Credit Default Swaps and Insurance: Against the Potts Opinion

Little attention has been given to the possibility that CDS transactions might be construed as insurance contracts in English law. This article challenges the widespread “Potts opinion”, which states that CDSs are not insurance, because they do not require the protection buyer to sustain a loss or to have an insurable interest in the subject matter. CDSs often do provide protection against loss that the buyer is exposed to; loss indemnity is not a necessary characterisation of an insurance contract; insurable interest does not form part of the definition of insurance, but is an additional requirement of valid insurance; and what matters is the substance not the form of the contract. The situation in the US and Australia is also briefly considered.

Para uma teoria do direito internacional do consumidor: a proteção do consumidor no livre comércio internacional

O consumidor é o agente vulnerável na relação de consumo internacional. O processo de globalização se apresenta, para o consumidor, como uma globalização do consumo. A globalização do consumo se caracteriza pelo comércio e fornecimento internacional de produtos e serviços por empresários/fornecedores transnacionais/globais, utilizando marcas de renome mundial, acessíveis a todos os consumidores do planeta, e agrava a vulnerabilidade do consumidor no mercado. A proteção jurídica do consumidor internacional é uma necessidade que os sistemas jurídicos nacionais não se mostram aptos a prover adequadamente, assim como o Direito Internacional também não. A presente tese demonstra a deficiência da Ciência do Direito na proteção do consumidor no contexto da globalização; demonstra como o próprio comércio internacional é prejudicado ao não priorizar de maneira absoluta e efetiva a proteção do consumidor na OMC, bem como ao mostrar-se apático diante dos diferentes níveis de proteção proporcionada aos consumidores em cada diferente sistema jurídico nacional; demonstra, também, como a proteção do consumidor de maneira uniforme e global por um direito comum aos Estados é possível e será capaz de tornar mais eficiente economicamente o processo de globalização do consumo, ao encorajar a participação mais intensa do consumidor no mercado internacional; e propõe a construção de um novo ramo do Direito dedicado ao problema, o Direito Internacional do Consumidor (DIC), por meio da elaboração de uma Teoria do Direito Internacional do Consumidor. O Direito Internacional do Consumidor pretende ser um direito comum e universal de proteção ao consumidor, fundado em métodos, conceitos, institutos, normas e princípios jurídicos universais. O DIC dialogará com outros ramos do Direito Público e Privado, especialmente o Direito Internacional Econômico, o Direito Internacional do Comércio, o Direito Internacional Privado, o Direito Processual Civil Internacional, e o Direito do Consumidor. Pretende-se com isto atender ao ideal de promover o livre comércio internacional com respeito aos Direitos Humanos.

Propriedade rural, posse e meio ambiente: uma ponderação harmoniosa

A presente tese tem por objetivo defender, sob a visão do direito civil-constitucional e da função promocional do direito, a inter-relação entre os direitos de posse, propriedade e do meio ambiente e a possibilidade de uma ponderação harmoniosa em caso de desequilíbrio entre esses direitos. Utiliza-se para tanto a dimensão analítica, empírica e normativa. A dimensão analítica tem por objetivo investigar os conceitos jurídicos envolvidos na pesquisa, especialmente em relação à propriedade e à sua função socioambiental. A relação entre tais conceitos sobressai através da análise da função socioambiental da propriedade, da posse enfatizando-se os aspectos da legislação ambiental. O direito fundamental ao meio ambiente é estudado como direito e dever de todos conforme disposto no art. 225 da Constituição de 1988, e, nesse ponto, diretamente eficaz nas relações interprivadas. Aborda-se, na dimensão empírica e normativa essencialmente aspectos práticos, com foco na jurisprudência, especialmente do Supremo Tribunal Federal (STF) e do Superior Tribunal de Justiça (STJ). A ponderação harmoniosa entre a propriedade, a posse e o meio ambiente, busca o equilíbrio na efetivação desses direitos, inclusive mediante a aplicação dos princípios do direito econômico. Por meio da ponderação, é possível alcançar, de forma mais eficiente do que o modelo tradicional de subsunção, uma resposta adequada e fundamentada para os casos difíceis, especialmente na efetivação e na restauração do equilíbrio entre a posse, a propriedade e o meio ambiente quando esses princípios, no caso concreto, colidem uns com os outros. Sobretudo, pretende-se concretizar os direitos fundamentais segundo exigências do pós-positivismo, por meio da aproximação entre o Direito e a Ética, com o fim de se alcançar a Justiça para o caso concreto.

The WTO’s Trade Policy Review Mechanism – An Effective Surveillance Mechanism for Aid for Trade?

There has always been a question mark over how best to integrate developing countries into the world trading system and traditionally the WTO has used special and differential treatment (S&D) to do so. However, since 1996 the WTO has been involved with the Aid for Trade (AfT) initiative typically co-ordinated by the OECD and UN. This article firstly outlines the background to AfT since 1996 under the numerous agencies working in the area, highlighting how importance has always been placed on the monitoring and effectiveness of the process. It then turns to assessing the various methods currently used and the proposal of the WTO’s Trade Policy Review Mechanism (TPRM) as a potential monitoring tool of AfT.

GSP+ and Human Rights::Is the EU's Approach the Right One?

Among the purposes of the EU’s GSP+ programme is to link human rights to trade incentives, with the idea of using such incentives to promote developing countries’ adoption of the values found in core human rights treaties. With the re-renewal of the GSP (and GSP+) programmes to take effect in January 2014, it is fruitful to examine their efficacy and consistency with WTO law. In this article, I argue the GSP+ programme is not only ineffective in obtaining an improvement in human rights conditions for the vast majority of the world’s population, but it is also incompatible with WTO law. A stick-based regime where human rights abuses are linked to trade sanctions is a better way to proceed. After outlining the GSP+ system, and its linkage of human rights and trade, I analyse its efficacy and WTO consistency. Having shown that it is ineffective and contrary to WTO law, I argue that trade sanctions based on a PPM distinction and/or GATT XX(a) may be the appropriate means of linking trade and human rights. The article ends with some concluding remarks on the need for the careful design of such a system.

Intellectual Property and the EU’s Deep Trade Agenda

The EU is considered to be one of the main proponents of what has been called the deep trade agenda—that is, the push for further trade liberalization with an emphasis on the removal of domestic non-tariff regulatory measures affecting trade, as opposed to the traditional focus on the removal of trade barriers at borders. As negotiations on the Doha Development Round have stalled, the EU has attempted to achieve these aims by entering into comprehensive free trade agreements (FTAs) that are not only limited exclusively to tariffs but also extend to non-tariff barriers, including services, intellectual property rights (IPRs), competition, and investment. These FTAs place great emphasis on regulatory convergence as a means to secure greater market openings. The paper examines the EU's current external trade policy in the area of IP, particularly its attempts to promote its own regulatory model for the protection of IP rights through trade agreements. By looking at the IP enforcement provisions of such agreements, the article also examines how the divisive issues that are currently hindering the progress of negotiations at WTO level, including the demands from developing countries to maintain a degree of autonomy in the area of IP regulation as well as the need to balance IP protection with human rights protection, are being dealt with in recent EU FTAs.

Movement of Capital and Trade in Services:Distinguishing Myth from Reality Regarding the GATS and the Liberalization of the Capital Account

This article will analyze the interplay between capital movements and trade
in services as structured in World Trade Organization (WTO) law, and it will
assess the implications of the capital account liberalization for the freedom of
WTO Members to pursue their economic policies. Although the movement
of capital is largely confined to the domain of international financial or monetary
policy, it is regulated by WTO law due to its role in the process of
financial services liberalization, which generally requires liberalized capital
flows. From a legal perspective, the interplay between capital movements
and trade in services requires striking a delicate balance between the right
of market access and the parallel right of economic stability. Indeed, a liberalized
regime for capital movements could pose serious stability problems
during times of crisis. For this reason, it is necessary that Members are able
to derogate from their obligations and adopt emergency measures.
Regulating the movement of capital in the General Agreement on Trade in
Services (GATS) requires stretching the regulatory oversight of WTO law
over different aspects of international economic policy. Indeed, capital movements are a fundamental component of the balance of payments and have a
major role in shaping monetary, fiscal, and financial policies. This article will
analyze how the discipline provided by the GATS on capital movements will
affect not only trade in services, but also the Members’ policy space on
monetary and fiscal policy. The article will conclude that while the GATS offers enough policy space for the maintenance of financial stability, it does
not fully take into consideration the need of Members to control capital
movements in order to conduct monetary policies.

The International Regulatory Regime on Capital Flows

Capital controls and exchange restrictions are used to restrict international capital flows during economic crises. This paper looks at the legal implications of these restrictions and explores the current international regulatory framework applicable to international capital movements and current payments. It shows how international capital flows suffer from the lack of a comprehensive and coherent regulatory framework that would harmonize the patchwork of
multilateral, regional, and bilateral treaties that currently regulate this issue. These treaties include the Articles of Agreement of the International Monetary Fund (IMF Articles), the General Agreement on Trade in Services (GATS), free-trade agreements, the European Union treaty, bilateral investment treaties, and the Organization for Economic Co-operation and Development (OECD) Code of Liberalization of Capital Movements (OECD Code of Capital Movement). Each
of these instruments regulate differently capital movements with little coordination with other areas of law. This situation sometimes leads to regulatory overlaps and conflict between different sources of law. Given the strong links between capital movements and trade in services, this paper pays particular attention to the rules of the GATS on capital flows and discusses the policy space available in the GATS for restricting capital flows in times of crisis.