Succession, as one of the fundamental institutions of civil law, acquires a particular dimension within the framework of private international law due to the foreign element accompanying juridical–civil relations. This paper examines the regulation of succession of immovable property, following a historical, theoretical, and comparative analysis of its development in private international law and Albanian legislation. It first outlines the concept of succession and the meaning of the foreign element, focusing on doctrinal debates between Savigny and Mancini regarding the applicable law. Subsequently, through a historical lens, it explores practices in Roman law, customary law, and their influence on modern legal systems. At the national level, the study analyzes the transition from succession regulation under the Ottoman period to the Civil Code of 1929, then to the Civil Code of 1994 and Law No. 3920/1964, before turning to the innovations introduced by Law No. 10428/2011 “On Private International Law.” The latter introduced significant novelties, such as a clearer distinction between movable and immovable property, the principle of lex rei sitae, and the incorporation of party autonomy through professio iuris. The paper also addresses the conflicts between the principle of unitary succession and the divisionist system, as well as the divergent approaches of civil law and common law traditions. The conclusion emphasizes that the plurality of regulatory frameworks generates practical challenges for heirs, often resulting in divergent treatments of the same estate. For this reason, harmonization of Albanian legislation with European standards emerges as a necessity to ensure legal certainty and predictability in cross-border succession matters.
The article examines the category of “the child’s best interest” in the context of private international law, with an emphasis on the problems of qualification and application of this principle in cross-border disputes. The author analyzes the evolution of the concept of the “best interest of the child” in international legal acts, such as the UN Convention on the Rights of the Child of 1989, as well as its reflection in the national legislations of various countries. Particular attention is paid to the difficulties that arise in defining and applying this principle in cases where the interests of the child are affected by conflicting jurisdictions, differences in legal systems and cultural traditions.The paper examines key aspects related to the qualification of a child’s best interest in the context of cross-border disputes, including custody, adoption, alimony obligations, and the protection of minors’ rights in international family conflicts. The author highlights the main problems faced by courts and law enforcement agencies in determining the best interest in the absence of a single international standard.Based on the analysis of judicial practice and doctrinal approaches, possible ways to improve legal regulation in this area are proposed, including strengthening international cooperation, harmonizing legislation, and developing universal criteria for determining the best interest of a child in cross-border disputes. The article is of interest to experts in the field of private international law, family law, as well as to anyone who deals with the protection of children’s rights in an international context.
The concept of culpa in contrahendo traditionally encompasses cases of disloyal conduct by the parties during the negotiation stage of a contract. It applies to a broad range of factual scenarios. Furthermore, the legal nature of culpa in contrahendo has long been the subject of debate, with some legal systems favouring its classification as a contractual matter and others as a delict. In the realm of private international law, these issues present significant challenges in terms of legal characterization as aptly demonstrated by the well-known case of Tacconi v. Wagner (2002), in which the Court of Justice of the European Union (CJEU) delineated the application of Articles 5(1) and 5(3) of the Brussels Convention (now Articles 7(1) and 7(2) of the Brussels I bis Regulation). The CJEU favored a tort-based qualification for claims arising from the breach of pre-contractual duties, but only insofar as they were not grounded in “obligations freely assumed by one party towards another.” Despite the stance taken by the CJEU – which reflects the traditional conflict-of-laws approach, strictly distinguishing torts from contracts – the EU legislator, in Article 12 of the Rome II Regulation (2007), adopted a solution that can be described as an “accessory connection.” According to this provision, the law applicable to a non-contractual obligation arising from dealings prior to the conclusion of a contract – regardless of whether the contract was ultimately concluded – is the law that applies to the contract or that would have applied to it had it been entered into. Only in exceptional cases will the applicable law be determined by connecting factors traditionally associated with torts, such as the place of damage (Article 12(2)). Thus, regardless of the delictual nature of culpa in contrahendo, such obligations are governed by the law applicable to the contract, even in instances where the contract never materialized. The article explores various approaches to the conflict-of-law characterization of pre-contractual liability and contrasts tchem with the pragmatic method of identifying the spatial “center of gravity” of the relevant legal relationship. Additionally, the article examines how the “accessory connection” operates under Article 12 of the Rome II Regulation with respect to pre-contractual liability, highlighting its advantages. It argues that while the adopted solution does not entirely dispense with traditional conflict-of-laws characterization, it significantly diminishes its practical application, as the lex contractus will invariably apply. Consequently, the EU legislator favors an independent localization of the legal relationship based on pragmatic criteria – specifically, an accessory reference to the law applicable to the contract.
We analyze the equivalents of the celebrated arcsine laws for Brownian motion undergoing Poissonian resetting. We obtain closed-form formulae for the probability density functions of the corresponding random variables in the cases of the first and second arcsine law. Furthermore, we obtain numerical results for the third law.
Military uses in space are rapidly changing and expanding, challenging both states and non-governmental agencies in identifying and applying the governing rules. In the midst of these challenges, states, policymakers, and practitioners must engage with new, real circumstances in space, not merely hypothetical threats or problems. As a contribution to the understudied but crucial field, this book is interdisciplinary in nature—drawing on space law, national security law, technology, international law, and diplomacy. The book serves as the first comprehensive examination of the field. In it, all three phases of military space interactions are analysed (during times of peace, tension or crisis, and armed conflict), with relevance to both the public and private space sectors. The book explores the interaction of different legal regimes, including space law, the UN Charter, other treaty-based regimes, as well as international humanitarian law. Through an extensive consultation process with state and NGO representatives from across the globe, the book serves as a practical and reliable resource in the emerging field of space law. It is a critical resource for any entity navigating the increasingly consequential subject of space operations by providing an outline for more predictable and peaceful cooperation.
The Hague Conference on Private International Law (hereinafter – “Conference”) has played a pivotal role in the development and unification of jurisdictional rules in private international law. This paper examines the outcomes of the Conference various conventions, focusing on their impact on harmonizing jurisdictional frameworks among member states. By analyzing key conventions, such as the 1965 Hague Convention on Service Abroad of Judicial and Extrajudicial Documents, the 1970 Hague Convention on the Taking of Evidence Abroad in Civil or Commercial Matters, and the 2005 Hague Convention on Choice of Court Agreements, this research highlights how these instruments address conflicts of laws and jurisdictional disputes in cross-border cases. The paper further explores the challenges faced in implementing these conventions, including differing national interpretations and the influence of domestic legal systems on international agreements. Through comparative analysis, it evaluates the effectiveness of these conventions in reducing forum shopping and ensuring more predictable outcomes for parties involved in international disputes. Moreover, this study reflects on the future prospects for further unification of jurisdiction rules, considering emerging trends such as globalization, digitalization, and the increasing complexity of cross-border legal issues. The research aims to contribute to the discourse on private international law by providing insights into the Conference achievements and identifying areas where further efforts are needed to enhance the coherence and effectiveness of jurisdictional rules. Ultimately, the findings underscore the significance of international cooperation in resolving jurisdictional challenges and advancing the uniform application of private international law principles. The success of the Hague Conference, however, hinges not only on the adoption of conventions but also on the degree to which states integrate these instruments into their domestic legal frameworks. Inconsistencies in ratification and divergent national practices often dilute the intended harmonization, creating gaps in enforcement and legal uncertainty. Some major economies have yet to ratify key conventions, limiting their global reach and diminishing the benefits of predictability and uniformity. These obstacles highlight the need for stronger mechanisms to monitor and encourage compliance, along with the development of flexible frameworks that can accommodate diverse legal traditions while still promoting convergence. Enhanced dialogue among member states and targeted technical assistance could foster broader participation, ensuring that the potential of the Conference’s conventions is fully realized.
The exponential growth of global commerce has amplified the complexity of cross-border disputes, necessitating a robust framework for their resolution. This study explores the role of private international law in addressing such disputes through a qualitative approach, encompassing doctrinal analysis and case studies. By examining the interplay between jurisdictional rules, choice of law principles, and enforcement mechanisms, this research highlights the pivotal role of private international law in ensuring legal certainty and fairness in transnational commercial transactions. The findings demonstrate how private international law harmonizes diverse legal systems, mitigates conflicts of laws, and provides predictable outcomes, which are critical for fostering trust and cooperation among international trade participants. Furthermore, the study investigates contemporary challenges, such as digital commerce and regional trade agreements, and assesses the adaptability of existing legal instruments in resolving disputes in these contexts. The qualitative analysis reveals that while private international law offers substantial tools for dispute resolution, its effectiveness is often contingent upon the political will and cooperative efforts of states, as well as the efficiency of international judicial and arbitration institutions. This study contributes to the ongoing discourse on enhancing the efficacy of private international law to support the evolving needs of global commerce. Recommendations for reform and harmonization are proposed to strengthen its role in resolving future disputes and promoting sustainable international trade relations.
This contribution deals with both jurisdiction and applicable law with regard to cross-border collective actions in labour law. It demonstrates that the European conflicts rule embodied in Article 9 of the Rome II Regulation is open to diverging interpretations. This can, to a large extent, be explained by the very diverse legal characterisation of industrial action in the national systems of the EU Member States. The connecting factors used in the Rome II Regulation also create specific challenges when applied in the context of industrial action. As a result of these complications, Article 9 Rome II currently fails to fulfil its function of creating legal certainty around the legality and the legal consequences of industrial action with a cross-border element. A further clarification of the scope of Article 9 and the role played by the law of the country in which the industrial action is taken would help to reduce the current confusion and uncertainty. The uncertainty as to the applicable law is exacerbated by the rules on jurisdiction in the Brussels I bis Regulation which allow, to some extent, for forum shopping. Two provisions of the Brussels I bis Regulation might warrant revision to reduce their negative impact on the exercise of the right to industrial action: the rule on multiple defendants (Article 8(1)) and the rule granting jurisdiction to the place where the damage caused by the industrial action is sustained (Article 7(2)).
The existence of Private Military Company (PMC) in most contemporary armed conflicts as a non-participant has raised the legal question regarding the status and legal standing of PMC. This research aims to analyze the legal position and determine the legal responsibility of PMC in international armed conflicts according to Humanitarian Law. The research employed a normative legal research method, utilizing international treaties, national legislation, and international customary law as the basis. The findings reveal that, under international law, the PMC is not a party legally authorized to engage in armed conflicts. The legal responsibility of the PMC for crimes in violation of international humanitarian law and human rights can be attributed to both civil responsibility and criminal responsibility for war crimes, based on the principle of corporate criminal responsibility. However, the non-recognition of PMC as subjects of international law means that PMCs cannot be held criminally liable under international law. Therefore, the existence of humanitarian law in the national legal system paves the way for the criminal prosecution of PMC as a company.
Bùi Thị Quỳnh Trang, Phan Dinh Nguyen, Nguyen Thi Hong Trinh
Private law on intellectual property (IP) has achieved significant international harmonization, but international jurisdiction is subject to national regulations. As a result, enforcement of IP rights is carried out on a country-by-country basis. This approach leads to multiple concurrent legal proceedings, increasing the risk of conflicting judgments and escalating litigation costs. These costs create a disparity between multinational corporations and small and medium-sized enterprises. As a potential model for future international agreements on intellectual property and private international law, the International Law Association (ILA) Committee on ‘Intellectual Property and Private International Law’ seeks to address cross-border IP disputes. This paper will explore whether the ILA principles can be utilized as models for legislators, judges, arbitrators and other competent authorities in Vietnam, a legal system characterized by a lack of case law on the topic.
The article deals with topical issues of adoption of children and youth in international public and private international law. It is noted that nowadays the cases of international adoptions of children and youth are becoming more and more widespread. Such factors of modern reality as forced migration caused by armed conflicts, increase in the number of orphans, as well as the activities of specialized adoption agencies have contributed to the development of the institution of intercountry adoption.
The actuality of the topic of the article is primarily determined by the fact that in recent decades, with the growth of globalization, social relations of a private legal nature have increasingly gone beyond the scope of national legislation, and this has led to legal conflicts complicated by a foreign element. Many international organizations, including the Hague Conference on Private International Law, are engaged in developing unified solutions to such situations. The agenda of the Hague Conference on Private International Law includes issues of international cooperation to create an effective mechanism for protecting the children’s rights and interests. As practice shows, this topic is driven by the need to: protect the individual in the process of countering attempts of international child abduction; protect children and cooperate in intercountry adoption; regulate parental responsibility for the provision of custody, care and international recovery of child support and other types of family maintenance. The article analyzes the essential provisions of the Hague Conventions on Private International Law relating to the protection of civil and family rights of children and their impact on the formation of modern Ukrainian legislation regulating relations in this area. The article points out the need to bring certain provisions of the Civil and Family Codes of Ukraine and the Law of Ukraine on Private International Law into compliance with the requirements set out in the Hague Conventions on Private International Law. As a result, the author formulates some proposals that should be introduced into the current legislation of Ukraine regulating legal relations for the protection of children’s rights burdened by a foreign element. Key words: The Hague Conference on Private International Law, States parties of the Conference, children’s rights, guardianship, custody, adoption, family maintenance, parental responsibility, international recovery of child support, mechanism for the protection of rights and freedoms, civil and family law.
Many legal computations, including the amount of tax owed by a citizen, whether they are eligible to social benefits, or the wages due to civil state servants, are specified by computational laws. Their application, however, is performed by expert computer programs intended to faithfully transcribe the law into computer code. Bugs in these programs can lead to dramatic societal impact, e.g., paying employees incorrect amounts, or not awarding benefits to families in need. To address this issue, we consider concolic unit testing, a combination of concrete execution with SMT-based symbolic execution, and propose CUTECat, a concolic execution tool targeting implementations of computational laws. Such laws typically follow a pattern where a base case is later refined by many exceptions in following law articles, a pattern that can be formally modeled using default logic. We show how to handle default logic inside a concolic execution tool, and implement our approach in the context of Catala, a recent domain-specific language tailored to implement computational laws. We evaluate CUTECat on several programs, including the Catala implementation of the French housing benefits and Section 132 of the US tax code. We show that CUTECat can successfully generate hundreds of thousands of testcases covering all branches of these bodies of law. Through several heuristics, we improve CUTECat's scalability and usability, making the testcases understandable by lawyers and programmers alike. We believe CUTECat thus paves the way for the use of formal methods during legislative processes.
In this paper we introduce the notion of $a$-monoidal distributive law between two Hopf quasigroups $A$ and $H$. We prove that every $a$-monoidal distributive law induce a product on $A\otimes H$, called the wreath product, thanks to which $A\otimes H$ becomes in a Hopf quasigroup. Finally, using this construction, we show that double cross products of Hopf quasigroups, cross products of Hopf quasigroups with a skew pairing between them, Hopf quasigroups defined by the twisted double method, smash products of Hopf quasigroups and twisted smash products of Hopf quasigroups are examples of wreath products associated to $a$-monoidal distributive laws.
Marriage is the establishment of a legal relationship between two partners to achieve the purpose of uniting their life economically and emotionally. From this perspective, marriage is a complex issue which is related to human rights and civil rights under international treaties. Therefore, in the progress of the current migration and globalization, marriage is not only limited within a sovereign of a country, but also expands internationally in which partners are of different nationalities, the place of domicile and even the place of marriage celebration. At present, the number of marriages with foreign elements have gradually increased. Therefore, a comprehensive legal framework in every countryshould be established to solve conflicts of rules among national laws. Through surveys, doctrinal and comparison in legal research, this article will elaborate on marriage in private international law under Vietnamese laws and other legal systems in the world.
The basic tenet of contract law is freedom of contract, including the freedom to negotiate and the autonomy of the will of the parties. However, practice and doctrine show that many international commercial contracts are formed in conditions of actual inequality of counterparties. The present work is the first comprehensive study of the problem of cross-border bargaining inequality among professional merchants. The aim of the study is to systematize and critically evaluate the effectiveness of legal conditions formulated in the unified acts of international commercial law and private international law to overcome inequality of counterparties at the pre-contractual stage. The study is based on logical, formal-legal and comparative-legal methods. The results and conclusions may be formulated as follows: (1) The set of legal means to resolve the problem of unequal position of the contracting parties is represented by a complex of complementary spheres of unified normative regulation - substantive norms and conflict-of-law norms. (2) Universal conventional legal regulation of the pre-contractual stage has not been developed. (3) Recommendatory acts of substantive unification of commercial law enshrine developed models of regulation of the parties’ conduct in cross-border negotiations. The main legal means to balance the position of the counterparties is the institution of the pre-contractual liability based on the principle of good faith. (4) Both in European law and in Russian law, the conflict-of-law issue is resolved through a combination of non-contractual qualification of the pre-contractual relations and the complex nature of regulation involving the consecutive use of contractual and tort-based connecting factors. (4) Where there is inequality, conflict-of-laws must provide for an equitable solution to situations where the choice of law applicable to each of the contracting parties is not truly free, including permitting a deviation from the principle of autonomy of will. (5) In the absence of parties’ choice of applicable law, the list of criteria for establishing the closest connection between the pre-contractual legal relation and the competent legal order should be expanded: the court should be able to consider the law of the future contractual obligations’ place of performance and the law governing other related contracts.
Digitalization has enabled the rapid development of the gig economy and changed the entire paradigm in such a way that through digitalization people are increasingly achieving their primary employment. As a result, there is a frequent occurrence of the phenomenon of digital nomads and platform workers. Although initially conceived as freelance jobs, in certain cases, the legal relationships of digital nomads or platform workers take on the characteristics of an employment relationship. To circumvent fiscal and labour obligations, digital nomads or platform workers are often defined in contracts as self-employed individuals or independent contractors, resulting in a deprivation of labour rights. Consequently, a challenge arises for European private international law in terms of the correct characterization regarding the legal relationship and, subsequently, the application of the appropriate conflict of law rule to determine the applicable law.
InsurTech is a new and interesting phenomenon, linked to the use of new technologies, such as artificial intelligence or distributed ledger technology, in the insurance sector. The factual and legal nature of relationships in this area, due to their heterogeneous and complex international character, raises many questions. Some of these relate to private international law, where conflict situations raise questions such as which law (the law of which state) is the substantive law applicable to resolve these situations. Presenting the complexity of this area, this statement describes possible solutions and reflects on the need and potential of applying private international law in the InsurTech sector. It introduces the InsurTech phenomenon, presents its links with private international law, reflects on the adaptability of existing mechanisms of this law to highly technological legal relations, and concludes by an attempt to indicate how to combine InsurTech and private international law, and whether this is possible at all.The work was written using standard scientific methods for legal science. It is primarily a dogmatic work, but also reaches for comparative legal elements. This choice of methods is justified by the presented issues.The result of the research is an assessment as to the possible use of private international law tools for the problems that arise with InsurTech instruments.The author points out that the currently known private international law instruments are not suited to the modern requirements of the insurance services sector, especially in the context of the use of artificial intelligence or DLT technology (blockchain, smart contract) in the sector.
Un’impostazione, variamente presente nella New Institutional Economics e un po’ in tutto il pensiero neoliberale, ritiene che il successo di un sistema economico dipenda, in rilevante misura, dalla presenza di istituzioni adeguate. Gli autori più sensibili agli aspetti storico-evolutivi, sottolineano anche che l’economia cambia e che le caratteristiche delle istituzioni di cui ha bisogno per funzionare adeguatamente, cambiano con essa. L’avvento e la diffusione degli intangibles richiedono, in questa prospettiva, un peculiare adattamento delle istituzioni che, secondo autori come Haskel e Westlake, non si sarebbe verificato in misura soddisfacente, con conseguenze economico-sociali negative particolarmente gravi. Questo lavoro intende dimostrare che la situazione è in realtà un po’ più complicata. Non esiste solo l’ambito delle forze produttive (l'economia) con le sue tendenze ed esigenze, ma esistono anche i rapporti di produzione, la cui rilevanza testimonia che il problema non è definito solo e tanto dalla presenza degli intangibles, ma dal fatto che gli intangibles devono inserirsi nei rapporti di produzione caratteristici di una economia di mercato al fine di circolarvi come “merci”. La principale tesi del saggio è che la possibilità di circolare come merci, e lo stesso valore mercantile degli intangibles (o della parte più importante di essi), dipendono in definitiva più da fattori istituzionali e sociali, che da fattori oggettivi (il costo marginale, la scarsità, il lavoro necessario a produrli, ecc.). Il diritto, e le istituzioni in genere, non si limitano a definire le condizioni favorevoli allo sviluppo delle potenzialità mercantili di tali peculiari “merci”. L’intervento istituzionale incide sulla determinazione del valore stesso di queste. In tal modo esso produce effetti non solo, e non tanto, allocativi, ma tipicamente distributivi e, in definitiva, sociali, sicché gli assetti istituzionali che ignorano questa realtà sono tutti destinati allo squilibrio. / 𝑂𝑛𝑒 𝑎𝑝𝑝𝑟𝑜𝑎𝑐ℎ, 𝑣𝑎𝑟𝑖𝑜𝑢𝑠𝑙𝑦 𝑓𝑜𝑢𝑛𝑑 𝑖𝑛 𝑁𝑒𝑤 𝐼𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑖𝑜𝑛𝑎𝑙 𝐸𝑐𝑜𝑛𝑜𝑚𝑖𝑐𝑠 𝑎𝑛𝑑 𝑠𝑜𝑚𝑒𝑤ℎ𝑎𝑡 𝑎𝑐𝑟𝑜𝑠𝑠 𝑎𝑙𝑙 𝑡ℎ𝑒 𝑛𝑒𝑜𝑙𝑖𝑏𝑒𝑟𝑎𝑙 𝑡ℎ𝑜𝑢𝑔ℎ𝑡, ℎ𝑜𝑙𝑑𝑠 𝑡ℎ𝑎𝑡 𝑡ℎ𝑒 𝑠𝑢𝑐𝑐𝑒𝑠𝑠 𝑜𝑓 𝑎𝑛 𝑒𝑐𝑜𝑛𝑜𝑚𝑖𝑐 𝑠𝑦𝑠𝑡𝑒𝑚 𝑑𝑒𝑝𝑒𝑛𝑑𝑠, 𝑡𝑜 𝑎 𝑟𝑒𝑙𝑒𝑣𝑎𝑛𝑡 𝑒𝑥𝑡𝑒𝑛𝑡, 𝑜𝑛 𝑡ℎ𝑒 𝑝𝑟𝑒𝑠𝑒𝑛𝑐𝑒 𝑜𝑓 𝑎𝑝𝑝𝑟𝑜𝑝𝑟𝑖𝑎𝑡𝑒 𝑖𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑖𝑜𝑛𝑠. 𝑇ℎ𝑜𝑠𝑒 𝑎𝑢𝑡ℎ𝑜𝑟𝑠 𝑚𝑜𝑟𝑒 𝑠𝑒𝑛𝑠𝑖𝑡𝑖𝑣𝑒 𝑡𝑜 ℎ𝑖𝑠𝑡𝑜𝑟𝑖𝑐𝑎𝑙-𝑒𝑣𝑜𝑙𝑢𝑡𝑖𝑜𝑛𝑎𝑟𝑦 𝑎𝑠𝑝𝑒𝑐𝑡𝑠 𝑎𝑙𝑠𝑜 𝑝𝑜𝑖𝑛𝑡 𝑜𝑢𝑡 𝑡ℎ𝑎𝑡 𝑡ℎ𝑒 𝑒𝑐𝑜𝑛𝑜𝑚𝑦 𝑐ℎ𝑎𝑛𝑔𝑒𝑠 𝑎𝑛𝑑 𝑡ℎ𝑎𝑡 𝑡ℎ𝑒 𝑎𝑡𝑡𝑟𝑖𝑏𝑢𝑡𝑒𝑠 𝑜𝑓 𝑡ℎ𝑒 𝑖𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑖𝑜𝑛𝑠 𝑖𝑡 𝑛𝑒𝑒𝑑𝑠 𝑡𝑜 𝑓𝑢𝑛𝑐𝑡𝑖𝑜𝑛 𝑝𝑟𝑜𝑝𝑒𝑟𝑙𝑦 𝑐ℎ𝑎𝑛𝑔𝑒 𝑤𝑖𝑡ℎ 𝑖𝑡. 𝑇ℎ𝑒 𝑎𝑑𝑣𝑒𝑛𝑡 𝑎𝑛𝑑 𝑝𝑟𝑜𝑙𝑖𝑓𝑒𝑟𝑎𝑡𝑖𝑜𝑛 𝑜𝑓 𝑖𝑛𝑡𝑎𝑛𝑔𝑖𝑏𝑙𝑒𝑠 𝑟𝑒𝑞𝑢𝑖𝑟𝑒, 𝑖𝑛 𝑡ℎ𝑖𝑠 𝑝𝑒𝑟𝑠𝑝𝑒𝑐𝑡𝑖𝑣𝑒, 𝑎 𝑝𝑒𝑐𝑢𝑙𝑖𝑎𝑟 𝑎𝑑𝑎𝑝𝑡𝑎𝑡𝑖𝑜𝑛 𝑜𝑓 𝑖𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑖𝑜𝑛𝑠, 𝑤ℎ𝑖𝑐ℎ – 𝑎𝑐𝑐𝑜𝑟𝑑𝑖𝑛𝑔 𝑡𝑜 𝑎𝑢𝑡ℎ𝑜𝑟𝑠 𝑠𝑢𝑐ℎ 𝑎𝑠 𝐻𝑎𝑠𝑘𝑒𝑙 𝑎𝑛𝑑 𝑊𝑒𝑠𝑡𝑙𝑎𝑘𝑒 – 𝑤𝑜𝑢𝑙𝑑 𝑛𝑜𝑡 ℎ𝑎𝑣𝑒 𝑜𝑐𝑐𝑢𝑟𝑟𝑒𝑑 𝑡𝑜 𝑎 𝑠𝑎𝑡𝑖𝑠𝑓𝑎𝑐𝑡𝑜𝑟𝑦 𝑒𝑥𝑡𝑒𝑛𝑡, 𝑤𝑖𝑡ℎ 𝑠𝑒𝑟𝑖𝑜𝑢𝑠 𝑠𝑜𝑐𝑖𝑜𝑒𝑐𝑜𝑛𝑜𝑚𝑖𝑐 𝑐𝑜𝑛𝑠𝑒𝑞𝑢𝑒𝑛𝑐𝑒𝑠. 𝑇ℎ𝑖𝑠 𝑝𝑎𝑝𝑒𝑟 𝑎𝑖𝑚𝑠 𝑡𝑜 𝑠ℎ𝑜𝑤 𝑡ℎ𝑎𝑡 𝑡ℎ𝑒 𝑠𝑖𝑡𝑢𝑎𝑡𝑖𝑜𝑛 𝑖𝑠 𝑚𝑜𝑟𝑒 𝑐𝑜𝑚𝑝𝑙𝑖𝑐𝑎𝑡𝑒𝑑 𝑡ℎ𝑎𝑛 𝑡ℎ𝑖𝑠. 𝑇ℎ𝑖𝑠 𝑝𝑎𝑝𝑒𝑟 𝑎𝑖𝑚𝑠 𝑡𝑜 𝑠ℎ𝑜𝑤 𝑡ℎ𝑎𝑡 𝑡ℎ𝑒 𝑠𝑖𝑡𝑢𝑎𝑡𝑖𝑜𝑛 𝑖𝑠 𝑠𝑙𝑖𝑔ℎ𝑡𝑙𝑦 𝑚𝑜𝑟𝑒 𝑐𝑜𝑚𝑝𝑙𝑖𝑐𝑎𝑡𝑒𝑑. 𝑇ℎ𝑒𝑟𝑒 𝑖𝑠 𝑛𝑜𝑡 𝑜𝑛𝑙𝑦 𝑡ℎ𝑒 𝑠𝑝ℎ𝑒𝑟𝑒 𝑜𝑓 𝑝𝑟𝑜𝑑𝑢𝑐𝑡𝑖𝑣𝑒 𝑓𝑜𝑟𝑐𝑒𝑠 (𝑡ℎ𝑒 “𝑒𝑐𝑜𝑛𝑜𝑚𝑦”) 𝑤𝑖𝑡ℎ 𝑖𝑡𝑠 𝑡𝑒𝑛𝑑𝑒𝑛𝑐𝑖𝑒𝑠 𝑎𝑛𝑑 𝑟𝑒𝑞𝑢𝑖𝑟𝑒𝑚𝑒𝑛𝑡𝑠, 𝑏𝑢𝑡 𝑡ℎ𝑒𝑟𝑒 𝑎𝑟𝑒 𝑎𝑙𝑠𝑜 𝑝𝑟𝑜𝑑𝑢𝑐𝑡𝑖𝑜𝑛 𝑟𝑒𝑙𝑎𝑡𝑖𝑜𝑛𝑠, 𝑤ℎ𝑜𝑠𝑒 𝑟𝑒𝑙𝑒𝑣𝑎𝑛𝑐𝑒 𝑠ℎ𝑜𝑤𝑠 𝑡ℎ𝑎𝑡 𝑡ℎ𝑒 𝑝𝑟𝑜𝑏𝑙𝑒𝑚 𝑖𝑠 𝑛𝑜𝑡 𝑑𝑒𝑓𝑖𝑛𝑒𝑑 𝑠𝑜𝑙𝑒𝑙𝑦 𝑏𝑦 𝑡ℎ𝑒 𝑝𝑟𝑒𝑠𝑒𝑛𝑐𝑒 𝑜𝑓 𝑖𝑛𝑡𝑎𝑛𝑔𝑖𝑏𝑙𝑒𝑠, 𝑟𝑎𝑡ℎ𝑒𝑟 𝑏𝑦 𝑡ℎ𝑒 𝑐𝑖𝑟𝑐𝑢𝑚𝑠𝑡𝑎𝑛𝑐𝑒 𝑡ℎ𝑎𝑡 𝑖𝑛𝑡𝑎𝑛𝑔𝑖𝑏𝑙𝑒𝑠 𝑚𝑢𝑠𝑡 𝑓𝑖𝑡 𝑖𝑛𝑡𝑜 𝑡ℎ𝑒 𝑟𝑒𝑙𝑎𝑡𝑖𝑜𝑛𝑠 𝑜𝑓 𝑝𝑟𝑜𝑑𝑢𝑐𝑡𝑖𝑜𝑛 𝑐ℎ𝑎𝑟𝑎𝑐𝑡𝑒𝑟𝑖𝑠𝑡𝑖𝑐 𝑜𝑓 𝑎 𝑚𝑎𝑟𝑘𝑒𝑡 𝑒𝑐𝑜𝑛𝑜𝑚𝑦 𝑖𝑛 𝑜𝑟𝑑𝑒𝑟 𝑡𝑜 𝑐𝑖𝑟𝑐𝑢𝑙𝑎𝑡𝑒 𝑎𝑠 “𝑐𝑜𝑚𝑚𝑜𝑑𝑖𝑡𝑖𝑒𝑠”. 𝑇ℎ𝑒 𝑚𝑎𝑖𝑛 𝑡ℎ𝑒𝑠𝑖𝑠 𝑜𝑓 𝑡ℎ𝑒 𝑒𝑠𝑠𝑎𝑦 𝑖𝑠 𝑡ℎ𝑎𝑡 𝑡ℎ𝑒 𝑝𝑜𝑠𝑠𝑖𝑏𝑖𝑙𝑖𝑡𝑦 𝑜𝑓 𝑐𝑖𝑟𝑐𝑢𝑙𝑎𝑡𝑖𝑛𝑔 𝑎𝑠 𝑐𝑜𝑚𝑚𝑜𝑑𝑖𝑡𝑖𝑒𝑠, 𝑎𝑛𝑑 𝑡ℎ𝑒 𝑚𝑒𝑟𝑐𝑎𝑛𝑡𝑖𝑙𝑒 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑖𝑛𝑡𝑎𝑛𝑔𝑖𝑏𝑙𝑒𝑠 (𝑜𝑟 𝑡ℎ𝑒 𝑚𝑜𝑠𝑡 𝑖𝑚𝑝𝑜𝑟𝑡𝑎𝑛𝑡 𝑝𝑎𝑟𝑡 𝑜𝑓 𝑡ℎ𝑒𝑚), 𝑢𝑙𝑡𝑖𝑚𝑎𝑡𝑒𝑙𝑦 𝑑𝑒𝑝𝑒𝑛𝑑 𝑚𝑜𝑟𝑒 𝑜𝑛 𝑖𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑖𝑜𝑛𝑎𝑙 𝑎𝑛𝑑 𝑠𝑜𝑐𝑖𝑎𝑙 𝑓𝑎𝑐𝑡𝑜𝑟𝑠 𝑡ℎ𝑎𝑛 𝑜𝑛 𝑜𝑏𝑗𝑒𝑐𝑡𝑖𝑣𝑒 𝑜𝑛𝑒𝑠 (𝑚𝑎𝑟𝑔𝑖𝑛𝑎𝑙 𝑐𝑜𝑠𝑡, 𝑠𝑐𝑎𝑟𝑐𝑖𝑡𝑦, 𝑙𝑎𝑏𝑜𝑢𝑟 𝑟𝑒𝑞𝑢𝑖𝑟𝑒𝑑 𝑡𝑜 𝑝𝑟𝑜𝑑𝑢𝑐𝑒 𝑡ℎ𝑒𝑚, 𝑒𝑡𝑐.). 𝐿𝑎𝑤, 𝑎𝑛𝑑 𝑖𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑖𝑜𝑛𝑠 𝑖𝑛 𝑔𝑒𝑛𝑒𝑟𝑎𝑙, 𝑑𝑜 𝑛𝑜𝑡 𝑚𝑒𝑟𝑒𝑙𝑦 𝑑𝑒𝑓𝑖𝑛𝑒 𝑡ℎ𝑒 𝑓𝑎𝑣𝑜𝑢𝑟𝑎𝑏𝑙𝑒 𝑐𝑜𝑛𝑑𝑖𝑡𝑖𝑜𝑛𝑠 𝑓𝑜𝑟 𝑡ℎ𝑒 𝑑𝑒𝑣𝑒𝑙𝑜𝑝𝑚𝑒𝑛𝑡 𝑜𝑓 𝑡ℎ𝑒 𝑚𝑒𝑟𝑐𝑎𝑛𝑡𝑖𝑙𝑒 𝑝𝑜𝑡𝑒𝑛𝑡𝑖𝑎𝑙 𝑜𝑓 𝑠𝑢𝑐ℎ 𝑝𝑒𝑐𝑢𝑙𝑖𝑎𝑟 “𝑐𝑜𝑚𝑚𝑜𝑑𝑖𝑡𝑖𝑒𝑠”; 𝑟𝑎𝑡ℎ𝑒𝑟, 𝑡ℎ𝑒 𝑖𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑖𝑜𝑛𝑎𝑙 𝑖𝑛𝑡𝑒𝑟𝑣𝑒𝑛𝑡𝑖𝑜𝑛 𝑎𝑓𝑓𝑒𝑐𝑡𝑠 𝑡ℎ𝑒 𝑣𝑒𝑟𝑦 𝑑𝑒𝑡𝑒𝑟𝑚𝑖𝑛𝑎𝑡𝑖𝑜𝑛 𝑜𝑓 𝑡ℎ𝑒𝑖𝑟 𝑣𝑎𝑙𝑢𝑒. 𝑇ℎ𝑢𝑠, 𝑖𝑡 𝑝𝑟𝑜𝑑𝑢𝑐𝑒𝑠 𝑛𝑜𝑡 𝑜𝑛𝑙𝑦, 𝑎𝑛𝑑 𝑛𝑜𝑡 𝑠𝑜 𝑚𝑢𝑐ℎ, 𝑎𝑙𝑙𝑜𝑐𝑎𝑡𝑖𝑣𝑒 𝑒𝑓𝑓𝑒𝑐𝑡𝑠, 𝑏𝑢𝑡 𝑡𝑦𝑝𝑖𝑐𝑎𝑙𝑙𝑦 𝑑𝑖𝑠𝑡𝑟𝑖𝑏𝑢𝑡𝑖𝑣𝑒 𝑎𝑛𝑑 𝑢𝑙𝑡𝑖𝑚𝑎𝑡𝑒𝑙𝑦 𝑠𝑜𝑐𝑖𝑎𝑙 𝑜𝑛𝑒𝑠, 𝑠𝑜 𝑖𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑖𝑜𝑛𝑎𝑙 𝑎𝑟𝑟𝑎𝑛𝑔𝑒𝑚𝑒𝑛𝑡𝑠 𝑡ℎ𝑎𝑡 𝑖𝑔𝑛𝑜𝑟𝑒 𝑡ℎ𝑖𝑠 𝑟𝑒𝑎𝑙𝑖𝑡𝑦 𝑎𝑟𝑒 𝑎𝑙𝑙 𝑑𝑜𝑜𝑚𝑒𝑑 𝑡𝑜 𝑑𝑖𝑠𝑒𝑞𝑢𝑖𝑙𝑖𝑏𝑟𝑖𝑢𝑚.
Finance, Private international law. Conflict of laws