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International litigation involving financial instruments is more likely to end up in Irish courts after Brexit.
An Irish-language version of the industry-standard agreement was launched yesterday as part of an effort to "protect the future" from the uncertainties created by the UK's exit from the EU.
and Derivatives Association (ISDA) at a time when the ease with which British court judgments will be recognized and enforced across the EU remains unclear.
Currently, derivative contracts are primarily governed by the laws of England or New York. State
Virtually all ISDA master agreements concluded between counterparties based in the EU are governed by the laws of England. After Brexit, Ireland will become the largest common law jurisdiction of the EU. Common law is the law of choice for most commercial contracts and cross-border arbitrations.
ISDA stated that the development of an Irish version of the master agreement will allow parties to continue trading derivatives under the laws of a member state. "Brexit is of particular interest to us and although we can not predict with certainty its results, we can prepare for some of the possible outcomes," said ISDA General Manager Scott. O 'Malia
"The launch of the new framework agreement aims to provide additional options to users, so that they can negotiate according to the agreement that best suits their needs."
The Irish version of the agreement was launched at the offices of the law firm McCann FitzGerald. Justice Minister David Stanton described the decision as a "vote of confidence not only in Ireland but also in Irish law and the Irish judicial system".
Brexit is widely seen as an opportunity to develop the Irish legal services industry.
The Cabinet should soon consider proposals to attract more international dispute settlement work in Ireland after Brexit.
At present, the United Kingdom represents 20% of the EU's legal services. London is the main center of international conflicts.
Irish Independent
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