Lehmann, Matthias --- "Conflict-of-laws issues" [2019] ELECD 1633; in Haentjens, Matthias; Wessels, Bob (eds), "Research Handbook on Cross-Border Bank Resolution" (Edward Elgar Publishing, 2019) 288

Book Title: Research Handbook on Cross-Border Bank Resolution

Editor(s): Haentjens, Matthias; Wessels, Bob

Publisher: Edward Elgar Publishing

Section: Chapter 11

Section Title: Conflict-of-laws issues

Author(s): Lehmann, Matthias

Number of pages: 42

Abstract/Description:

Given that many banks and financial institutions operate across borders, the success of restructuring and resolution measures is conditioned upon their effects in other jurisdictions. Yet the classic determination of the applicable law through private international law rules poses serious obstacles to the transboundary effect of national administrative orders. This chapter lays out the difficulties in the context of the BRRD and the SRM Regulation, which govern in the EU and the Euro Area, and examines possible solutions. Other laws, in particular those of the US and Switzerland, are taken into account. The chapter concludes that mere regulatory cooperation is insufficient for the judicial solution of private disputes, and therefore suggests that states harmonize their laws by following an international text, such as a legislative guide or a model law, that has to be developed.