Incorporation & International Responsibility A State does not incur international responsibility simply by failing to bring national law into accordance with international obligations. International responsibility arises only when the State fails in a concrete case to fulfil international obligations. In some cases, the rights granted by domestic statute may be broader than those required by international law. National Law in International Courts National law may […]
International Law in Ireland By Article 29 of the Constitution, Ireland affirms its devotion to the ideal of peace and friendly cooperation between nations founded on international justice and morality. It also affirms adherence to the principle of the pacific settlement of international disputes through arbitration or judicial determination. Additionally, it acknowledges the principles of international law as its rules of conduct in relationships with […]
Key Risks Financial services include commercial banking, securities, investment services and insurance. These functions have been traditionally regulated, given their importance to the functioning of the economy and for consumer protection. A financial services business carries the risk of insolvency. Insolvency risk is said to be made up of a number of elements, including credit risk (risk of non-payment by customers and counterparties), market risk […]
Development A response in many countries to the 1930s Great Depression was the raising of the tariff wall. Most western European countries raised tariff barriers. Overall output suffered, and it was felt that the process exacerbated the Great Depression. The United States entered into bilateral trade negotiations with partners to reduce tariffs, commencing in the mid-1930s. After World War II, protectionism came to be seen […]
Overview Efforts to harmonise international commercial law date back to the 19th century. Originally the harmonisation of conflicts of law and commercial law rules occurred by way of multilateral and bilateral treaties and conventions. This required the states which ratified them to adopt them into their domestic law. Within the United States, model laws have operated to harmonise commercial law across most states. Within the […]
MNCs A relatively small number of multinational companies and organisations account for a significant proportion of all trade. The organisation of multinational enterprises varies, although there are certain common structures and issues. A national, multinational enterprise consists of a firm established in one country with wholly owned subsidiaries or with branches in other countries. An international multinational enterprise comprises several different firms in different countries […]
GATS The General Agreement on Trade in Services commenced in 1995, simultaneously with the establishment of the World Trade Organisation. The new GATT and the General Agreement on Trade-Related Aspects of Intellectual Property Rights commenced at the same time. GATS consists of three related elements, the Framework Agreement annexes dealing with particular sectors and schedules of national commitments, which each member has agreed to take. […]
General Where a sole trader, partnership, or corporation has activities in more than one state, issues will arise regarding taxation in each state. States usually levy tax on the basis of the worldwide income of their residents and also tax income from activities conducted within their borders. This leads to the possibility of double taxation. Most states levy taxes on individuals and entities in respect […]
GATT The 1994 General Agreement on Tariffs and Trade (GATT) modernises and updates the original GATT 1947 agreement taking account of the changes and developments over the various rounds since then. In strict terms, the World Trade Organization is not the successor to the old GATT organisation and does not service the old GATT agreement. In practice, GATT 1994 has replaced GATT 1947. Most of […]
Technical Barrier Agreement The WTO agreement on technical barriers to trade sets out rules and principles for the member states in the preparation, adaptation and application of technical regulations and standards. The purpose is to ensure that they provide the appropriate standards of protection for the life and health of humans, plants and animals and the environment and prevent deceptive practices while not creating unnecessary […]
Subsidies Subsidies are payments and contributions made by states and other public bodies that benefit businesses, enterprises or industries. They may include grants, loans and soft investments. They may include loan guarantees, tax credits, the provision of goods and services and price support. They may be made directly or indirectly through private bodies or otherwise. If subsidies have an unreasonable impact on the third country’s […]
Responsibility to Non-National It is a general principle of international law that a state which injures a foreign national is responsible to that national’s state but not to the national for the harm done. In order to establish state responsibility for an injury to a non-national, there must be conduct comprising an action or omission which is attributable to the State under international law. It […]
Subjects of International Law Traditionally states only, have been the subject of international law. States are the exclusive subject of international law and the only entities with direct rights and responsibility. Individuals might be the objects but not the subject of international law. They might benefit from international law but are not in a position to enforce it directly. In this context, individuals refer to […]
Scope of Jurisdiction Jurisdiction refers to the extent and nature of a state’s authority over a particular territory, persons and things passing through it. It is a fundamental principle that a state may only exercise jurisdiction over its territory. It may not exercise jurisdiction in another state without its consent. The state may exercise jurisdiction in its own territories in relation to things that have […]
Internation Law Entities International law applies only to certain classes of entities. These are generally states and international organisation. Entities with full international personality are the subject of rights and obligations. States are the primary and original subjects of international law. All states have full international personality. This personality carries related rights and duties under international law, and is the basic inherent characteristic of the […]
International Law Governments, states and countries make and enforce laws. International law looks at how states deal with issues matters persons and entities outside of their jurisdiction. There are two principal aspects of international law. Public international law deals with relationships between states. It also deals with matters such as international disputes, responsibility to aliens, state territories and relationships between states. Private international law deals […]
United Nations Intergovernmental organizations are permanent organisations set up by states to carry out activities in common. The United Nations was set up for the purpose of the maintenance of peace, and security in the world, the promotion of economic and social cooperation and the protection of human rights. Almost every country in the world is a member of the United Nations. The organs of […]
Overview Sources of international law include international conventions, international custom, and general principles of law recognised by civil States; judicial decisions and teachings of the most highly qualified jurists are subsidiary means of determining the rules of law. International law may originate with international organisations such as the United Nations, which may themselves conclude treaties on behalf of groups of states. International conventions and treaties […]
BIS The Bank for International Settlements was established in 1930. It acts as the bank for the world’s central banks. It promotes international monetary corporation. It acts as an agent for international settlement. The BIS holds between 10 and 15 per cent of the world’s monetary reserves. It is incorporated under Swiss Law. Since 2001, ownership of shares in the BIS has been limited to […]
Nature of Investment Investment in this context is generally said to involve the taking of a share of at least 10 percent in the controlling shares of a foreign enterprise. Some states do not allow foreign investments at all. It is generally a characteristic of socialist or developing states. In such cases, participation in investment within the state may require a joint venture with a […]
Scope States regulate securities. Each state regulates its own securities law. Securities laws have converged substantially due to a variety of factors in the last thirty years. Securities are shares, rights, tradable debt or other investment interest in enterprises or other assets. They may represent a debt, such as in the case of a bond or debt security or equity interest in the case of […]
Money Money is anything which is customarily used as a medium of exchange and measure of value. Classically, money has the characteristics of being a medium for storing value over time, a unit or measure of value and a means of exchange. Money can be any stock or valuable commodity which is transferable and capable of being used as a means of exchange. Money is […]
Nature Payment is the unconditional transfer of money. It may be physical cash or, more likely, by the way of credit to a bank account. Obligations under a contract are commonly fulfilled and extinguished by payment. Payment may take place by delivery of currency notes, whether coins or bank notes, that are legal tender of the currency required under the contract. Payment through bank transfer […]
Peaceful Settlement The 20th century has seen attempts to create institutions and methods by which States might resolve questions peaceably instead of by confrontation and armed conflicts. The UN General Assembly 1982 Declaration on the Peaceful Settlement of International Disputes builds on the United Nation Charter and General Assembly’s Declaration on Principles of International Law regarding Friendly Relations and Cooperation between States. States generally have […]
General A treaty is an international agreement concluded between states in a written form governed by international law where they are embodied in a single instrument or several instruments. Treaties are means by which states enter engagements with each other. They generally deal with matters of international concern, such as international trade, environmental and human rights. The law in relation to treaties itself is codified […]
Modern Development In former times, self-help was the primary remedy in international law. If one State breaches its obligations, the other State might take forcible and non-forcible measures to punish or counteract that breach. This could range from war and armed reprisals to more minor confrontations. The Covenant of the League of Nations sought to regulate war, if not entirely prohibit it. States may take […]
States States of necessity must have a territory. Within its territory, the state has the right to exercise jurisdiction and the functions of a state. It is a basic principle that states may not exercise or purport to exercise jurisdiction over other states. However, it may exercise jurisdiction over its own nationals. The number of states has more than trebled since 1945. Most states are […]
Diplomatic Immunity A key feature of diplomatic law is the immunity of State officials and international organisations from the jurisdiction of other States. The law has roots going back hundreds of years and is highly developed. The modern sources of law are the various Vienna Conventions 1961 Vienna Convention on Diplomatic Relations, 1963 Vienna Convention on Consular Relations. The 1969 UN Convention on Special Missions. […]
Terms of Borrowing Sovereigns are generally immune from enforcement in foreign courts. There are no effective solvency mechanisms against states. There is no process by which their assets may be realized and distributed to creditors. Solvent states have an inherent power to borrow subject to the terms of their own constitution. Some Constitutions may impose debt breaks and limitations. States may pass legislation to enable […]
Internation Arbitration Arbitration is commonly used in international commercial disputes. Many international law principles have been developed in arbitration cases.See the separate section generally on the role of arbitration. The essence of arbitration is that parties agree at the outset, prior to or after the dispute arises, to submit the matter for determination by an arbitrator. The courts in most jurisdictions encourage arbitration as a […]
Generally Prohibited The UN Charter prohibits the use of force by States subject to limited exceptions. There is disagreement as to the scope of the exceptions. There is a principle of self-defence, but it is unclear and controversial as to whether it is available only in response to an armed attack or it allows pre-emptive responses to protect nationals in other States or to counter […]
Security Council The original concept behind the UN Charter was that the Security Council would have an army to deal with enforcement against aggression. This was not realised due to the Cold War. In practice, during the Cold War, the permanent members blocked the Security Council from determining the existence of any threats to peace, breach of the peace or active aggression. The Council is […]
Methods of Resolution Disputes between States are not usually settled by judicial means. Diplomacy is a process of negotiation or mediation between States. It is commonly used to informally resolve disputes. It may also be used in disputes between States and international institutions. Negotiation involves settlement by discussion and compromise. Negotiation may take place through diplomatic means or through particular authorities or bodies. Mediation involves […]
Interest in Matter It is necessary to establish a legal interest in respect of a claim brought to an international forum. Claims may be brought by States on their own behalf or on behalf of their nationals. The distinct questions of locus standi/interest and admissibility arise. In common with other legal systems, international law requires that those who bring a case, have an interest in […]
Domestic Courts Domestic courts may sometimes adjudicate upon disputes between nationals of different countries or disputes with transnational aspects. The court’s competence to hear and decide cases is referred to as jurisdiction. International law limits the extent to which courts may hear disputes in relation to matters of an international nature. Certain entities, including, in particular sovereign entities, may be immune from the jurisdiction in […]
GATS Agreement The General Agreement on Trade in Services commenced in 1995, simultaneously with the establishment of the World Trade Organisation. The new GATT and the General Agreement on Trade-Related Aspects of Intellectual Property Rights commenced at the same time. GATS consists of three related elements, the Framework Agreement annexes dealing with particular sectors and schedules of national commitments, which each member has agreed to […]
Anti-Dumping Code The agreement on implementation of Article 6 of GATT 1994 is referred to as the Anti-Dumping Code. Products are dumped if they’re introduced into commerce in another country at less than their normal value. This is the case if the export price is less than the comparable price in the ordinary course of trade for the like product when destined for consumption in […]