Jan H. Hendrik Dalhuisen

Legal Orders and Their Manifestation: The Operation of the International Commercial and Financial Legal Order and its Lex Mercatoria

This article explores the formation of a new transnational legal order in the professional sphere and discusses the bottom-up law formation process in commerce and finance in that order driven and maintained by globalisation and its law creating and sustaining force. The modern lex mercatoria is the private law of that order and its different sources of law and the hierarchy between them is explained as well as the remaining competition with the law in domestic legal orders relevant in particular when international transactions come on shore in such orders and their public policies are engaged.

The Management of Systemic Risk from a Legal Perspective

This Paper deals with the aims of financial stability, the legal framework and the micro and macroprudential financial supervision concerning it, and the recourse of participants against this kind of regulatory oversight. It discusses the different objectives of these two types of supervision, brakes them down, and relates them to the legal framework that surrounds them and the recourse that may be expected. It notes the steady increase in regulatory discretion in Europe and the related weakening of these recourse facilities. For the eurozone, it is in this connection especially critical of the many regulatory and supervision functions that are now combined in the European Central Bank which is largely given immunity for all it does.

Recognition and Enforcement of Civil and Commercial Judgments in Europe after Brexit

After Brexit, therefore from March 29 2019, the UK ceases to be a Member of the EU and looses amongst others the benefit of the 2012 Regulation on Jurisdiction and the Recognition and Enforcement of Judgments in Civil and Commercial Matters, entered into force in 2015, which was an update or recast of the earlier 2000 Regulation, effective since 2002 (hereafter the Regulation). It provides throughout the EU a mutual recognition and enforcement regime of civil and commercial judgments rendered in any EU country, further facilitated by two closely related other Regulations. We must therefore assume that as from that date, UK civil and commercial judgments will no longer be recognized and enforceable under this EU framework in EU Member States and vice versa. It is a serious set back for London as a legal centre. This short paper deals with the consequences and what the alternatives are. A shortened version will appear in the November issue of Butterworth Journal of International Banking and Financial Law (JIBFL).