James R.F. Shipton, Executive Director
James Apostol, Senior Advisor
Don Kanak, Senior Fellow
Heath Tarbert, Senior Fellow
Marshall Lux, Senior Fellow
Vladimir M. Stolyarenko, Fellow
Brian Johnson, Fellow
Whitney Vasey, Program Administrator
Savannah Behrent, Project Coordinator
Hal S. Scott, Director
Hal S. Scott is the Nomura Professor and Director of the Program on International Financial Systems (PIFS) at Harvard Law School, where he has taught since 1975. He teaches courses on Capital Markets Regulation, International Finance, and Securities Regulation.
He has a B.A. from Princeton University (Woodrow Wilson School, 1965), an M.A. from Stanford University in Political Science (1967), and a J.D. from the University of Chicago Law School (1972). In 1974-1975, before joining Harvard, he clerked for Justice Byron White.
The Program on International Financial Systems, founded in 1986, engages in a variety of research projects. Its book, Capital Adequacy Beyond Basel (Oxford University Press 2004), examines capital adequacy rules for banks, insurance companies and securities firms. The Program also organizes the annual invitation-only U.S.-Japan, U.S.-Europe, and U.S.-China Symposia on Building the Financial System of the 21st Century, attended by financial system leaders in the concerned countries. In addition, the Program directs a concentration in International Finance for LLM students at Harvard Law School.
Professor Scott’s books include the law school textbook International Finance: Transactions, Policy and Regulation (18th ed. Foundation Press 2011); and The Global Financial Crisis (Foundation Press 2009).
Professor Scott is the Director of the Committee on Capital Markets Regulation, which in May 2009 released a comprehensive report entitled The Global Financial Crisis: A Plan for Regulatory Reform. He is also Co-Chair of the Council on Global Financial Regulation that was formed in 2010. He is an independent director of Lazard, Ltd., a past President of the International Academy of Consumer and Commercial Law and a past Governor of the American Stock Exchange (2002-2005). He is also a member of the Senior Advisory Board of Oliver Wyman.
Office hours for Professor Scott are by appointment.
To schedule an appointment, please contact Stephen Wagner at firstname.lastname@example.org or at 617-496-2036.
International Finance (Spring 2016, Prof. Scott, 3 credits)
Capital Markets Regulation (Spring 2016, Prof. Scott and Prof. Glauber, 2 credits)
James joined PIFS as its Executive Director in September 2016 having been a PIFS fellow since 2013. Prior to joining PIFS’ as Executive Director James was a Commission Member and an Executive Director at the Hong Kong Securities and Futures Commission (SFC) with responsibility for its Intermediaries (Supervision & Licensing) Division. Previously he was a Managing Director at Goldman Sachs working in its Executive Office as Head of Government & Regulatory Affairs in Asia Pacific and, before that, working in Goldman’s Asian prime brokerage business.
Before Goldman Sachs, James ran the hedge fund consultancy business of Eurekahedge in Singapore and was a cofounder of Compliance Asia, Asia’s first independent regulatory consulting firm. Previously, James worked for Dresdner Kleinwort Wasserstein’s (now Commerzbank’s) equity capital markets business in Hong Kong and London. James started his career practicing funds and securities law with Linklaters in Hong Kong and Thailand and is qualified to practice law in Australia, Hong Kong and England.
James served on the executive committees of various financial industry bodies in Asia including the Asian Securities Industry and Financial Markets Association (ASIFMA) as a Vice-Chairman, the Alternative Investment Management Association’s (AIMA) Hong Kong & China Chapter as Deputy Chairman and the Hong Kong Treasury Markets Association. In addition he served on the business advisory councils of the United Nations Economics and Social Commission for Asia Pacific (UNESCAP) and the Hong Kong Securities and Investment Institute.
James earned a BA in Asian politics, history and economics from Melbourne University and a LLB (Hons.) from Monash University and undertook post graduate studies in Asian law at Hong Kong University.
James Apostol, Senior Advisor
James Apostol is the Senior Advisor of the Program on International Financial Systems (PIFS) and holds degrees in literature from Boston University and environmental management/sustainability from Harvard. Previously, he held management positions at Reed Business Information and Countrywide Home Loans. James is Board Member for Stearns Farm, CSA and a Fellow at the Centro de Líderes Empresariales contra el Cambio Climático (CLG), Universidad de Chile in Santiago.
Don Kanak, Senior Fellow
Don Kanak is the non-executive Chairman of Eastspring Investments, the Asia investment organisation of Prudential plc which is one of Asia’s leading retail asset managers with US$131 billion in assets under management (as at 31 December 2015). Don is also Chairman of Prudence Foundation Ltd., the community engagement arm of Prudential in Asia. Don’s research as a Senior Fellow at the Harvard Law School Program on International Financial Systems has focused on climate change policy, especially solutions for reducing deforestation and degradation of natural forests (REDD) and financial frameworks for achieving climate objectives. He is also researching infrastructure finance with particular emphasis on emerging markets. Don, based in Hong Kong, has lived and worked in Asia for over 28 years. From 2008 to January 2016, Don served as Chairman of Prudential Corporation Asia. From 1992 to January 2006, Don served in a number of senior positions at American International Group (AIG), ultimately as Executive Vice Chairman and Chief Operating Officer of AIG. Before moving to Asia in 1986 he was a partner of an international strategic consulting firm. In 2011-12, Don chaired the World Economic Forum’s Global Agenda Council on Insurance and Asset Management and is currently a member of the Forum’s Council on Southeast Asia and its Business Working Group on Indonesia Infrastructure. Don is also Vice Chairman of the EU-ASEAN Business Council, and a member of the Council on Foreign Relations. Early in his career Don worked at the U.S. Environmental Protection Agency, and maintains a strong interest in sustainability. He is a Trustee of WWF-Hong Kong and a member of WWF-U.S.’s National Council. He was also a member of the United Nations Global Environment Facility’s Technical Advisory Group on its climate change mitigation strategy. Don holds a J.D. with honours from Harvard Law School (1980) and an M.Litt in Management Studies from University of Oxford (U.K.) (1989), and a B.A. with highest honors in economics (1975) from the University of North Carolina-Chapel Hill. He chairs the UNC Global Leadership Council.
Heath P. Tarbert, Senior Fellow
Dr. Tarbert joined PIFS as a non-resident fellow in February 2014, and is based in Washington, DC; New York; and London. He is a partner at the international law firm of Allen & Overy LLP, where he heads the firm’s U.S. bank regulatory group. Dr. Tarbert is recognized for his work involving capital and liquidity requirements under the Basel Capital Framework, recovery and resolution planning, systemic risk regulation, and acquisitions and divestments under federal and state banking and financial services laws. He currently serves on the Board of Editors of the Banking Law Journal and on the Board of Advisors of the Review of Banking and Financial Services. Dr. Tarbert is the Vice Chairman of the Subcommittee on Systemically Important Financial Institutions (SIFIs) of the Banking Law Committee of the American Bar Association. In addition, he is a member of the Atlantic Council and the Bretton Woods Committee, and is also a Term Member of the Council on Foreign Relations.
Prior to his return to private practice, Dr. Tarbert served as Special Counsel to the U.S. Senate Banking Committee, where he was a lead expert and negotiator on the various legislative proposals that culminated in the historic and sweeping Dodd-Frank Act. Additionally, from 2008 to 2009, he was appointed Associate Counsel to the President of the United States. During his tenure at the White House, Dr. Tarbert oversaw the financial markets portfolio and worked with senior officials at the Treasury Department, the Federal Reserve, and other Executive Branch agencies to develop the emergency measures taken by the U.S. Government during the global financial crisis.
Dr. Tarbert has also served as Vice President and Deputy Director of the Committee on Capital Markets Regulation, an independent and non-partisan 501(c)(3) research organization dedicated to enhancing the competitiveness of U.S. capital markets and ensuring the stability of the U.S. financial system. Earlier in his career, he served as a law clerk to Chief Judge Douglas H. Ginsburg of the U.S. Court of Appeals for the D.C. Circuit and subsequently to Justice Clarence Thomas of the Supreme Court of the United States.
Dr. Tarbert earned his B.S., summa cum laude, from Mount St. Mary’s University (1998), his J.D., magna cum laude, and S.J.D. from the University of Pennsylvania (2001, 2002), and his M.St., with Distinction, and D.Phil. from Oxford University (2002, 2005). Dr. Tarbert is a member of the bars of the State of New York, the District of Columbia, and England & Wales. He also holds Certified Public Accountant (CPA) and Chartered Financial Analyst (CFA) designations.
Marshall Lux, Senior Fellow
Marshall Lux has been a Financial Services consultant and practitioner for 30 years. He began his career at McKinsey where he served all manner of financial service firms across a variety of subsectors and functional areas. He left McKinsey after approximately 25 years to become the Chief Risk Officer for Chase (all consumer products globally) during the crisis. He then joined BCG, where he was a Senior Partner for 5 years, and in particular, helped build a private equity practice. Marshall continues to be an active Advisor to BCG. He advises or sits on FI private equity Boards ranging from consumer credit, wealth, insurance, and capital markets.
Marshall has a broad network of financial services C-suite executives whom he has worked with on some of their most important issues. He has also diligenced many of the largest private equity deals that have been done. Along with his client work, he has also done 35 pro bono assignments and has served on a number of not-for-profit Boards, including the Harlem Children’s Zone, the New York Historical Society’s Chairman’s Council, the New York Tenement Museum, Junior Achievement, and Reading is Fundamental. Marshall is also a member of the Council on Foreign Relations and is extremely active at the New York Historical Society.
Two years ago, Marshall decided to change paths. He has been a Senior Fellow at the Mossavar- Rahmani Center for Business and Government at the Harvard Kennedy School and will be there next year. He is also a Senior Advisor to The Committee on Capital Markets Regulation and a Senior Fellow to The Program on International Financial Systems. His overall writings have concerned the unexpected consequences of Dodd-Frank on financial services. He has written papers entitled The State and Fate of Community Banking and What’s Behind the Non-Bank Mortgage Boom? He has a paper to be published in April titled Out of Reach: Regressive Trends in Credit Card Access. All published papers were cited on the front page of the Financial Times. Marshall has also spoken broadly, including at the House Small Business Committee, the Federal Reserve, and various Universities and trade groups.
Marshall’s academic, Board, and advisory work consume most of his time. Marshall attended the Woodrow Wilson School and graduated Summa Cum Laude. He also attended Harvard Business School where he was a Baker and Ford Scholar (awarded to the number one student in each graduate school).
Out of Reach: Regressive Trends in Credit Card Access
Vladimir M. Stolyarenko, Fellow
Dr. Vladimir M. Stolyarenko has extensive hands-on experience in finance and law. He has successfully executed multiple corporate turnarounds in various industries including financial services, energy, real estate and media.
During a career spanning more than three decades, Dr. Stolyarenko held a number of senior executive positions with leading financial institutions in Russia and was a Partner with the Moscow office of international law firm Lawrence Graham (subsequently renamed to Wragge Lawrence Graham and Gowlings WLG). He managed and provided strategic guidance to the Russian office of an international auditing group. Dr. Stolyarenko has also held various board positions in large public companies as well as in numerous non-profit and professional organizations.
In addition to his business and professional achievements, Dr. Stolyarenko actively participates in research. He is currently a Visiting Professor at the Higher School of Economics in Moscow, Russia. During his earlier career, Dr. Stolyarenko worked as an Associate Professor at St. Petersburg Institute Of Economics and Finance. His academic interests are focused on banking regulation and international financial systems.
Dr. Stolyarenko holds PhD in Economics and Doctorate in Law. He also completed a post-graduate program at Harvard Law School, Executive MBA Program at Columbia University Graduate School of Business and London Business School as well as Advance Management Program at Harvard Business School.
Dr. Stolyarenko joined Harvard Law School Program on International Financial Systems as a Fellow in October 2016.
Brian Johnson, Fellow
Brian A. Johnson is a Visiting Fellow at the Harvard Law School Program on International Financial Systems (PIFS) and a Senior Research Advisor for the Committee on Capital Markets Regulation. His research focuses on the intersection of law and finance with a particular emphasis on financial regulation. Mr. Johnson’s prior professional experience includes his time as a trader at Jane Street Capital, LLC and corporate associate at Latham & Watkins, LLP. Mr. Johnson is also a former research associate in the macroeconomics research group of the Federal Reserve Bank of San Francisco. Mr. Johnson received a B.A. in Economics from Yale College, a J.D. from Harvard Law School, and a M.S. and Ph.D. in Financial Economics from the University of California, Berkeley, Haas School of Business.