What Is This Thing Called International Financial Law?

Paul Sebastianutti

The author explores the nature of international financial law as an academic and professional discipline. Professionals and academics have always had some mental model in their heads of what they are doing. It is sometimes useful to test that model against the reality of the market and, in so doing, perhaps develop a new model useful for professionals and academics alike. The author then investigates the nature of international financial law (IFL). In this article he delves in detail into the nature and sources of law in IFL and how these sources interact with each other, an analysis which tends to underscore the differences between IFL and cognate legal disciplines. Money is a fundamental element of international financial law (IFL). The role of money in financial obligations, the characterisation of such monetary obligations and the economic definition of money are discussed. He then explores the intrinsic nature of international financial law through a brief analysis of the techniques commonly used by professionals in managing risks thrown up by globalised markets. He concludes by investigating the nature of international financial law (IFL). After discussing the multi-jurisdictional nature of IFL, and how this fundamental attribute determines many of its distinctive features as a legal discipline, previous articles touched upon a number of the recurrent legal issues which professionals face on a daily basis in cross-border financial transactions, and the techniques that markets have evolved to deal with them. Any model of IFL needs also to take account of the impact of public law norms on international financial activity. Such is the concern of the present article.

Part 1. Law and Financial Markets Review, Vol. 3, No. 1, Jan 2009: 64-71.         Online

Part 2. Law and Financial Markets Review, Vol. 3, No. 2, Mar 2009: 155-167.    Online

Part 3. Law and Financial Markets Review, Vol. 3, No. 3, May 2009: 248-259.    Online

Part 4. Law and Financial Markets Review, Vol. 3, No. 4, July 2009: 348-367.     Online