International Monetary and Financial Law:
International Monetary and Financial Law - the concept of
International monetary and financial law is to adjust the international monetary and financial relations between the international norms and domestic norms in general; in the content, the international monetary and financial law related to the international monetary system, international cross-border capital flows, cross-border business activities of financial institutions control on foreign exchange Exchange and trading on a variety of international financial assets and other aspects of derivatives transactions the legal system. International monetary and financial law is an important component of international economic law, the traditional international trade and international investment law regime. In the modern international economic relations, left the international monetary and financial order formed by law, all kinds of international economic activity will be difficult to proceed smoothly; the same time, a State law applicable to international monetary and financial system, to a large extent they determine the States to participate in international economic activity and efficiency of the way.
International monetary and financial relations with the development of international trade and developed, initially as the relationship between the different national currency exchange relationship. After the 15th century, the Mediterranean region has gradually become the World Trade Center, along with the emergence of cross-border credit relations. New World's discovery and the new channel opened, along with the European powers in foreign economic, political and cultural expansion of the process, Europe's banks set up branches in other countries step by step, to establish a world-wide banking network. Meet the needs of the financial industry, a lot of the restructuring of international monetary and financial relations, legal norms have come into being.
Early restructuring of the international monetary and financial relations, legal norms are mainly national laws. From the 17th to the 19th century, Britain, France, Germany and other countries have enacted a number of financial regulations, the international currency exchange, payment and credit relationship ties made a clear and detailed provisions have effectively promoted the development of the international financial . In particular, the development of the UK financial law on international financial relations and the development of International Financial Law has a great role in promoting.
Worldwide development of the international monetary and financial regulations began after World War II Bretton Woods Conference, which established the International Monetary Fund as the core of the global monetary and financial legal system, for the first time on the international currency exchange, international lending and international guarantees made effective international arrangements. Since then, the international monetary and financial inter-regional agreements, multilateral and bilateral international monetary and financial agreements have a lot to form a rich and varied content of international monetary and financial law system.
Strictly speaking, the international monetary and financial law, including international monetary law and international financial law two are different but closely linked nature of the legal department. International Monetary Law refers to the adjustment between countries due to international currency management activities arising from international norms of international monetary relations and domestic norms, it is required on international currency exchange, liquidity and exchange rate rule of law. It constitutes a country's international monetary and financial system is based on the typical nature of public law. International financial law refers to the adjustment between different countries due to civil entities arising from cross-border financial transactions in international financial relations with international norms and domestic norms, it is required on international trade finance, international loan financing, international bond financing, international equity financing, financial leasing and other financial transactions, international rule of law. Although the law in different countries, such legal systems often control laws may contain certain content, but it is essentially a private law character.
International Monetary between law and International Financial Law intrinsically linked. Briefly, the International Monetary law constitutes the basis of international financial law, financial law and international law that the purpose of international monetary transactions and want to regulate content. International monetary and financial law from the perspective of the development on the one hand, a country's international financial legal system is in fact based on the method used in the international monetary system based on the law in different countries of the international monetary system, its international payments and international financial transactions will have different meanings and characteristics of the International Financial Law will also have different properties and content; the other hand, a State law adopted by the international monetary system and to serve its international financial law system, the International Monetary reflects the legal system or payment system, its international trade requirements, or reflect the requirements of the international financial trading system, or integrated trade reflects its recurrent and capital account transactions to pay the common system requirements. It should be said, the international monetary law and International Financial Law reflects the coordinated development of the international monetary and financial close contact of the objective characteristics.
International Monetary and Financial Law - features:
Legal departments and other relevant comparison, the international monetary and financial law has the following basic features:
1 international.International monetary and financial law to adjust the international monetary and financial relations, that is, the international monetary and financial relations between the main subject of the transaction or transactions will be contained in the cross-border factors. Modern foreign countries used monetary and financial systems to varying degrees by the international monetary order and commonly accepted norms of international constraints, which in fact exist in the international foreign countries in coordination between monetary and financial system issues, which distinguishes it from general domestic legal systems; In addition, international financial practice, a considerable part of international agreements and international practice for parties to cross-border financial transactions has also directly applicable significance.
2 foundation.International Monetary and Financial Law only adjust management activities by the International Monetary and international financial transactions arising directly out of the international monetary relations and international financial relations, which is directed against the international currency exchange, mobile and international financial transactions and other acts of international legal rules rather than adjust international monetary and financial activity behind the international trade relations and investment relations, it is actually a country's international trade law and international investment law has a fundamental role, which makes the traditional international trade and international investment wears difference.
3 practical.International monetary and financial law on foreign currency management activities and the rules of cross-border financial transactions, both in content and function with practical and technical characteristics, it is actually only a country's international trade policy and established international investment and financing policy provides the legal framework and legal instruments, and its role is to protect the safety of international economic activity and efficiency. In recent decades international economic activities, international financial practices in the existing international monetary and financial law and order has been under rapid development, international finance law has become an important area of innovation after another, in practice many will be formed according to their use financial and legal structure known as the "financial instruments."
Legal relations with the international monetary and financial sources of law:
(A) the relationship between the international monetary and financial lawInternational monetary and financial relations after the adjustment of international monetary and financial law becomes the law of international monetary and financial relations, the international monetary and financial legal relations can be classified from different angles. To participate in the main body of the standard can be divided into: state formed between the international monetary and financial legal relations; countries and economic organizations (including international financial institutions) and individuals to form the international monetary and financial legal relations; different countries between economic organizations and individuals form of international monetary and financial legal relations. International monetary and financial legal relations by the content can be divided into: International Monetary legal relations; international lending legal relations; international settlement of legal relations; international financial markets, legal relations; international financial organizations and other legal relations.
(B) the sources of international monetary and financial lawInternational monetary and financial sources of law is the law to the international monetary and financial performance of the form. From the current practice, the international monetary and financial law, including the following three main sources, of which the first two for the international monetary and financial law, international origin, the latter for its domestic roots.
1 international treaties and agreements.
International treaties and agreements of international monetary and financial law is an important source. At present, the international monetary and financial relations between the adjustment of treaties and agreements, including "the International Monetary Fund Agreement", "World Bank Agreement", "Reconstruction and Development Agreement", "Asian Development Bank Agreement," 1930 "bills of exchange promissory notes uniform Convention on the Law, "1931" Convention on the Law unified the check, "etc., in which" the International Monetary Fund Agreement "in the international monetary system of law has an important position, is considered to maintain the post-war international economic order, one of three pillars. In addition to these international treaties and agreements, by the International Monetary Fund, World Bank and other international financial institutions to develop some of the rules, resolutions or normative documents are also considered international monetary and financial law, international sources, they tend to the relevant international treaties and agreement with the interpretation of meaning. Of course, the international monetary and financial law, international treaties and agreements still to be developed, most of them only play a coordinating and guiding the foreign members of the role of monetary and financial system, only a few members of the international treaties and international financial relations of the parties directly applied significance.
2 international practice.
International practice in the long-term international financial exchanges in the formation of a stable, common practice, especially by international governmental and non-governmental organizations to develop the general rule. International practice only agree with the international practice of the parties directly legally binding, it is the international monetary and financial law, the main source. From international finance practice, regulation of international rules of conduct financial transactions is a major international financial practices, its role is extremely important. Current international generally accepted to be the major international financial practices including the International Chamber of Commerce, "Uniform Rules for Collections" and by the World Bank "Loan Agreement and the Guarantee Law" general contract practices in international lending by IDA "General Development Credit Agreement" general practice of international credit, international financing practice the principle of autonomy in accordance with generally accepted common international terms of loan agreements, major international financial markets has been widely used in market rules, and so on. It should be said, in the current international financial practices applicable in national law by the universally recognized principle of autonomy has an important role. In theory, international finance practice in the common international practice is actually based on the principle of autonomy to the specific terms of the contract to be confirmed; from a practical point of view, international finance and cross-border supply and demand characteristics are often decided to accept Such practice is essentially a prerequisite to achieve international financing, which makes the practice of international financial law has a complex nature and the nature of the contract.
3 domestic law.
Apart from the above countries on international monetary and financial domestic law of the international monetary and financial law, the main source, especially developing countries, international financial center where the relevant legislation in the areas of international finance especially. Such as the United Kingdom and the United States domestic law to international financial law is important. Because of the international monetary management is essentially an act of state, the principle of national sovereignty-based foreign currency for the legal regulation of relations between the domestic law of the form and are forced to take the form of law, the international monetary treaties only with member governments to coordinate and constraint; and international is a transnational financial activities of financial transactions, for the legal regulation of international financial relations involving the parties must first apply national law in the relevant international agreements or international conventions applicable to the relevant countries should take into account the restrictive system of domestic law . Countries on international monetary and financial laws generally include domestic and cross-border flow of foreign currency exchange system, exchange rate, fiscal and monetary policy, foreign currency on financial institutions and regulatory system, foreign exchange and gold on the international trading system, international credit finance law, International Securities Finance law, foreign financial assets on derivatives of the legal system and so on. Among them, the most developed countries to take civil and commercial legal systems such form or forms of market-oriented rules, and financial activities of domestic and international financial activities are not for the nature of other provisions. In many developing countries, not only for foreign exchange circulation system, control laws take the form of exchange rate regime, but also for international trade finance system, the international financial system and credit system of international securities financing also take the form of control law, the relevant rules of Civil and Commercial Law less development, and often the international monetary and financial aspects of the law is different from the domestic legal system to take the form of a special law.
In addition, common law countries for foreign financial relations of the case, the Court's case law constitutes a source of international financial law.
