NYSBA SUMMER 2009 | VOL. 14 | NO. 1 New York International Chapter News A publication of the International Section of the New York State Bar Association Message from the Chair “NYSBA INTERNATIONAL” AT 21 tants”) and, with the assistance Twenty-one years ago, Lauren Rachlin and a group of Executive Vice-Chair (now of like-minded individuals won approval from the Chair-elect) Steven Krane, NYSBA leadership to unite the International Law and established formal ties with the International Practice Committees of the NYSBA into International Bar Association. one unifi ed section, the International Law and Practice This year, we are working Section (recently renamed “the International Section”). to bring this Section to a new As the Section approached its 20-year anniversary in level of effectiveness and im- 2006, Chair Jack Zulack, and Chair-elect Ollie Armas, pact by moving vigorously in announced at the Executive Committee’s Annual Retreat two superfi cially contradictory, the launching of Task Force 2026 (“Long-Range Planning but profoundly complemen- Michael W. Galligan Task Force of the International Law and Practice Sec- tary, directions: to increase the tion/The Next 20 Years”)—a project aimed at imagining Section’s level of service and involvement with the legal and planning for what this Section might and should community of our home state of New York and, at the look like twenty years into the future. Under Chair same time, to expand and fortify the Section’s outreach Marco Blanco’s leadership in 2008, the Section focused to legal communities throughout the world. Just as the strongly on articulating the mission and goals of our deep roots of the great maple trees that grace the broad Committees, revived our Foreign Lawyers Committee landscape of this state support the wide expanse of their (formerly the “Counsel of International Legal Consul- Inside “Out-of-the-Money” Options and Tax Hikes in the U.K...... 10 Message from the Chair .......................................................................1 The Global Financial Crisis in Brazil: Note from the Editor ........................................................................... 3 Effects and Opportunities ......................................................... 10 Of International Interest Committee Focus: Insurance and Reinsurance Committee NYSBA Survey Proves the Economy Is the No. 1 Issue .........4 Update: Costa Rica to Allow Private Insurers to Set The Indian Economy and Legal Sector Post-Economic Up Shop; CAFTA Comes into Force; Licensing Slowdown ...................................................................................... 5 Regulations Issued ...................................................................14 It Was the Best of Times, It Was the Worst of Times . Meeting News...................................................................................... 16 Practicing Employment and Labor Law in Canada Recent Events .......................................................................................18 in 2009............................................................................................. 6 Committee News ................................................................................ 19 In Bad Economic Times, Mexico Is Here to Help ....................8 New Section Members ....................................................................... 20 branches, we aim to intensify and expand our activities as guardians of minor children residing in New and profi le in this state in order to also support the vigor York; correlating Articles 8 and 9 of the New York of our outreach to South as well as East Asia, Eastern as UCC with the laws of non-U.S. jurisdictions (most well as Northern Europe, Africa as well as Latin America noticeably Ontario law); developing guidelines for and the Middle East. discovery in international arbitration; streamlin- ing procedures for transfers of bank accounts of Our efforts to intensify and expand our activities and foreign decedents to heirs in civil law countries, profi le in New York include: and the registration of trusts in New York to secure 1. Leadership and support from this Section to af- U.S. taxpayer status. ford continuing international legal education in On the federal level, there are also opportunities New York that is practical and concrete. We began to help fashion and improve international law. To take this year with plans for two full-day programs one example suggested recently by our Committee on in the Spring: (1) Fundamentals of International the International Intellectual Property Law, there may Practice, primarily designed for new attorneys be signifi cant work to be done in trying to harmonize and seasoned attorneys who are for the fi rst time the disparate treatment of intellectual property assets dealing with cross-border clients, legal issues or in the bankruptcy proceedings of different countries. I transactions that involve the law of different coun- believe that this Section should be at the forefront in the tries, and (2) the International Practice Institute, fashioning of whatever legislation eventually emerges designed for attorneys with at least some experi- in response to the continuing efforts of the Organisation ence in international practice, which was to focus for Economic Co-operation and Development (OECD), on the new issues and prospective challenges to especially through the Financial Action Task Force, to the transnational practice of law posed by the more closely scrutinize and track the activities of private Great Credit Crisis of 2008 and 2009. The Funda- companies, partnerships and trusts to prevent private mentals program was a great success but, sur- entities from becoming conduits to fi nance terrorism and prisingly, drew very strong attendance from the money laundering. Embedded in at least some of these more experienced attorneys, who were expected proposals are “gatekeeper” provisions that could serious- to be more attracted to the Institute. The Institute, ly impair the principles of client-attorney privilege and which offered a wide range of panels and sessions confi dentiality: to these provisions we must be willing to related to the Great Credit Crisis but took place give intense scrutiny and a spirited defense of the core only two weeks after Fundamentals, regrettably principles of our profession. drew a lower than expected registration, causing us, in connection with the NYSBA CLE Depart- No less important is the work of our Committees ment, to have to cancel the event to contain any dedicated to the work of public international law, human fi nancial losses for the Association. We know from rights and international organizations—particularly the the very favorable reception to Fundamentals United Nations, the most visible and the most important that there is a real need and interest in strong and (even if at times controversial) of today’s international vigorous CLE in the international arena. It may institutions, which is headquartered in our own State and be that the more interdisciplinary and interactive City of New York. Notwithstanding the private practice format that framed the Institute is more appropri- focus of perhaps the majority of our members, a vibrant ate for colloquia for specially invited international law-based, global society can only fl ourish in a world practitioners. Thus, while our fi rst experience where war is prevented, human rights protected and in offering these types of programs was not an worldwide mechanisms to support civil society as well as unalloyed success, we have learned valuable les- personal freedom, creativity and originality are promoted. sons that we can use as we continue to plan for strengthening our educational offerings to the Our efforts to strengthen and vitalize our outreach New York international Bar. to the many jurisdictions outside our state and national borders include: 2. Leadership from this Section to make the law of this state affecting cross-border commerce, 1. Strengthening the Section’s extensive network of dispute resolution, communications, and personal Chapters outside the United States, with special relationships as good as it can be. “International attention to the Chapters the Section approved in Law” surely affects multinational enterprise, com- 2008, such as India, Thailand and Vietnam, and in merce and investment but it just as assuredly af- 2007, such as Australia, Finland and Iceland. This fects thousands upon thousands upon thousands year, we seek to expand our network of Chapters of businesses, families and individuals through- in Asia, Eastern Europe, Africa and the Middle out New York. Possible topics of study include the East. Moreover, this year, our annual Fall Meeting enforcement foreign currency judgments in New will take place in Singapore, poised at the intersec- York courts; the qualifi cation of foreign persons (Continued on page 22) 2 NYSBA New York International Chapter News | Summer 2009 | Vol. 14 | No. 1 Note from the Editor As the current economic time goes on. It is within the context of increased outreach downturn underlines, the world and relevance that we put together this Edition of the no longer operates in neatly sep- Chapter News. In that regard, in addition to highlighting arated jurisdictions. As lawyers recent activities of the Section, and in an attempt to help engaged in international activity, members share their experiences, this edition of the Chap- this is something that has been ter News sets out to underscore some of the effects that