Legal Workshop: GMRA
Adoption Strategy, Key
Business Issues, Case
Studies of Other
Jurisdictions and Output of
Initial Legal Survey
Paul Landless and Emir Nurmansyah
22 November 2011
Indonesian GMRA Annex
Overview
PART I – OVERVIEW OF THE REPO MARKET
 Introduction on Repos
 International Master Agreements
PART II – PRACTICAL CONSIDERATIONS FOR THE
INDONESIAN GMRA ANNEX
 Risk Issues in Repo Markets
 Output of Initial Legal Survey
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
2
PART I: OVERVIEW OF THE
REPO MARKET
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
3
Introduction on Repos
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
4
What is a repo?
 “Repo” is short for sale and repurchase
transaction
 Under a "classic" repo, the owner of
securities (the seller) will
 sell the securities or shares (the repoed securities)
to a bank or other financial provider (the buyer) for
$X and
 agree to buy the repoed securities back (or
equivalent securities) at a specified future date for
$Y
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
5
What is a repo?
Start of Transaction - Purchase Date
transfer of securities
Seller
Buyer
purchase price
During life of Transaction – Margin Transfer
manufactured income on securities
interest on cash margin
Seller
margin transfers
Buyer
manufactured income on securities margin
interest on cash margin
End of Transaction – Repurchase Date
transfer of equivalent securities
Seller
Buyer
repurchase price
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
6
Why are repos used?
 Seller: to raise cash on a short term basis
from longer term assets
 Buyer: to make money from the interest
charge
 To support other money-making transactions
 To fund "long" positions in securities
 To take "short" positions in securities
 Central banks: monetary policy instruments
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
7
Repo market
The players and the securities
The Players
 Dealers in securities
 Central banks
 Banks
 Insurance companies
 Pension funds
 Mutual funds
The Securities
 Government Bonds
 Corporate Bonds
 Structured finance
bonds
 Equities
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
8
Types of Repo
 Classic repo
 Fixed term
– Overnight to one year
 “on demand” or “open” repo
 Reverse repo
 Buy-sell back
 Tri-party repo
 “Special” or “GC”
 Synthetic repo
 Total return swap
 Forward-start repo
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
9
Distinguishing repos from similar
transactions
 Repos are similar to
 Secured loans
 Buy/sell-backs
 Stock loans or securities lending transactions
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
10
Similarities and differences
Repos and secured loans
 Similarities
 Similar economic terms
 Differences
 Secured loans
– Outright title transfer
– No security interest granted
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
11
Similarities and difference
Repo and Secured Loans
Repo
transfer of securities
Seller
Buyer
Purchase Price
outright transfer – no security interest
Loan
securities collateral
Seller
Buyer
Cash Loan
security interest
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
12
Development of the international repo
markets
 Originated in the US
 Introduced by the US Federal Reserve in 1918
 Developed in Europe during 1980 and 1990s
 Increasingly global
 Latin America
 Eastern Europe
 Southeast Asia
 Innovations
 Electronic trading
 CCP
 Repoclear
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
13
Repo market trends
 Rapid expansion in overall repo volumes
 European Repo survey (September 2010): 25%
increase in the size of the European repo market
since December 2009
 higher than the previous highest figure in June
2007 (pre financial crisis)
 Growing market concentration
 Broader underlying shift towards CCP
 Market share of electronic repo trading falling
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
14
International Master
Agreements
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
15
Introduction to Master Agreements
 What are Master Agreements?
 The standard contractual terms apply
 Why are they used?
 Repo contracts in most jurisdictions can be created
without formality i.e. orally
 Most transactions agreed orally over the telephone
 This can lead to uncertainty about what has been
agreed – a written contract removes this uncertainty
 Entire agreement clauses
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
16
Common Architecture
 Documentation Architecture
 Master Agreement produced by trade association
 Annex
 Confirmations for each trade
 Customised for particular markets or products by
annexes which form part of the master agreement
 Forms a single agreement
 No cherry picking
 Forms the basis for close-out netting
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
17
REPO MARKETS MASTER AGREEMENTS
INDUSTRY BODIES AND MARKET PARTICIPANTS
•ICMA/SIFMA
•Trade Association representing participants active in the international capital markets
•Approximately 350 members globally
•Members include: investment banks, banks, exchanges, central banks, law firms,
professional bodies
MARKET DOCUMENTATION
•GMRA 2011*
•GMRA 2000*
•PSA/ISMA Global Master Repurchase Agreement (1995)*
•Various country/product annexes
•TBMA Master Repurchase Agreement (US)
•Local market agreements e.g. China, France, Germany
•MRA (US)
•*Guidance Notes available
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
18
Market Guidance and Best Practice
 ICMA (International Capital Market Association)
statements of best practice for repos
 Not a contractual commitment
 Guidelines or recommendations aimed at improving
efficiency or liquidity in the repo markets
 Repo Trading Practice Guidelines of August 20, 2003
 Best Practice Guide to Repo Margining of September 15,
2005
 Available from the ICMA website
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
19
PART II: PRACTICAL
CONSIDERATIONS FOR
THE INDONESIAN GMRA
ANNEX
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
20
Risks Issues in Repo
Markets
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
21
Myriad of risks
Settlement
Risk
Liquidity
risk
Operational
risk
Credit Risk
Market Risk
Collateral
risk
Regulatory
risk
Legal risk
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
22
Settlement Risk
 Repo transactions are structured as sales of
securities
 Inherent risk that the sale does not settle as
agreed between the parties
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
23
Simple legal analysis of a sale of a security
Seller
Transfer of
Securities
Transfer of Funds
Buyer
Simple Scenario
 Assume physical certificates
 Assume simultaneous transfer of funds
 Sale is complete – title to the security passes
– upon physical delivery of the security to the
buyer and money to the seller
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
24
The Settlement Process – Settlement Risk
 Risk to buyer/seller inherent in settlement
system in process of transferring title
 Delay in reconciling settlement system
register with definitive register of title for
registered securities
 Aim to minimise delay between payment and
transfer of ownership
 Delivery versus Payment (DvP) is the ideal
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
25
Documentation Risk
 Are there any rules in a particular jurisdiction
that require particular formalities
 Rules requiring writing, signatures, notorisation or
other formalities?
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
26
Liquidity Risk
 The risk that a firm will not be able to meet its
obligations as they fall due
 Lehman Brothers collapse 2008
 Northern Rock collapse 2007
 Liquidity risk has two aspects
 Funding liquidity
 Market liquidity
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
27
Market Risk
 Market risk: the exposure to adverse
movement in the prices of securities lent
 Market risk mostly arises due to counterparty
default, inappropriate margin or reinvestment
of cash collateral
 ISLA guidance on pricing securities for
securities lending transactions
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
28
Credit Risk
 Risk that a counterparty will fail to meet its
obligations
 Collateralisation is an effective way to reduce
credit exposure
 reduces the exposure of the lender to borrower by
the amount of collateral held
 Important that the collateral management process
is robust
– Operational risk
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
29
Output of Initial Legal
Survey
(Conducted by Ali Budiardjo, Nugroho, Reksodiputro)
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
30
Key Legal Issues
Tax Issues
Recharacterisation
risk
Enforceability of
set-off
Automatic Early
Termination
Language Issue
Recognition of
English law
Enforcement of
judgments and
arbitral awards
Agency
transactions
Formalities of
transfer of
Indonesian
Securities
FX-related issues
Treatment of
flawed asset
provision
Capacity and
authority
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
31
Capacity and Authority
 Special considerations apply for Indonesian
parties to the GMRA
 Classification of local counterparties
– Government authorities
– State-owned enterprises
– Banks
- Corporates / Companies
- Financial institutions
- Insurance companies
 Ultra vires issues
 Verification of capacity and authority
– Documents to be requested from counterparty
 Sovereign immunity
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
32
Tax issues
 Stamp duty
 Witholding tax
 Treatment of the “repo rate”
 Whether “profit” or for the purpose of capital gains
tax
 Filing of tax returns
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
33
Recharacterisation risk (1)
 Recharacterisation risk
 Consequence of recharacterisation – GMRA
transaction deemed void and unenforceable
 Circumstances under which a GMRA
transaction may be recharacterised
 Rights as owner of underlying assets/securities
 Treatment of manufactured dividends/coupon
payments
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
34
Recharacterisation risk (2)
 Recharacterisation risk in Indonesia
 Views from the Indonesian repo market
 Academic views
 Recharacterisation risk in other Western
jurisdictions
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
35
Enforceability of set-off (1)
 An Indonesian entity party to GMRA has rights of
set-off and netting upon EOD or insolvency, subject
to any preferential transactions
 Preferential transactions (actio pauliana) – may be
subject to cancellation by Indonesian court under
the:
 Indonesian Bankruptcy Law
 Indonesian Civil Code
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
36
Enforceability of set-off (2)
 Set-off and netting in Indonesia
Margin issues - criteria for mutuality in the
context of Equivalent Margin Securities?
Requirement for creditor to act in good faith?
Formalities required?
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
37
Automatic Early Termination
 General position
 Automatic Early Termination
 It is necessary for Indonesian GMRAs to apply AET to
preserve the other part’s right to set-off and net under the
GMRA.
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
38
Language
 Documentation to be executed in Indonesian
language if contracting party is an Indonesian
individual/entity
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
39
Recognition of English law
 Recognition of English law as governing law
of the GMRA
 Valid and binding subject to:
– public policy
– any mandatory rules of laws of another jurisdiction
– there being a connection between at least one of the parties or the
transaction and the chosen governing law
 Effect of application of Indonesian law to the
GMRA
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
40
Enforcement of judgements and arbitral awards
 Enforcement of foreign judgments
 Foreign judgments unenforceable – territorial
sovereignty
 Exception - Foreign countries with convention with
Indonesia
 Enforcement of arbitral awards
 Arbitral awards enforceable – 1958 Convention on
the Recognition and Enforcement of Foreign
Arbitral Awards (i.e. New York Convention)
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
41
Agency transactions
 Treatment for transactions entered into by
party as Principal or as Agent in respect of a
Principal
 Terms and extent of any agency disclosed?
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
42
Formalities for transfer of Indonesian Securities
 General Position
 True sale without any conditions
 Ownership transferred after “juridische levering”
 Bonds
 Securities
 Other registered receivables
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
43
FX-related issues
 Foreign exchange restrictions in respect of
Indonesian Rupiah?
 Generally no FX restrictions but subject to:
– Reporting obligations which apply to certain Indonesian
entities (and failure to report renders such entities liable to
relevant criminal or administrative sanctions)
– Restrictions on payment or remittance of sales proceeds in
Rupiah apply to Indonesian banks
 Foreign exchange events involving
settlement of Indonesian Rupiah
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
44
Treatment of flawed asset provision
 Anti-deprivation principle
 Rule to invalidate a contract that has the effect of
transferring one’s property to another (and
removing it from the estate) on insolvency, contrary
to the pari passu principle of distribution
 “Flawed asset” provision under Paragraph
6(j) of the GMRA in respect of an Indonesian
entity which has become insolvent
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
45
Questions?
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
46
Your Contacts
Paget Dare Bryan
Paul Landless
Partner
28th Floor
Jardine House
One Connaught Place
Central
Hong Kong SAR
Consultant
Clifford Chance
One George Street
19th Floor
Singapore 049145
Singapore
T +852 2826 2459
T + 65 6661 2029
F +852 2825 8800
F + 65 6410 2288
E paget.darebryan@cliffordchance.com
E paul.landless@cliffordchance.com
Terry Yang
Senior Associate
28th Floor
Jardine House
One Connaught Place
Central
Hong Kong SAR
T +852 2825 8863
F +852 2825 8800
E terry.yang@cliffordchance.com
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
47
Your Contacts
Philip Payne
Emir Nurmansyah
Foreign Of Counsel
Graha CIMB Niaga 24th Floor
Jl. Jend. Sudirman Kav. 58
Jakarta 12190
Partner
Graha CIMB Niaga 24th Floor
Jl. Jend. Sudirman Kav. 58
Jakarta 12190
T +62 21 2505125
T +62 21 2505125
F +62 21 2505001, 5121, 5122,5392
F +62 21 2505001, 5121, 5122,5392
E ppayne@abnrlaw.com
E enurmansyah@abnrlaw.com
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
48
A premier law firm in Asia Pacific with deep ties to leading
local players
Our lawyers advise a diverse
client base including domestic and
multi-national corporates, banks
and other financial institutions,
governments and other regulatory
bodies, and international
partnerships.
We have been active in the Asia
Pacific region for more than 50 years:






with eight offices across the region and more than
400 lawyers in Bangkok, Beijing, Hong Kong,
Perth, Shanghai, Singapore, Sydney and Tokyo
practising English, US, Hong Kong, Japanese,
Singapore, Thai and Australian law and providing
local law advice in all offices, where the regulatory
framework permits, and working with local lawyers
in other jurisdictions
receiving one of the first Qualifying Foreign Law
Practice licences issued by the Singapore
Government, allowing us to provide Singapore law
advice
with a joint marketing and cooperation
arrangement with VILAF-Hong Duc in Vietnam
creating strong working relationships with local law
firms in Malaysia, Indonesia, the Philippines,
South Korea and elsewhere in Asia Pacific
providing a multilingual service to reflect the
nature of the region.
Legal Workshop: GMRA Adoption Strategy, Key Business Issues, Case Studies of Other
Jurisdictions and Output of Initial Legal Survey
22 November 2011
49
Worldwide contact information
33* offices in 23 countries
Abu Dhabi
Clifford Chance
9th Floor
Al Sila Tower
Sowwah Square
PO Box 26492
Abu Dhabi
United Arab Emirates
Tel +971 (0)2 613 2300
Fax +971 (0)2 613 2400
Bucharest
Clifford Chance Badea
Excelsior Center
28-30 Academiei Street
12th Floor, Sector 1
Bucharest, 010016
Romania
Tel +40 21 66 66 100
Fax +40 21 66 66 111
Istanbul
Clifford Chance
Kanyon Ofis Binasi Kat. 10
Büyükdere Cad. No. 185
34394 Levent
Istanbul
Turkey
Tel +90 212 339 0001
Fax +90 212 339 0098
Moscow
Clifford Chance
Ul. Gasheka 6
125047 Moscow
Russian Federation
Tel +7 495 258 5050
Fax +7 495 258 5051
Rome
Clifford Chance
Via Di Villa Sacchetti, 11
00197 Rome
Italy
Tel +39 06 422 911
Fax +39 06 422 91200
Warsaw
Clifford Chance
Norway House
ul. Lwowska 19
00-660 Warszawa
Poland
Tel +48 22 627 11 77
Fax +48 22 627 14 66
Amsterdam
Clifford Chance
Droogbak 1A
1013 GE Amsterdam
PO Box 251
1000 AG Amsterdam
The Netherlands
Tel +31 20 7119 000
Fax +31 20 7119 999
Doha
Clifford Chance
QFC Branch
Suite B, 30th floor
Tornado Tower
Al Funduq Street
West Bay PO Box 32110
Doha
State of Qatar
Tel +974 4491 7040
Fax +974 4491 7050
Kyiv
Clifford Chance
75 Zhylyanska Street
01032 Kyiv
Ukraine
Tel +380 44 390 5885
Fax +380 44 390 5886
Munich
Clifford Chance
Theresienstraße 4-6
80333 Munich
Germany
Tel +49 89 216 32-0
Fax +49 89 216 32-8600
São Paulo
Clifford Chance
Rua Funchal 418 15th Floor
04551-060 São Paulo SP
Brazil
Tel +55 11 3019 6000
Fax +55 11 3019 6001
Washington, D.C.
Clifford Chance
2001 K Street NW
Washington, DC 20006 - 1001
USA
Tel +1 202 912 5000
Fax +1 202 912 6000
Bangkok
Clifford Chance
Sindhorn Building Tower 3
21st Floor
130-132 Wireless Road
Pathumwan
Bangkok 10330
Thailand
Tel +66 2 401 8800
Fax +66 2 401 8801
Dubai
Clifford Chance
Building 6, Level 2
The Gate Precinct
Dubai International Financial Centre
PO Box 9380
Dubai
United Arab Emirates
Tel +971 4 362 0444
Fax +971 4 362 0445
London
Clifford Chance
10 Upper Bank Street
London, E14 5JJ
United Kingdom
Tel +44 20 7006 1000
Fax +44 20 7006 5555
New York
Clifford Chance
31 West 52nd Street
New York, NY 10019-6131
USA
Tel +1 212 878 8000
Fax +1 212 878 8375
Shanghai
Clifford Chance
40th Floor
Bund Centre
222 Yan An East Road
Shanghai 200002
China
Tel +86 21 2320 7288
Fax +86 21 2320 7256
Barcelona
Clifford Chance
Av. Diagonal 682
08034 Barcelona
Spain
Tel +34 93 344 22 00
Fax +34 93 344 22 22
Düsseldorf
Clifford Chance
Königsallee 59
40215 Düsseldorf
Germany
Tel +49 211 43 55-0
Fax +49 211 43 55-5600
Luxembourg
Clifford Chance
2-4 place de Paris
B.P. 1147
L-1011 Luxembourg
Grand-Duché de Luxembourg
Tel +352 48 50 50 1
Fax +352 48 13 85
Paris
Clifford Chance
9 Place Vendôme
CS 50018
75038 Paris Cedex 01
France
Tel +33 1 44 05 52 52
Fax +33 1 44 05 52 00
Singapore
Clifford Chance
One George Street
19th Floor
Singapore 049145
Singapore
Tel +65 6410 2200
Fax +65 6410 2288
Beijing
Clifford Chance
33/F, China World Office 1
No. 1 Jianguomenwai Dajie
Chaoyang District
Beijing 100004
China
Tel +86 10 6535 2288
Fax +86 10 6505 9028
Frankfurt
Clifford Chance
Mainzer Landstraße 46
60325 Frankfurt am Main
Germany
Tel +49 69 71 99-01
Fax +49 69 71 99-4000
Madrid
Clifford Chance
Paseo de la Castellana 110
28046 Madrid
Spain
Tel +34 91 590 75 00
Fax +34 91 590 75 75
Perth
Clifford Chance
Level 12, London House
216 St Georges Terrace
Perth, Western Australia 6000
Australia
Tel +618 9262 5555
Fax +618 9262 5522
Sydney
Clifford Chance
Level 16
No. 1 O'Connell Street
Sydney NSW 2000
Australia
Tel +612 8922 8000
Fax +612 8922 8088
Brussels
Clifford Chance
Avenue Louise 65 Box 2
1050 Brussels
Belgium
Tel +32 2 533 5911
Fax +32 2 533 5959
Hong Kong
Clifford Chance
28th Floor
Jardine House
One Connaught Place
Hong Kong
Tel +852 2825 8888
Fax +852 2825 8800
Milan
Clifford Chance
Piazzetta M.Bossi, 3
20121 Milan
Italy
Tel +39 02 806 341
Fax +39 02 806 34200
Prague
Clifford Chance
Jungmannova Plaza
Jungmannova 24
110 00 Prague 1
Czech Republic
Tel +420 222 555 222
Fax +420 222 555 000
Tokyo
Clifford Chance
Akasaka Tameike Tower, 7th Floor
17-7 Akasaka 2-Chome
Minato-ku, Tokyo 107-0052
Japan
Tel +81 3 5561 6600
Fax +81 3 5561 6699
*Clifford Chance also has a co-operation agreement with Al-Jadaan & Partners Law Firm in Riyadh
Riyadh
(Co-operation agreement)
Al-Jadaan & Partners Law Firm
PO Box 3515, Riyadh 11481
Fifth Floor, North Tower
Al-Umam Commercial Centre
Salah-AlDin Al-Ayyubi Street
Al-Malaz, Riyadh
Kingdom of Saudi Arabia
Tel +966 1 478 0220
Fax +966 1 476 9332
50
Legal Workshop: GMRA
Adoption Strategy, Key
Business Issues, Case
Studies of Other
Jurisdictions and Output of
Initial Legal Survey
www.cliffordchance.com
Clifford Chance, 28th Floor, Jardine House, One Connaught Place, Hong Kong
© Clifford Chance 2010
Clifford Chance
HKG-1-917328-v2