Strengthening the Capacity of the Judiciary to Implement Economic Laws

Technical Assistance Report

Project Number: 42136 August 2008

People’s Republic of China: Strengthening the Capacity of the Judiciary to Implement Economic Laws

The views expressed herein are those of the consultant and do not necessarily represent those of ADB’s members, Board of Directors, Management, or staff, and may be preliminary in nature.

CURRENCY EQUIVALENTS (as of 31 July 2008)

Currency Unit – yuan (CNY) CNY1.00 = $0.14648 $1.00 = CNY6.82

On 1 January 1994, the dual exchange rate systems of the People's Republic of China were unified. The exchange rate of the yuan is now determined under a managed floating exchange rate system.

ABBREVIATIONS

ADB – Asian Development Bank NJC – National Judges College PRC – People's Republic of China SPC – Supreme People’s Court TA – technical assistance

TECHNICAL ASSISTANCE CLASSIFICATION

Targeting Classification – General intervention Sector – Law, economic management, and public policy Subsector – Law and judiciary Theme – Capacity development Subtheme – Institutional development

NOTE

In this report, "$" refers to US dollars.

Vice-President B. N. Lohani, Finance and Administration General Counsel J. Hovland, Office of the General Counsel (OGC) Deputy General Counsel E. Fischer, OGC

Team leader X. Peng, Principal Counsel, OGC

I. INTRODUCTION

1. At the request of the Government of the People's Republic of China (PRC), technical assistance (TA) for capacity building of the judicial system on financial and economic laws was included in the country assistance program for 2007. An Asian Development Bank (ADB) fact- finding mission was undertaken in August 2007 for the proposed TA. The mission included a visit to Kunming City in Yunnan Province, located in one of the less-developed regions of the PRC. Based on the mission’s findings and discussions between the mission and the representatives of the Supreme People’s Court (SPC) and the National Judges College (NJC), an agreement was reached on the objectives, scope, terms of reference, and cost of the TA.1 The design and monitoring framework is in Appendix 1.

II. ISSUES

2. The PRC Constitution enunciates rule of law as a fundamental guiding principle for the country.2 This was reiterated by PRC President Hu Jintao in his speech at the 17th Communist Party Congress in 2007, where he stressed the importance of the rule of law in elaborating on a new development concept—the scientific outlook on development. 3 Consistent with the Constitution and in light of the scientific outlook on development, the Government identified the need to “comprehensively implement the rule of law as a fundamental principle and speed up the construction of a socialist country under the rule of law” (footnote 3).

3. The importance given to the rule of law traces its roots to reforms commenced in 1978. The reforms principally focused on building an enabling economic and legal environment to hasten the PRC’s economic development. Thus, during the past three decades, the development of economic and commercial laws in the PRC has been unprecedented.4

4. In its 11th Five-Year Plan, 2006–2010, the Government recognizes that an inclusive and sustainable growth strategy must have a balanced focus on consumption and investment, and

1 The TA first appeared in the business opportunities section of ADB’s website on 24 July 2008. 2 Article 5 of the PRC Constitution provides that the country is governed according to law. 3 According to President Hu, development will be guided by a core focus on “putting people first”. This requires “work[ing] energetically to build a harmonious socialist society” through a more balanced approach. Equal importance is attached to “increas[ing] the material wealth of society and constantly improv[ing] people’s lives” and “guarantee[ing] social equity and justice and constantly promot[ing] social harmony.” Hu Jintao, President, People’s Republic of China, Keynote Work Report, Beijing, People’s Republic of China (15 October 2007). 4 ADB has been providing assistance in formulating, enacting, and amending the PRC’s economic and commercial laws. ADB. 1996. Technical Assistance to the People’s Republic of China for State Enterprise Insolvency Reform. Manila; ADB. 1997. Technical Assistance to the People’s Republic of China for Restructuring Insolvent State Enterprises. Manila; ADB. 1998. Technical Assistance to the People’s Republic of China for Legislation Drafting Support for PRC Securities Law. Manila; ADB. 1999. Technical Assistance to the People’s Republic of China for Development of Economic Laws. Manila; ADB. 2000. Technical Assistance to the People’s Republic of China for Development of Financing Policies and Mechanisms for Small and Medium-Sized Enterprises. Manila; ADB. 2001. Technical Assistance to the People’s Republic of China for WTO Membership and Foreign Trade Law Reform. Manila; ADB. 2002. Technical Assistance to the People’s Republic of China for Banking Law and Regulation. Manila; ADB. 2002. Technical Assistance to the People’s Republic of China for Development of an SME Alternative Financing Mechanism. Manila; ADB. 2002. Technical Assistance to the People’s Republic of China for Enforcement of WTO Rules by the Judicial System. Manila; ADB. 2003. Technical Assistance to the People’s Republic of China for Foreign Bank Rating and Risk Control System. Manila; ADB. 2004. Technical Assistance to the People’s Republic of China for Competition Policy and Laws. Manila; and ADB. 2006. Technical Assistance to the People’s Republic of China for Strengthening the Legal and Implementation Framework for Anti-Money Laundering. Manila.

2 on raising living standards in rural areas, especially in the western provinces.5 SPC has noticed that since the Government adopted this western development strategy, economic and commercial activities in this area have been accelerating.

5. A fast-changing economic landscape and the upsurge of economic and commercial laws in recent years have their concomitant challenges. Foremost among these relate to the implementation and enforcement of laws. Increased economic and commercial activities resulted in an increase in the number and complexity of disputes relating to economic and commercial laws. Two of the most pressing challenges for the PRC judicial system are to improve the quality of adjudication of economic and commercial law-related cases, and to ensure consistency in the application of economic and commercial laws in these cases. To overcome these challenges, the following three activities were identified.

6. Operationalize Written Laws through Adjudication. Many of the economic laws were prepared and adopted in a relatively short time in response to the rapid changes caused by the PRC’s economic and social reforms. Due to limited time and inadequate experience, the written laws tend to lack detail and specific aspects. Indeed, in some cases, the laws were deliberately drafted broadly and generally to allow the administrative and judicial system to fill in the resultant gaps based on the experiences and lessons obtained during initial implementation of the laws.

7. Update Judicial Interpretations and Develop into Coherent Jurisprudence. The PRC judicial system comprises four levels of courts: (i) SPC, the highest national judicial authority; (ii) 31 higher people's courts—one in each of 30 provinces and municipalities with the rank of a province, plus one military court; (iii) more than 400 intermediate people's courts; and (iv) more than 3,000 basic people's courts.

8. The legal system is predominantly a civil law system, with written laws and regulations adopted by legislative authorities as the primary source. As the highest judicial authority, SPC's interpretations, decisions, and judgments directly impact decisions and judgments of lower courts. In addition to issuing generally applicable interpretations of the meaning of laws, SPC issues judicial interpretations and specific implementation instructions directly to lower courts. Such SPC interpretations, decisions, and instructions to lower courts constitute the PRC’s “court-made rules.” These rules are disseminated to lower courts and the public through the gazette of the SPC (SPC Gazette).

9. To date, PRC courts have rendered many judgments and decisions related to economic laws and regulations. To ensure consistency of the judgments rendered by the many courts, SPC needs to analyze, update, and compile these judicial interpretations, decisions, and judgments, and develop jurisprudential standards to aid judges in understanding the court-made rules relating to the field of economic and commercial law.

10. Jurisprudence is developed based on the written law and the policy thrusts behind the written law; legal tradition and precedents; regulatory focus on the transactional process; and the analytical reasoning processes followed by the court system, particularly SPC. The SPC Gazette alone is not adequate for developing jurisprudential skills. An intensive collective learning process that combines tutelage from highly experienced professionals, case studies,

5 The National Strategy for Development of the West covers the 12 municipalities, provinces, and autonomous regions: Chongqing, Gansu, Guangxi, Guizhou, Inner Mongolia, Ninxia, Qinghai, Shaanxi, Sichuan, Xijiang, Xizang, and Yunnan.

11. Train Judges, Particularly in Western Regions. To enhance the performance of judges, the judicial system needs to improve the qualifications and skills of judges. Judges must keep abreast of developments in the field of economic and commercial law. Currently, of the 190,000 judges serving in PRC courts, 66% have undergraduate or higher degrees in law. The judicial system recruits about a 6,000 staff members annually. As an essential qualification to be appointed as a judge, the PRC Judges Law, as amended in June 2001, now requires candidates to have passed the national judicial examination.6 However, the majority of judges currently serving in the courts were appointed prior to the adoption of the 2001 amendment.

12. For less-developed regions in the PRC, the scarcity of financial resources is an additional difficulty in improving quality of the judiciary.7 Constrained financial resources make attracting and retaining high-quality judges in courts difficult in less-developed regions, where salaries and benefits are lower than in more developed regions. Furthermore, the skills of judges in these courts are not enhanced over time as the local budget allocated to these courts is insufficient to send them to continuing training programs organized by NJC in Beijing.

13. The Strategy. SPC and NJC plan to develop continuing legal training programs on selective economic and commercial law topics, with a thematic emphasis on the jurisprudence of such laws and geographic expansion of training to less-developed regions.

14. To improve the qualifications and skills of judges, the Government established NJC in 1997 with the goal of implementing a continuing legal education system. NJC has a main campus in Beijing and 13 branches throughout the country; 10 are under development. Presently, NJC implements the following major training programs: (i) training for judges appointed after 1995 but before the introduction of the national judicial examination requirement, to help them pass the national examination; (ii) training for judges prior to their promotion; and (iii) training for judges at various levels on newly adopted laws and/or other selected topics.

15. Given the large scale of the judicial system and its limited financial means, a more effective intervention would be the provision of training on selected topics for judges. Such training will emphasize learning by judges of jurisprudence developed through updated court- made rules. Rather than general classroom and lecture-based training programs, such training will combine self study, lecturing, class discussion and debate, learning from experienced senior judges, and exchange of experience. Expansion of such training from the NJC central campus in Beijing to its local branches will do much to address the discrepancy between judicial skills in developed and less-developed regions. Once established, the legal education system may

6 Judges’ Law (promulgated by the Standing Committee of the National People’s Congress on 28 February 1995, effective 1 July 1995) amended on 30 June 2001, art. 12, translated at 1995 China Law LEXIS 386. 7 Pursuant to Interim Measures on Financial Management of the People’s Courts, the courts’ budgets are allocated by the corresponding public finance department. The courts can only use funds within the budget. Litigation fees, fines, and confiscated money belong to financial funds of the Government and are submitted to the Government treasury through special bank accounts.

4 provide continued training for targeted trainees in the specific regions, and may select topics in areas not adequately covered in regular legal education.8

III. THE TECHNICAL ASSISTANCE

A. Impact and Outcome

16. The impact of the TA is expected to be the improved quality and increased consistency of the PRC judicial system, particularly for local courts in less-developed regions, in the adjudication of cases relating to economic and commercial law. The outcome of the TA will be a continuing legal training program in economic and commercial law developed under the TA for future repetition, which will carry a thematic emphasis on the jurisprudence of such laws and geographic expansion to less-developed regions through training at NJC’s local branches.

B. Methodology and Key Activities

17. The TA activities will be (i) development of a continuing training program on economic and commercial law with an emphasis on the jurisprudence of these laws, and pilot testing of such training at NJC’s main campus in Beijing and local branches in the western regions; and (ii) a separate but related exercise of up-to-date compilation of court-made rules in selected areas of economic and commercial law, and development of jurisprudence based on updated court-made rules and adjudication practices.

18. The TA involves three major activities. The first involves the conduct of advanced seminars by SPC’s Second Civil Division. The seminars will provide a good opportunity to review, summarize, analyze, update, and compile the interpretations, decisions, and judgments of SPC relating to economic and commercial law. Together with the senior judges in the Second Civil Division, seminar participants will analyze and discuss the policy thrusts behind the written law, the regulatory focus of these laws, and practical issues in implementing the laws from a transactional perspective. Regulatory authorities and practitioners from the legal, investment, and banking subsectors will participate in the advanced seminars. The exercise will update the judges on the real issues encountered in structuring market transactions in accordance with the new economic laws. The process will facilitate the update of court-made rules and development of jurisprudence relating to economic laws. The senior judges participating in the update of the court-made rules and development of jurisprudence will provide training, as resource persons, in the training sessions conducted by NJC.

19. The second activity will be the development of a training program and conduct of training at NJC’s main campus in Beijing for selected judges from courts around the country. National consultants will be engaged to help NJC develop a continuing training program for judges on economic and commercial law. The national consultants and other national experts will be invited to give lectures to judges during the training courses.

8 ADB experience in the PRC confirms that interventions in the area of judicial training, with emphasis on practice and experience building, have significant positive effects on the development of the rule of law in the PRC. Under ADB. 2001. Technical Assistance to the People’s Republic of China for WTO Membership and Foreign Trade Law Reform. Manila (TA 3672-PRC, approved on 14 June), four groups of senior judges, including faculty members of the courts’ training institutions, were trained on World Trade Organization rules at the NJC main campus in Beijing. Based on the training courses provided under this TA, NJC developed and conducted a program to ensure the continuation of training programs on this subject.

20. The third activity involves pilot training to be conducted at NJC branches in the northwestern and southwestern regions. The trainees will be judges from the relatively less- developed northwest and southwest regions. 9 The training program and the experiences obtained through the training courses will help strengthen the capacity of NJC and its branches to continue such training at NJC’s regional branches in the future.

C. Cost and Financing

21. The TA is estimated to cost $900,000. ADB will provide $400,000 on a grant basis from the ADB TA funding program. The ADB financing will cover the costs of (i) remuneration, per diem, and international and local travel of consultants; (ii) equipment; (iii) workshops, seminars, and international symposiums; (iv) support for participants; and (v) contingency. An allowance will be provided to trainees from poor regions. SPC and NJC, including its branches in the northwestern and southwestern regions, will provide a counterpart in-kind contribution equivalent to $500,000, covering the costs for (i) counterpart staff; (ii) local communication; (iii) training expenses including training venue, participants’ travel and accommodation, and organization and administration; (iv) local transport; and (v) administration. The detailed cost estimate is in Appendix 2.

D. Implementation Arrangements

22. SPC will be the Executing Agency for overall implementation of the TA. SPC’s Second Civil Court will be the Implementing Agency for the advanced seminars and NJC will be the Implementing Agency for the training component with responsibility to implement the respective components including monitoring the impact of the training.

23. The TA will be implemented over 18 months, starting in August 2008 and ending in February 2010. The TA will require about 5.5 person-months of national consulting services. ADB will engage the consultants individually in accordance with ADB’s Guidelines on the Use of Consultants (2007, as amended from time to time). The consultants will have expertise in economic and commercial law, including contract law, corporation law, securities law, insolvency and bankruptcy law, trust law, laws on merger and acquisition, laws relating to asset- based securitization, and banking and insurance law. The consultants’ inputs will include participation at, and presentations during, the continuing training courses and advanced seminars. National resource persons, including senior judges from SPC and local courts, 10 specializing in areas covered by the training program will be invited to lead the lectures, discussions, debates, and case analysis exercises at the training courses. International and national resource persons will be invited to participate in the advanced seminars. Appendix 3 provides the implementation arrangements and outline terms of reference for the consultants. SPC will procure the equipment required under the TA in accordance with ADB’s Procurement Guidelines (2007, as amended from time to time). Arrangements for advance payment facility and disbursements under the TA will be made in line with ADB’s Technical Assistance Disbursement Handbook (2008, as amended from time to time) to facilitate TA administration.

9 This may include judges from Chongqing, Gansu, Guangxi, Guizhou, Inner Mongolia, Ninxia, Qinghai, Shaanxi, Sichuan, Xijiang, Xizang, and Yunnan. 10 Honorarium, travel, and accommodation costs for these judges will be covered since they will undertake the training tasks outside their normal job assignment and their court budgets are separate from NJC and its local branches, with each being provided a budget from the corresponding public finance department.

IV. THE PRESIDENT'S DECISION

24. The President, acting under the authority delegated by the Board, has approved the provision of technical assistance not exceeding the equivalent of $400,000 on a grant basis to the Government of the People’s Republic of China for Strengthening the Capacity of the Judiciary to Implement Economic Laws, and hereby reports this action to the Board.

Appendix 1 7

DESIGN AND MONITORING FRAMEWORK

Performance Targets Data Sources and/or Assumptions Design Summary and/or Indicators Reporting Mechanisms and Risks Impact Assumptions

Improved quality and Improved quality of trial Feedback from trainees • SPC is committed to increased proceedings and and local courts on improving the quality of consistency of the judgments relating to improvement of quality of courts’ trial proceedings PRC judicial system, economic and commercial trained judges’ work and and judgments specifically in local law in lower courts, improvement of judges’ • NJC is committed to courts located in less- particularly in the western qualifications carrying out such developed regions, in regions of the PRC continuing training and adjudication of cases Report summarizing the supporting training in relating to economic update of the court-made less-developed regions and commercial law rules for economic and commercial law Risk • Coordination and cooperation between NJC and local branches is inadequate Outcome Assumptions

A continuing legal The continuing training TA inception, interim, and • Local courts support training program in program developed under final reports judges to attend economic and the TA can be repeated, continuing education commercial law will be tailored for other ADB TA review missions • SPC continues to update developed under the selected topics, and will its court-made rules TA for future emphasize jurisprudence, ADB TA completion report through in-depth study repetition, which will both at NJC’s main and interaction with carry a thematic campus in Beijing and its regulatory authorities and emphasis on local branches market participants jurisprudence of such laws and geographic Risks expansion to less- • Limited resources are developed regions made available for judges through training at of the local courts in the NJC’s local branches very poor cities and counties to attend continuing training • No appropriate regular forum is available for learning and development for professionals involved with the judiciary

8 Appendix 1

Performance Targets Data Sources and/or Assumptions Design Summary and/or Indicators Reporting Mechanisms and Risks Outputs Assumptions

(i) Pilot continuing Development of training TA implementation reports • SPC and NJC provide education program in programs in economic and guidance and support to economic and commercial law suitable ADB TA review missions consultants commercial law for continuing training by • Coordination is evident effectively October 2008 ADB TA completion report between NJC and local implemented by NJC NJC branches and its branches in Final workshop under the • Local courts support selected provinces TA NJC’s local branches in carrying out the training (ii) Court-made rules Conduct of the advanced • Regulatory authorities are updated and seminars from October and market practitioners jurisprudence behind 2008 to March 2009 and actively participate in the the written law and finalization of reports by advanced seminars court-made rules October 2009 developed Risks • NJC has inadequate staff (iii) About 800 judges at headquarters and its are equipped with the Training sessions at NJC local branches to carry new knowledge and main campus in Beijing out the organization and skills in adjudicating and its northwestern and conduct of training economic and southwestern branches commercial law cases from October 2008 to October 2009

Activities with Milestones Inputs

1. Consultants commence work (August–September 2008) ADB TA: $400,000 (grant) 2. Develop training program suitable for continuing training (by October 2008) 3. Develop the training plan for the sessions at NJC main campus and its local • Consultants: $125,000 branches • Office equipment: $20,000 4. Hold testing training sessions at NJC main campus in Beijing and one of the • Training workshops and local branches (November 2008) advanced seminars: 5. Commence training sessions at NJC main campus and its local branches $178,000 (October 2008–December 2009) • Participants’ support: 6. Complete midterm review: preliminary assessment of trainings (March 2009) $63,000 7. Complete the training sessions (December 2009) • Contingency: $14,000 8. Complete final assessment of the training (January–February 2010) 9. Prepare advanced seminars for court-made rules update and jurisprudence Government/SPC: $500,000 development (August 2008) • Remuneration and per 10. Conduct the advanced seminars for court-made rules update and diem of counterpart staff: jurisprudence development (October 2008–October 2009) $120,000 11. Finalize the reports on the update of the court-made rules in economic laws • Local communication: (March–October 2009) $72,000 • Training venue, participants’ travel and accommodation, and organization and administration: $280,000 • Local transport: $23,000 • Administration: $5,000

ADB = Asian Development Bank, NJC = National Judges College, PRC = People’s Republic of China, SPC = Supreme People’s Court, TA = technical assistance.

Appendix 2 9

COST ESTIMATES AND FINANCING PLAN ($'000) Total Item Cost

A. Asian Development Bank Financinga 1. Consultants a. Remuneration and Per Diem i. National Consultants 45.0 ii. Honorarium and Per Diem for International and 48.0 National Resource Persons b. International and Local Travel 32.0 2. Equipmentb 20.0 3. Workshops, Seminars, and International Symposiums 178.0 4. Participants Supportc 63.0 5. Contingency 14.0 Subtotal (A) 400.0 B. Government Financing 1. Counterpart Staff 120.0 2. Local Communication 72.0 3. Training a. Training Venue 40.0 b. Participants’ Travel and Accommodation 220.0 c. Organization and Administration 20.0 4. Local Transport 23.0 5. Administration 5.0 Subtotal (B) 500.0 Total 900.0

a Financed by the technical assistance funding program of the Asian Development Bank. b Includes photocopy machine, scanner, multimedia projector, laptop and desktop computers, and software. c Includes amount to be paid to the training facility providers, e.g., local branches of the National Judges College, to cover part of the accommodation costs for the judges from the courts located in very poor cities or counties, who represent 30% of the trainees. Source: Asian Development Bank estimates.

10 Appendix 3

IMPLEMENTATION ARRANGEMENTS AND OUTLINE TERMS OF REFERENCE FOR CONSULTANTS

A. Implementation Arrangements

1. Advanced Seminars

1. The Second Civil Division of the Supreme People’s Court (SPC) will organize a series of advanced seminars. The seminars aim to (i) help senior judges summarize, analyze, update, and compile the interpretations, decisions, and judgments of the SPC relating to economic and commercial law through interaction with other stakeholders from legal practice, administration and regulation, and academia; and (ii) develop jurisprudence for disseminating such interpretations, decisions, and judgments to various levels of courts through continuing training conducted under the technical assistance (TA).

2. The participants in the advanced seminars will be senior judges of the Second Civil Division of SPC and senior judges, including chief judges, from the local courts.

3. The advanced seminars will involve resource persons who will make presentations and help lead the discussions. These resource persons will include lawyers, professionals, and management personnel of corporations and financial institutions, both international and national, and officials of relevant regulatory agencies. The seminars will help identify areas and issues to be covered in the training program and provide guidance for any required adjustments to the program.

2. Training Program

4. The training program will be developed at the beginning of TA implementation. The program will focus on economic and commercial laws. Curricula and pretraining self-study materials and requirements will be prepared. The National Judges College (NJC) will develop the training program, with the assistance of national consultants. Each training session will be for 2 weeks and include a combination of (i) lectures given by academics; (ii) case studies, discussion, and debate led by experienced judges; (iii) presentations given by national consultants; (iv) observation of court trials; (v) self-study; and (vi) concentrated training.

5. The study materials for the lectures will be developed by the experts in the areas of economic and commercial law, including contract law, corporation law, securities law, insolvency and bankruptcy law, trust law, laws on merger and acquisition, laws relating to asset- based securitization, trust law, and banking and insurance law. These materials will have a particular focus on jurisprudence based on business transactions and the objectives of laws and regulations in regulating such transactions. The training materials will be designed to enable trainees to study by themselves. Questions and case study analyses will be included to provoke thinking, discussion, and debate, which will be conducted during the concentrated training.

6. The training program will include periods for self study and concentrated training. The trainees will receive the training materials prior to participation in the concentrated training to enable them to commence self-study. A test will be given to trainees at the beginning of the concentrated training to assess their understanding of the training materials. Concentrated training will then be conducted at the NJC main campus and its branches in the northwestern and southwestern regions.

Appendix 3 11

7. Based on the training program, NJC and its branches in the northwestern and southwestern regions will conduct training sessions. The trainees will include judges recommended by the courts of Chongqing, Gansu, Guangxi, Guizhou, Inner Mongolia, Ninxia, Qinghai, Shaanxi, Sichuan, Xijiang, Xizang, and Yunnan.

B. Terms of Reference

1. National Consultants in Economic and Commercial Law (5.5 person-months)

8. The national consultants to be engaged under the TA will develop training materials and make presentations based on the training materials. They should be specialized in areas covered under the training program, including contract law, corporation law, securities law, insolvency and bankruptcy law, trust law, laws on merger and acquisition, laws relating to asset- based securitization, trust law, and banking and insurance law. The national consultants should have teaching experience in these areas of expertise, and preferably have practical experience. They should be able to conduct training in these areas and lead discussions at the training sessions.

2. International and National Resource Persons

9. National resource persons will be engaged to conduct the training courses under the program. They will be members of academia, legal practitioners, or experienced judges, specializing in the legal and transactional areas (para. 5). The resource persons from academia will mainly support the national consultants in giving the lectures and in leading discussions during the training. The business practitioners will focus on the business transaction aspects to illustrate the key relationships of business transactions and the legal and regulatory issues, as seen from the business transaction perspective. The senior judges from SPC and local courts, specializing in areas covered by the training program, will be invited to deliver lectures, lead discussion and debate, and conduct case analysis exercises in the training courses.

10. International and national resource persons to be invited to the advanced seminars will be experienced practicing lawyers and experts in banking, corporate finance, and investment banking. The officials of the relevant regulatory agencies will be invited to act as resource persons to illustrate and analyze the issues from the regulatory perspective.