[Federal Register Volume 77, Number 163 (Wednesday, August 22, 2012)]
[Notices]
[Page 50758]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-20691]


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DEPARTMENT OF STATE

[Public Notice 7989]


U.S. Department of State Advisory Committee on Private 
International Law (ACPIL): Notice of Public Meeting on Draft Principles 
Regarding the Enforceability of Close-Out Netting

    The Office of the Assistant Legal Adviser for Private International 
Law, Department of State, hereby gives notice of a public meeting on 
UNIDROIT's draft Principles Regarding the Enforceability of Close-out 
Netting. Close-out netting is a contractual mechanism used by financial 
institutions and other market participants to reduce their risk 
exposure, and is thus a key tool for preserving the stability of the 
financial system. A study group organized by UNIDROIT (the 
International Institute for the Unification of Private Law) produced a 
draft set of principles that are intended to serve as a guide for 
evaluating whether the legal systems in various jurisdictions around 
the world adequately recognize the enforceability of netting 
provisions. The draft principles and background documents are available 
on the UNIDROIT Web site (http://www.unidroit.org/english/studies/study78c/main.htm). On October 15, 2012, UNIDROIT will be holding an 
intergovernmental meeting at which the draft principles will be further 
developed, although it is not expected that the principles will be 
finalized until next year.
    The purpose of this public meeting is to obtain the views of 
concerned stakeholders on these topics in advance of the UNIDROIT 
meeting. This is not a meeting of the full Advisory Committee.
    Time and Place: The meeting will take place on Friday, September 
21, 2012, from 10 a.m. to 1 p.m. at the Federal Reserve Bank of New 
York, 33 Liberty Street, New York, NY. Participants should arrive 
between 9:30 a.m. and 9:45 a.m. for visitor screening. If you are 
unable to attend the public meeting and would like to participate from 
a remote location, teleconferencing will be available.
    Public Participation: This meeting is open to the public, subject 
to the capacity of the meeting room. For pre-clearance purposes, those 
planning to attend in person are requested to email or phone Tricia 
Smeltzer ([email protected], 202-776-8423) or Niesha Toms 
([email protected], 202-776-8420) and provide your full name and 
affiliation. Attendees are requested to bring a photo ID such as a 
driver's license or a passport. This will greatly facilitate entry.
    A member of the public needing reasonable accommodation should 
advise Ms. Smeltzer or Ms. Toms not later than September 12, 2012. 
Requests made after that date will be considered, but might not be able 
to be fulfilled. If you would like to participate by telephone, please 
contact Ms. Smeltzer or Ms. Toms to obtain the call-in number and other 
information.

    Dated: August 14, 2012.
Keith Loken,
Assistant Legal Advisor, Office of Private International Law, Office of 
the Legal Advisor, Department of State.
[FR Doc. 2012-20691 Filed 8-21-12; 8:45 am]
BILLING CODE 4710-08-P