A/HRC/14/21 Assembly (A/64/289, para. 52), an independent and impartial international debt resolution mechanism based on the principles of equity, transparency, inclusion and participation would help resolve sovereign debt repayment difficulties and disputes fairly and efficiently.80 74. The international community should adopt legally binding standards on responsible sovereign lending and borrowing which should contain provisions restricting the right of creditors to unilaterally assign debt obligations to third parties without the prior informed consent of the debtor. In this regard, the independent expert calls upon all countries to support the United Nations Conference on Trade and Development project on promoting responsible sovereign lending and borrowing. In addition, it may be necessary to consider whether a secondary market for sovereign debt is appropriate, while remaining aware of the importance of the secondary market for other types of debt. 75. The independent expert welcomes the initiatives undertaken or under consideration in Belgium, the United Kingdom and the United States to combat vulture fund activity. In particular, he commends the United Kingdom for passing legislation to protect poor countries against vulture fund lawsuits and to safeguard the gains from international debt relief efforts. He urges the United Kingdom to make the Debt Relief (Developing Countries) Act permanent upon expiry of its initial period of validity with such enhancements as may be appropriate. He also urges all other countries, particularly the major creditor countries, to urgently consider implementing legal frameworks to curtail predatory vulture fund activities within their jurisdictions. These measures would be consistent with the principle of the shared responsibility of creditors and debtors for resolving unsustainable debt situations which is enshrined in the Monterrey Consensus.81 76. Such legislation should not be limited to HIPCs but should cover a wider group of poor countries (particularly those eligible for International Development Association lending) and should, in view of the negative effects of the global recession on the budgets of many developing countries, cover post-HIPC debts, original debts (some of which may be of questionable legitimacy) and court judgements which have already been obtained.82 Additionally, the legislation should promote transparency in the secondary debt market by compelling full disclosure (to the courts and other appropriate national authorities), by creditors seeking to sue developing countries for recovery of debt, of information concerning loan amounts, procurement documentation and details of the creditors. 77. The independent expert calls upon creditor countries to support the African Legal Support Facility and the Legal Debt Clinic of the Commonwealth Secretariat both politically and financially. He also urges debtor countries to avail themselves of the assistance proffered under these initiatives and, in particular, to enhance their own national legal expertise over time. 78. Borrower countries should also consider implementing legislative measures to assure transparency, participation and accountability in the negotiation, contraction, restructuring and settlement of public loans, and to provide for oversight of loan 80 81 82 GE.10-13156 See also Eurodad, “Taming the vultures” (see sect. IV, footnote 51), p. 16. Report of the International Conference on Financing (see sect. IV, footnote 58). This is a call that has also been made by debt relief campaigners. See for example the submission of the Catholic Agency for Overseas Development (CAFOD) in United Kingdom, Ensuring Effective Debt Relief (see sect. IV, footnote 44). 21