NYSBA SPRING 2015 | VOL. 28 | NO. 1 International Law Practicum A publication of the International Section of the New York State Bar Association Practicing the Law of the World from New York Transcript: From the Magna Carta to Dodd-Frank: The Rule of Law and International Financial Regulation ...................................................................... 3 Islamic Banking: Some Distinguishing Regulatory Considerations ............................................................... 31 Michael J.T. McMillen Post Global Financial Crisis Regulations: E.U. and French Regulatory Efforts .............................................. 41 François Berbinau Commentary: Dodd-Frank, Magna Carta and the New Financial Services Regulatory Regime in the United Kingdom ............................................................................................................................. 49 Patrick Cook Commentary: Serious Fraud Office Annual Report Shows Progress ............................................................................ 52 Jonathan P. Armstrong Litigating in the Qatar International Court ..................................................................................................... 54 Hon. Gerald Lebovits and Delphine Miller Notes on the Reform of the Brussels Regulation Regime Regarding Jurisdiction and Enforcement of Judgments within the European Union .................................................................................................. 65 Joseph M. Kosky Chapter News Conference Report: What’s New in International Arbitration and International Litigation: View from the Bench and International Lawyers .......................................................................... 71 Clara Flebus Law Report: The Reform of French Civil Law ...................................................................................................... 73 Luc Bigel Law Report: Modern Slavery Act and Consultation ........................................................................................... 76 André Bywater Includes Chapter News PRACTICUM: FORM AND POLICY The International Law Practicum is a semi-annual publication of the International Section of the New York State Bar As so ci a tion. The Practicum welcomes the submission of articles prepared by practicing attorneys. The length of an article, as a general rule, should not exceed 3,500 words, footnotes in clud ed. 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A searchable index is also available. 2 NYSBA International Law Practicum | Spring 2015 | Vol. 28 | No. 1 Transcript: From the Magna Carta to Dodd-Frank: The Rule of Law and International Financial Regulation [Editor’s Note: The following is an edited transcript of the An- Diane O’Connell, our amazing Meeting Chair, has as- nual Meeting of the International Section of the NYSBA on 26 sembled an impressive array of speakers here. And these January 2015 in New York City.] guys will answer all of these questions and then some. If you do have a specifi c question about Charlie, one of I. Welcoming and Introductory Remarks our speakers is also our Paris Chapter Chair, and I’m sure he’d be happy to share his thoughts. Of course, after this THOMAS PIEPER: Good morning. I’m Thomas program we’ll have our luncheon, where we hand out Pieper, Section Chair. The events of the last few weeks our awards. In the afternoon we have a meeting of Latin have highlighted how important fundamental rights and American Council, for those of you who are members. We the rule of law are and how often we just take them for canceled the Chapter Chair meeting, and instead we will granted. One of the most important milestones, of course, do snow angels outside. when it comes to the history of fundamental rights, is the Magna Carta. Written in 1215 and signed into law by [Laughter] King John I of England, who was, I think, the great, great uncle of Jonathan Armstrong. With that I’ll give the fl oor to Diane. Thank you. [Laughter] DIANE O’CONNELL: Good morning. One more piece of housekeeping. I was told if you want to connect JONATHAN ARMSTRONG: Yes. I’m waiting for to wifi , the wifi connection is Meeting Room 4, and the my lance to be restored. password is nysba2015, all lower case. I wasn’t going to give that to you because I didn’t want everyone surfi ng MR. PIEPER: The Magna Carta was basically the fi rst Google and shopping on Amazon while we were doing legal document that limited the power of the monarchy the panel. and ensured that even kings and queens would be bound by the law. Now 1215 means we also celebrate its eight [Laughter] hundredth birthday this year. There will be tons of events dedicated to this anniversary this year, and we are proud I’m not going to get into much of an introduction to be among the fi rst ones. On behalf of the International because Thomas did such a phenomenal job. I think he Section of the New York State Bar Association, we wel- pretty much said it all. So what we are going to do is run come you to our annual meeting. We are also proud that through some of the panel speakers. We’ll take a coffee we kick off this year’s annual meeting. As you have not- break, let you digest some of the information, get a little ed, we have changed the date of the meeting to Monday, more coffee to go for the second half, and then we’ll bring just to get ahead of the blizzard. the rest of the speakers up to conclude the panel and then go to lunch. [Laughter] To start out, I’ll introduce the speakers one at a time. That’s why it’s pretty quiet in the hallways. We Our fi rst speaker is Curtis Tao. He’s currently a Manag- also have a bigger room. The title of today’s session is ing Director and Associate General Counsel at CitiGroup. “From the Magna Carta to Dodd-Frank: The Rule of Law He’s advised CitiGroup on bank and bank holding com- and International Financial Regulation.” So that gives pany regulatory matters. He was an Associate General you a sense of the approach that we are going to take Counsel at Goldman as well as Cleary Gottlieb. So thank on this theme. Now I’m sure you have questions. The you, Curtis. Magna Carta and The Rule of Law, how does this relate to today’s fi nancial markets? The Dodd-Frank Act as a II. Financial Regulation in Various Parts of the modern day Magna Carta? Really? How have these regu- World lations changed the practice of international law for ev- A. The Dodd-Frank as International Magna Carta? eryone, anywhere, say in this country, the United States? In Latin America or other civil law jurisdictions? What CURTIS TAO: Thank you. Good morning to every- about Great Britain, Europe? And of course, what about one. Let me fi rst start by saying that the comments and the Middle East, Islamic fi nancing Shari`ah? And so on. thoughts which I will share today are not necessarily NYSBA International Law Practicum | Spring 2015 | Vol. 28 | No. 1 3 those of my company. And let me also be very clear, I obviously did much more than I simply summarized, but don’t expect to provide many answers, but I do hope to I’ll try to summarize some of the hot button items that elicit further thinking and discussion among this group. each did. Because, I think, as many of you know, the answers are less clear than I think at any other time in the realm of Riegle-Neal, which was passed in the early 1990s, fi nancial regulation.