2003 Fiscal Year Final Research Report Summary
International Financial Law in Japan, US and Europe: Discrepancies and Solution
| Project/Area Number |
12572009
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 海外学術 |
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| Research Field |
Civil law
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| Research Institution | Sophia University |
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Principal Investigator |
MORISHITA Tetsuo Sophia University, Law School, Professor (80317502)
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| Co-Investigator(Kenkyū-buntansha) |
ISHIGURO Kazunori University of Tokyo, Law Faculty, Professor (00009854)
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| Project Period (FY) |
2000 – 2003
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| Keywords | International Financial Law / Securities Settlement / tracing of money / syndicated loan / derivatives / fiduciary duty / financial supervision / bank insolvencies |
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| Research Abstract |
In this research, various legal issues on such wide areas as financial supervision, conflict of laws, relationship with customers, money and securities settlements, lex monetae, loan transactions, securities transactions, securitization and CDS, bank insolvencies are discussed. The analysis focus on Japanese laws with comparison with US and European laws, especially English laws.
As a result of the research, 10 articles and the final report which has more than 300 pages are made. When we consider some issues which are not so familiar in Japan, it was useful way of research to read cases in US and UK and consider how Japanese would decide if the same kind of disputes occur in Japan. In fact, in the final report, many US and UK cases are introduced and discussed.
This research revealed that financial laws are very global in one aspect, but at the same time, very local in other aspect. Financial transactions easily cross the borders, so law and regulation must work globally. On the other hand, the most desirable content of financial laws depends of the society, the economy and the parties to which the rules would be applied. Therefore, it is important to pay sufficient consideration to global standards, it is also important to keep necessary uniqueness with which laws could fit to the society and economies better.
There are various difficult issues which the final report handles. Some of them are as follows:
-How can we achieve the best relationship between supervisors and financial institutions?
-What is the best balance between investors self responsibilities, responsibilities of financial institutions and paternal supervision by the authorities?
-How could law contribute to achieve the best balance in financial transactions?
Some attempt to answer these difficult issues could be found in the report, but further studies are necessary.
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