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WORKHOP OUTLINE Practical Special Purpose Vehicles: the widespread role and functions of SPVs in everyday business transactions (including their uses and abuses) - William I.Y. Byun I. Special purpose vehicles (SPVs) are everywhere in the business world at all levels of deals from plain vanilla construction projects to complex cross-border tax schemes. They are a widespread and critical structuring component utilized for organizational structuring and for functional financial roles in modern investment and financial management practice, ranging from pure tax optimization and management segregation roles to more controversial roles such as opacity and financial manipulation. This workshop will examine what the range of roles SPVs are utilized in, their rationale, and some of their risks, ranging from use in everyday business transactions such as for project management to darker roles such as in the Enron financial fraud. Roles and Structures of SPVs – Overview (what are they and are they really a big deal?) 1. Current markets and key considerations 2. Benefits and legal and financial risks in using SPVs 3. Landscape II. 1. 2. 3. 4. 5. 6. 7. Everyday Types and Uses of SPVs (what do they do and how can I use them?) Use for functional roles Standard project management Asset securitizations Private equity and investments structures For shareholding and control purposes For confidentiality and security For tax and cross-border accounting planning 1. 2. 3. 4. SPVs and Risks (knowing the “Dark Arts”) Non-transparency and non-linearity Corporate structuring and shadow ownership Catastrophic risks, compliance & KYC, corruption, money laundering Enron revisited III. The Workshop will go through reviews of actual deal structures such as for major deals such as Bougyues, Enron, Cibinong as well as for more everyday deals. William I.Y. Byun is the Principal of the Conchubar Group’s US$ 100 million PE fund in Asia, focused on industrial policy related infrastructure. He has more than 25 years practice in managing and developing emerging markets investments and infrastructure projects, including in electric power, chemicals, and climate change across Asia. He is also on the adjunct faculty at CSUSM for business. He had started his practice in Wall Street with Seward & Kissel specializing in structured finance and asset-backed securitization and has utilized SPVs for both asset ownership and offshore financing structures. He had been the Managing Director for Renewables and Climate Change (for Asia and the Middle East) for the NYSE-listed AES Corporation and CEO of RC Chemicals in Singapore. A New York licensed attorney, William was a US Fulbright Scholar to the Ministry of Finance of Korea, and had been with the Office of General Counsel with US OPIC. He has degrees from the University of Chicago (BA, economics), University of Michigan (JD, law), and the University of London (SOAS and LSE, Msc and Dipl., finance and sociology, respectively).