is particularly gratifying for us to learn about the exciting and successful careers of our alumni members. We are sure that The ILF Lecturers in 2004/2005 07 the Class of 2005 will be following brilliant career paths, and we would be delighted to hear from them as they move on to the next phases of their lives. Prof. Dr. Andreas Cahn As we look back to the past three years of achievements, we also reflect on the three years of close C o n t e n t s partnership and cooperation with our valued sponsors and lecturers. Without you, our sponsors and lecturers, we could not have achieved so much. We thank our dedicated lecturers and staff, our generous sponsors, and last but not least our committed students, for the completion of a very The ILF as a Forum for Ideas 08 successful academic year 2004/2005. ILF Director ILF Executive Board The Social Program 10 We will see to it that the ILF continues to strengthen its presence within both the German and ILF Summer School 11 the international arenas as the ILF enters its fourth academic year. The ILF Boards 12 We thank you all! End-of-Year Dinner 13 The Class of 2005 14 Our Sponsors 16 Contact 18 Prof. Dr. Manfred Wandt ILF Executive Board 03 Gaining Professional Experience: The ILF Student Internships Experience in the student recruitment process has shown that the two-month internships with our cooperation partners from the financial, regulatory, central banking, international law and accounting areas remain one of the main attractions of the program. The ILF internship program adds a practical component to the students’ The ILF completes academic studies. In 2004/2005, our students benefited from experiences gained in the following areas of its third year! work, to name only a few: ● One student completed his internship at issues with the representatives of the Front the international law firm Linklaters Office, Treasury, Credit Risk Management, Oppenhoff & Rädler. His assignments in- Swaps & Credit Derivative Operations, and THE CLASS OF 2005 cluded the drafting of legal opinions on the FX Operations, etc. The student was also accession of German companies as borrowers required to write two analytical memoranda In October3 2004, we welcomed 32 students and guarantors to a crossborder acquisition on the recent regulations on credit institutions from 24 countries, including Australia, Brazil, finance facility as well as share pledge and securitization in Russia, and an update on Eritrea, Germany, Indonesia, Poland, Great agreements pursuant to German law, which the 2004 Russian currency regulations. Britain, Uzbekistan, Taiwan and the United served as a security to a loan facility agreement ● Another student was assigned to the Financial States. They held degrees from the State University under English law. Further, he had to review Law Division of the Directorate General Legal in Moscow, Georgetown University in Washington, contractual clauses in standard loan facility Services in the European Central Bank. She University of Cambridge, International University agreements drafted for the German subsidiary was entrusted with numerous legal matters, Concordia Audentes in Tallinn, Peking University of a U.S. bank and prepare internal memoranda such as drafting comments on the Draft Law School, University of Oxford, International on various legal issues which required him to Institutional Agreement on the operational School of Management in Dortmund, University of conduct cross-border research. framework for European regulatory agencies, Stellenbosch in Cape Town, to name only a few. ● Another student acquired valuable experi- conducting research on the securities regulator In the academic year 2004/2005, we saw an ence in the Department of Banking Super- model and regulatory agencies, compiling Exchange Program with Columbia Law School increase in the number of our part-time students, vision at the German Bundesbank. She existing documentation on Continuous who participated in the LL.M. Finance program conducted a research study on the topic Linked Settlement for a database, preparing a while continuing to work at their respective com- “The German bonds market in the European comparative table on community regulatory In early 2005, the Dean of Columbia Law School, New York, panies and institutions, in particular, the European context”. This required her to consider the agencies and their application to the financial Professor David M. Schizer, and the Director of the Institute for Central Bank and the KfW Bankengruppe. effects on German financial institutions of sector, etc. Law and Finance, Professor Andreas Cahn, signed an agreement on We are confident that we speak for everyone the amendments to the law relating to bonds, ● One student completed his internship in a student exchange program. when we say that by being students and professional which came into existence with the partici- the department of capital markets and stock lawyers or economists at the same time, our part- pation of the German Bundesbank. This corporations of the international law firm We are extremely pleased about this agreement, which links up the time students have brought a unique perspective to research study would serve as a very good Baker & McKenzie LLP. During the course ILF with one of the most prominent law schools in the United States. the discussions in class and life at the ILF. basis for future investigations into this subject- of his internship, he dealt with legal documen- Pursuant to the terms of the agreement, up to two ILF students will be The ILF students were selected from a vast pool matter. tation relating to an inter-company agreement given the opportunity to study in the world’s major financial center, of applicants on the basis of their academic merits. ● One student who interned in the Department which was subject to shareholders’ approval New York. Upon selection and after the completion of their course of As in previous years, the interdisciplinary approach of Audit Financial Services (AFS) of KPMG following a takeover, a tender offer document studies at the ILF in Frankfurt, they will be sent to attend one semester of our LL.M. Finance program was strongly gained a useful understanding of the workings as well as various prospectuses in connection of Columbia Law School’s Juris Doctor (J.D.) program. reflected by our student body, which consisted of of the AFS department. With the supervision of with high yield bond offerings and an IPO. both law and economics graduates, many of whom a certified accountant, he observed the annual Further, he did extensive research regarding On the other side of the exchange program, the ILF will welcome up to already have had prior professional experience or auditing of securities at a client’s office and the public international law background of two students from Columbia Law School each year. The Columbia Law established careers. was involved in the checking of the nature of carbon credits, in particular, those generated by School students will join the LL.M. Finance program for the full course In 2004/2005, 23 students had previously contracts, statements of account, summaries development measures implemented in Third of studies and, upon the successful completion of the ILF program, will studied law and 9 students had a first degree in of property, distribution accounts as well as World countries. be awarded the LL.M. Finance degree. business and/or economics. It was a stimulating tax details. He was also acquainted with the ● The internship which a student did in the and successful academic year, thanks to the verification of the permissibility and account- Public Finance Department in Eurohypo individual talents and the rich cultural diversity of ing of financial instruments. AG gave her very helpful insight into several The first two ILF students have been selected our students. Generous scholarships offered by our ● While doing her internship at the areas of public finance business, in particular, and, as this yearbook goes into print, are currently sponsors, in particular, the Hertie Foundation and legal department of Dresdner Kleinwort portfolio management and loan origination.

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