By Brett Keller
Brad Setser at Follow the Money, a Council on Foreign Relations blog: “China buys, Norway Sells”
A few months ago, Chinalco — using funds borrowed from China’s Development Bank, which itself had recently received an infusion of foreign exchange from the CIC as part of its recapitalization — bought a large stake in Rio Tinto….Norway, by contrast, has decided it doesn’t want to hold Rio Tinto.
John L. Walker and Mark J. Chorazak of Simpson Thatcher authored a working paper for the Washington Legal Foundation, now available online: “Sovereign Wealth Funds: The Evolving Legal and Regulatory Landscape.” (Direct link to PDF) An excerpt:
This working paper provides a brief overview of the economic and social history of these funds; reviews some of the multilateral efforts that are being taken to make their operations more transparent; explores the principal legal and regulatory structures in which their investments in U.S. banking and financial institutions can be scrutinized; and highlights some preliminary questions that may be raised as two regulatory bodies in the United States grapple with how to review sovereign wealth fund investments.
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