Monday, August 2, 2010
The Southeastern Association of Law Schools (SEALS) is holding its annual conference this year in Palm Beach, Florida. I am happy to see so much internaitonal content this year. Professors have come here from Canada, Germany, and Ireland for example. There are fantastic roundtable discussions to compare U.S. and Canadian law as well. I enjoyed those discussions and hope that the program format is continued in coming years.
A panel held yesterday on “International Business Law Regulatory Structures” considered U.S. compliance with foreign governing bodies in the context of international business transactions and litigation. Professor Juliet Moringiello (Widener University School of Law) moderated the panel.
Professor William B.T. Mock, Jr. (The John Marshall Law School) described some important recent international developments in the financial markets, including the creation of the East African Community, the regional intergovernmental organization of the Republics of Kenya, Uganda, the United Republic of Tanzania, Republic of Rwanda, and Republic of Burundi. The organization has its headquarters in Arusha, Tanzania and came into being on July 1, 2010. He noted a trend in creating other new financial markets and in the mergers of larger markets. He noted potential conflicts and confusion from having different government entities supervise these markets and suggested to the professors in the audience that there was a need for further scholarship to discuss conflicts and ethical issues arising over the past decade.
Professor Lawton Posey Cummings (The George Washington University Law School) spoke on recent developments in anti-money laundering regulation, including concerns over the financing of terrorism. She noted that the United States has encouraged other countries to expand statutes and enforcement efforts against money laundering. She described increased need for lawyers to understand financial record-keeping responsibilities, to report suspicious activity to appropriate authorities, and to understand how foreign laws might affect law firms with offices in different countries. She described her ongoing empirical research on money laundering cases in the Second and Eleventh Circuits.
Professor Lydie Nadia Cabrera Pierre-Louis (Florida International University College of Law) described recent developments in the World Trade Organization (WTO), the General Agreement on Trade in Services (GATS), and the Dispute Settlement Mechanism within the WTO. She believed that further study of these developments could provide new mechanisms to regulate international financial and investment markets.
Professor William H. Henning (University of Alabama School of Law) spoke on the subject of his forthcoming article, The Uniform Law Commission and Cooperative Federalism: Implementing Private International Law Conventions through Uniform State Laws. He suggested that we have entered a new era in terms of our global relations and that there is a need to strike a new balance between international conventions and state law. He described specific examples in the private international law field such as the Hague Convention on the International Recovery of Child Support and Other Forms of Family Maintenance. The United States was the first country to sign that convention after the Hague Conference on Private International Law adopted it on November 23, 2007. He noted that this federal treaty would be entirely implemented by states through the Uniform Interstate Family Support Act (“UIFSA”). He also discussed the Hague Convention on Choice of Court Agreements, a treaty adopted in 2005 and signed by the United States on January 19, 2009. He described federal ratification of the treaty and a strategy to implement its provisions in the states. The convention applies to international business-to-business transactions in which the parties make an exclusive choice of court (or the courts of a particular country) to resolve their disputes.
That's your SEALS update for today!