The problems of interpreting GATT Article XXI(b)(iii) in Russia – Traffic in Transit

Purpose This paper aims to further study the panel report in Russia – Traffic in Transit regarding the interpretation and application of 1994 general agreements on tariffs and trade (GATT) Article XXI(b). It analyses the threshold applied by the panel in applying Article XXI(b)(iii) and further discusses the potential problem that may arise in the future dispute. This study also investigates the notion of emergency and security interest and its development in international law. Design/methodology/approach This normative research uses a qualitative legal methodology. This study conducts desk analysis of primary legal materials and existing literature to assess the concept of security interest within the World Trade Organization (WTO) framework. Findings This paper finds that the panel in Russia – Traffic in Transit applied subjective and objective test in reviewing Russia’s invocation of GATT Article XXI(b)(iii). Despite the adjectival self-judging clause and the political tension of the dispute, the panel is capable to review its application. This study further finds that the term security interest and emergency in international relations still leaves the possibility of open interpretation. Research limitations/implications Because of the normative research approach, the research results lack empirical data and implications. Therefore, future research is encouraged to inquire on the empirical research. Originality/value This paper fulfils the need to study and explore security exception clause within the WTO framework as a normative rule of law and in the wider conceptual notion of security and emergency in international law.

The Impact of Reinsurance

Reinsurance is perceived to have a stabilizing effect on the direct insurance industry and thereby on the economy overall. Yet, research into how exactly reinsurance impacts various areas is scarce. Traditionally, studying the impact of reinsurance used to be in the domain of actuaries; since the 1960s, they have tried to assess how different contract elements can provide what came to be called “optimal reinsurance.” In the 2010s, such research was intensified in developing countries with the aim to deploy reinsurance to support economic growth and security. Interest in reinsurance increased when the industry became more visible in the 1990s as the impact of natural catastrophes started being linked to a changing climate. Reinsurers emerged as spokespeople for climate-related issues, and the industry took a lead role in arguing in favor of implementing measures to reduce environmental deterioration. Reinsurers, it was argued, have a vested interest in managing the impact of natural catastrophes. This triggered discussions about the role of reinsurance overall and about how to assess its impact. In the wake of the financial crisis of 2007 and 2008, interest in reinsurance again surged, this time due to perceived systemic impacts.

El security interest como forma de acceso al crédito: ¿por qué no regularlo detalladamente en el derecho uruguayo?

El security interest es una herramienta para facilitar el crédito, que permite contar con una garantía real sobre un amplio rango de bienes muebles. En este artículo se aborda la detallada regulación y la facilidad y practicidad con la cual se constituye un security interest y luego se ejecuta el security interest en caso de incumplimiento, según lo dispuesto en el capítulo 9 del Código de Comercio Uniforme de Estados Unidos. Este análisis resalta cómo en Uruguay la Ley de Prenda sin Desplazamiento (n.° 17.228) del año 2000 ha importado este concepto anglosajón parcialmente, siendo necesarios determinados cambios para su cabal aplicación.

25. Security Interests in Land

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter reviews the use of land (or legal and equitable property rights relating to land) as security for the repayment of money by a borrower to a lender. It also describes charging orders, the use of which increases in the context of the recession. There are four types of security interest: the pledge; the lien; the mortgage; and the charge. The borrower holds the equity of redemption under a classic mortgage by conveyance or sub-demise, but its continued relevance under the predominant legal charge by way of mortgage is questionable. It is observed that the domestic lending market has seen the development of Islamic mortgages, the emergence of shared-ownership schemes, and equity release schemes.

An Analysis of the "National Security Interest" Provision in terms of Section 18A of the Competition Act 89 of 1998

This contribution examines the implications of the "national security provision" in terms of section 18A of the Competition Act 89 of 1998 as inserted by section 14 of the Competition Amendment Act 18 of 2018. The effect of section 18A is that it confers upon the President of the Republic of South Africa power to appoint a national security committee whose mandate is to investigate mergers involving a foreign acquiring firm and determine whether such a merger would pose a threat to the "national security interests". The contribution highlights the possible challenges that the insertion of section 18A may precipitate. It argues that while the protection of national security interests is imperative, it is however not the goal of competition policy to regulate broader national security policy. In making the argument, cognisance is taken of the fact that where a gap exists in policy, legislative amendments may be used as stopgap mechanisms. The paper investigates the treatment of national security interests in foreign jurisdictions in a bid to establish whether the provision is in line with international best practice and whether any lessons may be drawn therefrom.

Pursuing National Security by Iran is Not Equal to Being Paranoid about the USA

In most countries of the world where there is a strong western influence, there has been a persistent narrative that Iran is paranoid about the United States of America. It will not spare any grain to ensure the destruction of the mighty American nation. But according to the leaders of Iran, their actions are about the safeguarding of their country national security interest. Yet, there have been limited studies to respond to whether Iran is paranoid about the USA or if it is all about national security. Hence this study sought to illustrate the dangers of appeasing the USA when your national policies are in contract. The study selected a few countries and scenarios: Vietnam, Afghanistan, Iraq-Iran war, the Axil of Evil phrase, Iraq, and Syria for the illustration. The study has shown that the USA will not relent to pursue its national interest against those opposing it, notwithstanding the consequences on the recipients. This USA trend will continue to manifest to the unforeseeable, thereby putting Iran in danger that befell other nations who had opposed the USA. Based on the findings, the study concludes that Iran is not paranoid about the USA but is concerned with preserving its national security and interests.

Screening of Foreign Direct Investment and the States’ Security Interests in Light of the OECD, UNCTAD and Other International Guidelines

This chapter analyses the concept of the “national security interest”, which is widely recognised as allowing a state to determine which areas of its economy are restricted or prohibited to foreign investors. This chapter seeks to identify what constitutes a threat for a state and how that threat is managed both domestically and internationally. Despite the recognition of a state’s right to take measures it considers essential to its security, there are limits. The rules established by the Organisation for Economic Co-operation and Development (OECD) and the United Nations Conference on Trade and Development (UNCTAD) and other international instruments are non-binding but can serve as a guide for states in determining the limits of the national security approach. International investment agreements can restrict the right of states to take security-related measures. Finally, customary international law, in light of the good faith obligation, can serve as a basis for assessing measures taken by a state and pave the way for a better balance between the rights of a state and those of foreign investors.

6 Security Interest and Right of Use

This chapter assesses the important elements of collateral transactions under which the collateral taker receives a security interest in the collateral while the collateral provider retains some form of proprietary interest in the collateral. In the EU context, the 'right of use' that is commonly agreed under a security collateral transaction is one of, if not the most, important issue in this regard. The right of use has its origins in prime brokerage agreements and the ISDA Credit Support Documents governed by New York law. The chapter then discusses the risks associated with what is also called 'reuse' and 'rehypothecation'. It also considers the right of use before and after the implementation of the Collateral Directive. Moreover, the chapter addresses the legal consequences of the collateral taker's exercise of the right of use. Finally, it examines US law. In particular, because the right of use has limited recognition under the Uniform Commercial Code, more focus will be on how it is employed pursuant to contract and subjected to extensive regulation intended to protect customers.

2 Financial Collateral, How It Is Held and Transferred

This chapter discusses the use of securities, cash, and credit claims as collateral in finance transactions. To understand any interest in collateralized securities, cash, and credit claims, it is important to consider the concept of asset segregation and the way securities, cash, and credit claims are held. Of these types of collateral, the more difficult legal issues arise in the context of securities. Therefore, the largest part of the chapter is concerned with the custody of securities and the legal treatment, under different national laws, of the transfer and creation of security interests in securities. The challenges regarding the custody and administration of securities mainly follow from differences in the treatment, under different national laws, of the proprietary relationship between the 'owner' of securities and the securities themselves. This relationship is highly relevant, as the manner to provide financial collateral - both practically and legally, and either by way of title transfer or by way of creating a security interest - will be determined by this relationship. Consequently, differences in the treatment of 'owning' securities significantly add to the complexity of providing collateral in an international context.

5 Formalities and Control

This chapter focuses on the creation of a collateral transaction. It looks at two issues: (i) which formalities must be fulfilled in order to create a collateral transaction, or, more specifically, to validly provide collateral? And (ii) to what extent must the collateral taker have 'possession' or 'control' for a valid provision of collateral? These two issues seem to be especially problematical in the jurisdictions of the EU Member States. The problems follow from the implementation of the Collateral Directive into EU Member States laws, where both issues required derogations of, or at least amendments of, their national (property) laws. More specifically, the Collateral Directive aims to dis-apply formal requirements for collateral transactions to be validly created, i.e. for collateral to be validly provided. Examples of such formal requirements are the registration of a security interest with a public register and the execution of a specific document in a mandatory way. Meanwhile, general US property law requires the collateral taker to be in control of the collateralized assets as a means of perfecting a security interest.